Human Resource Approach, Economic Downturn
The contemporary environmental dynamisms present new and unpredictable economic patterns translating into new challenges for organizations already struggling to keep pace with the market volatility. While the general entrepreneur agrees that the risks are abound during turbulent times, the attention for some rally behind seizing the emerging opportunities. Often, the evident response from the corporate landscape in countering the downward pressure has been rapid across-the-board reductions which later haunt the organization value delivery and destroy its recovery capabilities. In particular, the rapid deterioration in the overall economy is widely felt by small companies with fewer alternatives to adjust and reinvest in emerging opportunities.
However, the reprieve for most organizations in attaining and sustaining competitive advantages depends on the formulation and implementation of appropriate human resource strategies in dynamic and complex environments (Asyali et al., 2010, p.1). Conducting effective investments to overcome the vulnerability of organizations involves transforming the caliber of HR management by aligning and linking short-term measures to seize opportunities which generate long-term competitive advantages beyond the economic downturn period.
[...] Personnel Review, pp.287-307. Marquez, J Ready for Recession. Workforce Management April. pp.14-22. Martin, L. & Elwes, R Investors in People: Realising Business Ambitions through People in Times of Change. [Online] COI Strategic Consultancy Available at: http://www.investorsinpeople.co.uk/Documents/Research/COI_REALISING_BUSINESS_AMB ITIONS.pdf [Accessed 05 September 2013]. McWilliams, O. & Patel, N.M Diversity Management in an Economic Downturn. [...]
[...] Similarly, the HR manager talent management approach Human Resource Approach during Economic Downturn 10 should quickly respond and communicate changes which impact organizational revised goals for every employee and generate links to the individual goals rather than depend on organizational hierarchy to cascade details of aggregate changes (Brandemuehl p.17). In tough economic times, most organizations view regular performance reviews as a financial burden and forgo such on the perception of sparing unnecessary expenses. However, HR managers proposing such measures fail in seeing and reaping the value generated from the process as performance appraisal yield interaction opportunities for the management and employees discuss performance indicators and highlight challenges and development needs to nurture the workforce competencies (Morgan p.29). [...]
[...] Walsh, K Wage Bill Change in Ireland during Recession - How have Employers Reacted to the Downturn. Journal of the Statistical and Social Inquiry Society of Ireland pp.39-70. Zatzick, C., Marks, M.L. & Iverson, R Which Way You should Downsize in a Crisis? MIT Sloan Management Review, pp.79-86. [...]
[...] At this point, reinforced performance management approach should tightly intertwine with employee engagement during execution of the restructured strategies. The HR professionals should desist from applying quickly crafted strategies such as downsizing the workforce which only turns disruptive in the long run. Instead, positioning the company on the right track involves conducting analysis-based reviews and nondisruptive restructuring of the organization emerge from the economic downturn with highperforming workforce furnished with differentiated capabilities which deliver performance beyond the tough times. Reappraising the talent enhances the foundation for improving productivity in the workforce by addressing low-performers and their capabilities addressed aggressively. [...]
[...] Human Resource Optimistic Approach during Economic Downturn HR functions relate to activities executed in acquisition, development, coordination, and solving emerging issues which pertains labor as a factor of production. Besides, the customary role of the HR office, recession periods has emerged the most trying period for most economies and not the corporate sector is exempted from its wrath. In times of prosperity, HR professionals every so often struggle with managing workplaces effectively, and the tasks they undertake are augmented when the economic environment worsens triggering a stream of related and replicating challenges. [...]
Online readingwith our online reader
Content validatedby our reading committee