The Indian economy had undergone significant policy shifts in the early 1990s. This new model of economic reforms included LPG i.e, Liberalization, Privatization and Globalization. Liberalization also deals with the working style of the people and hence organizations needed to innovate the HRM practices in an effort to ensure their survival in a highly competitive environment Innovative HR practices are proposed to enhance effectiveness and efficiency in different organizations and to retain talented workforce in the Organization for a longer period of time. The existing business environment requires companies as well as their HR teams to think creatively and come up with the new approaches to survive the downturn and bind the employees together. Initially, a pilot study was conducted among few respondents and changes were brought in the questionnaire. Analysis and interpretation is done using Chi-square method. Based on the findings, appropriate suggestions have been made for increasing the HR strategies.

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Keywords: HR, Business Environment, HR Strategies, HR Evolution, Virtual Reality, Future Leaders.