Globalization continues to be the dominant driving force in the world economy. As it changes human lives, it is reshaping corporate, societies and influencing political systems. Equally well, the global business world is undergoing unprecedented changes and turmoil exposing humanity to new challenges in many ways. Intellectual capital being critical to business success in a globally competitive environment, it is likely to raise numerous implications for human resource activities such as organizational structure, workforce planning, recruitment, international staffing and compensation, labor relations and standards, career management etc. The paper, however, will limit its detailed focus on training and development covering employee orientation, cross cultural issues and their integration with business strategy and conclude with the new skill-set requirement for a Manager and the training challenges to meet the needs of the emerging global environment.