Modern management concept in contemporary world does not only refer to fix the processes but also deal with the people, the diverse workplace, changing economic and social environment, increasing the application of technology in business, to sustain and remain competitive in the global marketplace. Management started with the concept of “to manage resources”, that can be traced back to the Babylonian king, Hammurabi. Ancient management back then included a code of 282 laws, related to business dealings, personal behavior, interpersonal relations, wages, punishments, and other social matters.
Later on, the evolution of management concept progressed by solving the challenges of converting resources into result. The modern business world is still being faced the challenges to ensure efficient and effective use of all resources (from financial to most important one human resource). The old paradigm of management regards to profit maximization and command and control hierarchy have