Futuristic HRM and the Implications of Integration with Industry 5.0 for Sustainable Business

Abstract

The concept of non-replicable managerial processes enables acknowledging the subjectivity of HRM as one aspect to enhance
organizational performance. The current study explores various elements that could support long-term success. In particular, the study
finds two critical factors for strengthening an organization's performance as a human-centric organization and an organizational culture
determined by knowledge management. Beyond the rationalistic view of human resources as mechanistic raw materials, the reflections
presented here provide the first applicable knowledge about the factors to act and reflect on sustaining business. This study investigates
how an organization’s participation in diversity, inclusion, and people empowerment policies affects organizational performance to
facilitate businesses' evolution into the Industry 5.0 paradigm. A conceptual model is put forth to explain effective organizational
performance by integrating H.R. management and Knowledge Management has driven corporate culture. The study then elaborates on
human resources, knowledge management, and organizational performance as the crucial components to navigating the cultural
transformation in the Industry 5.0 scenario. Therefore, organizations should adopt a corporate culture emphasizing sustainability to gain a
competitive advantage. Limitations of the study may be interpreted as potential avenues for future research agendas.
Keywords: Human Resource Management, Knowledge Management, Industry 5.0, Sustainability