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This paper will posit the various views stating why it is an unwise move for the company to discontinue its training programmes.
Galagan (2009) views the effect of the economic challenges of 2008 as motivators for greater precision and efficiency in the execution of business strategies. There is a move towards more constrained use of resources, including people. At about the same time, however, there is an accelerating retirement trend among the Baby Boomer generation, creating a skills gap in several organizations. This is apparent in the rehiring or extension of retirees and retirables in jobs that require specialized knowledge and skills, and for which there is a dearth of qualified younger workers.
The confluence of forces that bear upon industry’s manpower complement sometimes create perplexing developments. For instance, the grim economy has manufacturers and other businesses laying off record numbers of workers, yet at the same time there is strong, unsatisfied demand for employees that have anxious companies begging on their knees (Cadrain, 2009). According to economists, academics and human resource managers, the causes can be traced to changing technology, offshoring, global competition and retirements. It is thus not a matter of the unavailability of jobs, but the unavailability of the right types of employees to fill the jobs that are open and waiting. Apparently, “it’s not a worker shortage, it’s a talent shortage,” according to a report by The Manufacturing Institute, Deloitte and Oracle (Cadrain, 2009).
In all companies, there is need for particular skills and talents that training can address, even and especially during an economic slowdown. It takes a matter of strong leadership, vision and foresight to perceive the necessity of training, the kind of training needed, and how such training can benefit the company long after the recession has ended (Van Buskirk, 2009).
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(Training During Global Recession Essay Example | Topics and Well Written Essays - 2500 Words)
“Training During Global Recession Essay Example | Topics and Well Written Essays - 2500 Words”, n.d. https://studentshare.org/miscellaneous/1567785-training-during-global-recession.
Federal Reserve Actions during the Great Depression in 1929 and 1930, and the Global Economic Recession of 2008 and 2009 Introduction The global economy has changed in various periods in history. Changes in global economy are interesting since they affect different continents in the world.
The rapid increase in production costs due to higher costs of doing business resulted in inflation; thereby reducing consumer purchasing power and real incomes. For instance, the consumers sharply cut down their spending amid low real incomes, which led to negative GDP growth, aggregate consumption, production and saving (BBC Article, 2008).
The Global recession is having a significant impact on the business functioning of an organization as well on the strategies and plans related to it. Global recession has forced organizations to change their outlook to global business market and adopt aggressive strategies to sustain in the market.
This essay shall argue that the present global recession, often cited as the worst since the great depression of the 1930s with unemployment rates soaring the world across, was triggered in the US a by a financial meltdown in turn triggered by bursting of an unsustainable housing market bubble on top of the difficulties being faced by most major economies due to rising oil prices and commodity prices.
The global recession occurs when the global growth falls below 3%. Similarly, it happens in an economy when the GDP of that country falls for two consecutive periods. In the last few decades, there have been significant changes in the global economy faced by regional, national and shared conflicts resulting in one of the most damage inflicting recession period that we are witnessing.
Since 2008, international economy has been submerged in one of the most important structural economic recessions of current times. The origin of economic crisis can be identified with the North American economic downturn (Benson and
The surprising thing is that today tables have turned there are more whites employees than Latinos (Leonhardt, 2009).
According to LEONHARDT (2009), 2008 recession is worse than the one witnessed in the 1990s and 1930s. It began from the Dakotas and it moving down to
Negative economic growth can act as an indicator for a recession within a period of two or more consecutive quarters. The U.S experienced a recession during the 2008-09 global economic crises that occurred as a result of risky investment strategies. The U.S suffered a major setback and had to develop numerous economic policies.
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