When I was working as an HR executive i dealt with the same challenges. These challenges are stepping stones to learn more. Managing people and work ethics was one big challenge for me. Satisfying employees depends on the way they are treated at office. The technique i used was to just recognise each employee for their work and know their needs. So these are things they ll learn out of experience. Dont see it as a challenge.
This is a good topic to discuss which is been going on for years. I have worked as an HR executive as well but in a different sector. The challenges you have mentioned are almost the same as other HR executives would be facing. For instance, to find the right candidate for the right position was the biggest challenge for me. And there was this time where my company had a layoff but within a month we had to recruit 80 new employees. That was in fact my first task to do when I joined my company.
My HR president constantly wanted us to be updated with technology as well. But technology was not my area of expertise but I had to learn it.
My expertise is in Recruitment but one day my HR supervisor asked me to conduct a soft skill training for the processor level. I couldn't deny the task she gave me so I had to do it. I thought this was time for me to be versatile and show my talent and took this as a challenge in a good way.
These are few experiences I had. Hope that was of some help.
All the best.
This is an article which was published in economic times related to your topic
Biggest challenges for HR in 2014: The way ahead - timesofindia-economictimes
This is a discussion happened in citeHR related to your topic. hope it of some help.
All the best.