Twenty first century organisations are competing in an information economy where knowledge is the most significant capital to invest and to be procured. Human beings are abundant sources of knowledge creation process. Organisations are spell bound to engage in those bundle of practices that would yield differentiation and competitive advantage. This research work is based on the assumption that a set of identified HCM drivers can efficiently exhibit indicators of HCM performance effectiveness. The present study is a primary data driven research work comprising three profit making steel units of Odisha namely Rourkela Steel Plant, Jindal Steels and Tata Steel. The responses obtained through questionnaire has been analysed with Correlation and Regression techniques in order to achieve the objectives. The results obtained from the analysis reveals that there exists a greater degree of heterogeneity in the relationship of HCM Driver and Indicators. The authors conclude that every organisation has acquired a different set of HCM practices in order to achieve excellence in the future.