Human Resource Management Practices in Listed Firms in Sri Lanka
Abstract
The objective of this research paper was to investigate whether size and age of listed firms relate to systematic use of HRM practices being followed by those firms and a significant difference exists between local firms and multinational firms operating in Sri Lanka with regard to systematic use of HRM practices. Three hypotheses were formulated using deductive approach. The study was conducted relating to all listed firms numbering 248, which were listed in the Colombo Stock Exchange. Type of investigation was correlational and it was cross-sectional in time horizon. The unit of analysis of this study was at firm level. The structured survey was administered to cover all the firms and human resource managers worked as the respondents on behalf of the firms. However data were possible to be collected from 66 managers representing 66 firms. In order to test the first and second hypotheses that were concerned with relationships of size and age with systematic use of HRM practices the Pearson Product-Moment Correlation technique was applied. The third hypothesis was concerned with difference between multinational firms and local firms with regard to systematic use of HRM practices and Independent Sample T test was the appropriate technique to test the validity of the hypothesis. The results of the study showed a significant difference existing between local firms and multinational firms operating in Sri Lanka with regard to systematic use of HRM practices. However the study revealed that size of the firm and the degree of systematic use of HRM practices and also age of the firm and the degree of systematic use of HRM practices are not significantly and positively related. Implication of the findings is that irrespective of the size of the firm and the age of the firm it is possible to establish good practices of Human Resource Management which contribute to provide the organization with a more appropriate and contended employee force that gives the maximum contribution to its success. In this context, top management support and employment of right personnel who specialize in HRM may be more important in enhancing the systematic use of HRM practices in firms.
Key words: Age, Human Resource Management Practices, Ownership, Size, Systematic Use
