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Human Resource strategy in Recession - Term Paper Example

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Managers especially Human Resource Managers need to deal with the employee’s issue very carefully and cautiously. Gone are the days when employers treated their employees as slaves. Human Resource Management (HRM) has seen…
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Human Resource strategy in Recession
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Download file to see previous pages wever, the recent global meltdown or in other words the recession has abruptly changed the employee as well as employer outlook particularly in the aspect of Human resource planning or HRM. So, this paper will analyze how the current economic downturn had a major impact on HRP giving more power to the HR managers when they negotiate with their employees.
In this globalised world, an economic problem in one country will not get restricted to that country, but gets spread to other countries. The economies of most of the countries in the world are directly and indirectly dependent on the U.S.’s economy and with liberalization happening everywhere, the negative effects in USA will be felt everywhere, with businesses worldwide facing the negative impact on its HRP. Many companies are suffering losses and as a result of it several companies are opting for retrenchment strategy. Cost cutting would have to eventually result in job cutting. British Airways (BA) has said that it plans to cut a further 1,200 jobs after reporting a huge loss of £292 million in the six months up to the end of September. (Hinton 2009). Fewer job requirements and constant lay offs irrespective of the sector made employers to be choosy about the kind of employees they want and more dominant in deciding the compensation package for them. Many reputed organizations have quietly cut the salaries and other fringe benefits to their employees. BBC plans to cut the amount it spends on the salaries of its top bosses by about 25 percent, The BBC currently spends about $129.4 million on pay for its 634 senior managers and nine most senior executives. (Bryan-Low 2009). Managers have upper hand these days and really have become dominant, slightly skewing HRP. Instead of thinking about how to optimize productivity and thereby effectively overcome financial problems, managers look at the easy way out. When negotiating with their employees there are some critical issues that concern both like salary, ...Download file to see next pagesRead More
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