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ABSTRACT With the emergence of a highly dynamic global economic system, and with new competitors constantly arriving on the scene, businesses are constantly finding ways to increase efficiency and effectiveness to stay viable to meet present and future work demands. The Human Resource Management ("HRM") function exercised effectively in many businesses has overtime proven to have significant impacts on business results, thus becoming increasingly influential in the formulation of business strategies. This paper seeks to discuss the increasing importance of HRM in today's businesses, with a focus on the four key roles identified by Dave Ulrich (1993) that Human Resource ("HR") managers of today should play to rise up to impending challenges, in response to the purpose of this assignment. This paper will also attempt to define and interpret existing HRM concepts and theories and to highlight their differences and respective roles in the shaping of today's businesses. It will also draw...

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