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Strategic HRM - Essay Example

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Strategic HRM Mass retrenchment of employment was in news due to the prevailing recession, financial crisis and economic downturn in US and various parts of Europe such as UK. Generally in such situations employees are viewed as commodity, like the other resources in the business…
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Download file to see previous pages Only 6 percent of the employers have experienced growth during this time. In order to understand the utility of strategic human resource management in the organizations, this study aims to discuss the issues of unemployment during the economic downturn and recession that recently shook the international economy. The effect of the global economic downturn includes insolvency, bankruptcy, and declining revenue of the employers, decreasing purchasing power of the people, and most importantly unemployment, downsizing. The intention is to analyze every dimension of effect of recession on the human resources, so that the implications of strategic human resource management in global financial crisis can be understood. The second part of the study would discuss the strategic moves that the employers and human resource department of the organization can take in order to manage the human resource in the organization because downsizing is not the solution to reduce cost, but it decreases the pool of skilled workforce in the firm, which affects the company negatively (Galinsky, and Bond, 2009, p. 1-2). The latest data that is available from the Office of National Statistics (ONS) reveals that the employment of 460,000 people has decreased in UK since recession of 2008. The major portion of these employees is full time workers, but after recession the level of part-time employees has risen compared to the full time employees. This reason is obvious; the companies want to hire those whom they have to pay less. The full times employees had to be paid salary according to the labour policies, and also have to provide the other facilities which a full time employee is liable to get. So it can be depicted that the human resource strategy when most of the employers in UK and other parts of the world applied was rigorous downsizing, which resulted in mass unemployment (Philpott, 2012, p. 2). Any person is regarded as unemployed if that individual is out of work and is badly in a need of work to earn his/ her living. The figures of unemployment are calculated by the Office of National Statistics. During recession this organization survey after an interval of three months in order to capture the true status of job loss and unemployment. As soon as the recession surface, the rate of employment reduced considerably within few months. About 1.6 million job cuts were seen in the first few months of recession. During the end of 2009, the job cuts peaked to 2.5 million, which was the highest till then in the history of UK. However, in 2011 it further increased to 2.7 million, which was the highest unemployment level in UK in 17 years. Even the unemployment rate of women in the affected economies increased considerably. IN 2012, the first deduction in unemployment level was seen, which a positive signal (BBC News, 2012). If the output cost due to unemployment during recession is evaluated, it would be seen that the worth of the output decreased because of the rising level of unemployment. Considering about 2.67 million job cut in 2011, it can be said that the economy of the country lost about ?129 billion of the output, due to increasing level of unemployment. However, this loss was not the result of the unemployment of all of these unemployed people in UK because about 1.6 million people were already unemployed before recession. Recession added to the existing rate of employment. This amounted to about ?132 billion, which is about 9.4 percent of the GDP of UK in 2011. It goes without ...Download file to see next pagesRead More
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