Human Resource
Profits is a very important concept for businesses, it is a mission to achieve to reflect the risk that they take. Profit is also an important source of finance for business on going operating. The word ‘profit’ has been talked by every company for hundreds years. However, the profit is not an only mission that every company focuses on. Especially in recession, there are other things that every company should consider, such as human resource. During last thirty years, there are five major global recessions, what considered more beneficial to the survived companies is, to focus on their Human Resources. There are many Human resources practices. Efficiency and cost control, communication and information disclosure, fairness and trust, human resource development, managing working time are the most effective in helping to manage the recession. In following essay, we will discuss the importance of Human resources management, and explain how these Human resources practises are used to achieve cost reductions and productivity improvements.
The National Bureau of Economic Research cites "a significant decline in economic activity spread across the economy, lasting more than a few months" as the hallmark of a recession (Foxx, 2009, p.50). A recession could results in a slowdown in industrial production, manufacturing, a loss of jobs, a loss of income and a slump in consumer spending (Foxx, 2009, p.89). For example, in 2007 the unemployment rate was 4.4 per cent in Ireland. However, by 2009 it had increased to 12.5 per cent. Then it rise up to 13.6 per cent. In 2009, approximately 450 construction companies and 280 services companies claimed insolvency (Roche, Teague, Coughlan & Fahy, 2011, p.59).
Some managers said, in times of economic recession, companies should emphasis on profits. Companies need to use all resources to maximize profit in order to stand on a good position. However, human resources management plays a more important role in today. Human resource is
The National Bureau of Economic Research cites "a significant decline in economic activity spread across the economy, lasting more than a few months" as the hallmark of a recession (Foxx, 2009, p.50). A recession could results in a slowdown in industrial production, manufacturing, a loss of jobs, a loss of income and a slump in consumer spending (Foxx, 2009, p.89). For example, in 2007 the unemployment rate was 4.4 per cent in Ireland. However, by 2009 it had increased to 12.5 per cent. Then it rise up to 13.6 per cent. In 2009, approximately 450 construction companies and 280 services companies claimed insolvency (Roche, Teague, Coughlan & Fahy, 2011, p.59).
Some managers said, in times of economic recession, companies should emphasis on profits. Companies need to use all resources to maximize profit in order to stand on a good position. However, human resources management plays a more important role in today. Human resource is
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