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Management - Essay Example

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HRM Theories During Economic Crisis The Theory of HRM working within a psychological contract, according to Rowley, C. and Jackson, K. (2011, pp. 141-142), states that commitment, satisfaction, and motivation of employees are caused by HRM policies and practices as well as whatever is the employee perception of fairness, trust, and delivery of deals…
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Download file to see previous pages And third, this essay identifies bad effects of HRM and leadership failure to live within such a modern theory of HRM. By definition, Human Resource Management is the strategic process of sourcing manpower through recruitment, selection, and hiring, followed by rewarding, developing with training and assessments, relationship building and sustaining. (Rowley, C. and Jackson, K. 2011, p.xxvi). It normally takes time and financial investments to build up good relationships with employees on top of just training them to perform well in their jobs. This is very important to derive positive attitude and wholesome cooperation from employees. If they work hard enough, the company derives more benefits from them. But employees need to be engaged with their part of the functions, duties and responsibilities, in order to be highly desirable in their behaviour and highly productive in their share of the works to achieve objectives. The benefits of training and development over the years are realized in achievements of goals through good performance. Whenever a company has to retrench manpower by reason of force majeure, e.g. in times of economic crisis, the company actually loses not only qualified manpower but also the training and development investments incurred to make employees perform better. In the HRM Theory of Engagement, the term “engagement” refers to a mental attitude with positive behaviour, emotions, and thoughts about a job for the organization to meet the required high performance of manpower capabilities in achieving company objectives. (Holbeche, L. and Matthews, G. 2012, p. 12) A very good example in connection with applying these two theories was reported by the CEO of SRS Real Estate Partners, Chris Maguire. The economic crisis that started in 2008 forced him to sell a part of the real estate business which was supposed to be the “bread and butter” of SRS in the USA (Fehrenbach, P., 2012) even while he wanted to maintain his management and staff because of their years of being together. How to maintain their morale and work performance obviously became a major problem. From depending on the big market for real estate and construction industry, SRS shifted to the retail sector or the smaller market in an attempt to find transactions for their survival. One of his leadership skills which paid off eventually was the willingness to be transparent to the people he managed. All members of the organization knew what was happening to the organization. Involvement was high for the survival of the entire manpower resource. This implies the depth and extent of knowledge by the employees that they had to scramble for transactions in the retail sector of the industry in order to find transactions for SRS. Also implied in the situation of SRS were the treasured training, relationship building, and maintenance of good leadership-employee relationship in good or bad times. From the viewpoint of the leadership, retrenchment in operations was necessary for survival. Although the story does not give details about what happened to employees connected to the sale of major assets tied with the big chunk of its real estate business, it can be imagined how employees were either transferred to the accountability of the new owner, Jones Lang La Salle, or probably transferred somewhere else. In an economic crisis, where people would ...Download file to see next pagesRead More
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