Impacts of Global Financial Crisis on Hrm Policies
What is the role of hr in global crisis to retain the talented employees ? http://www.edalys.fr/documents/Stakeholders%20theory.pdf http://lexicon.ft.com/Term?term=stakeholder-theory
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Employees are not the most important asset of the company but the “right” employees are.
Human Resource Management (HRM) plays a strategic role in the survival of an organization. In this time of global financial crisis, Human Resource (HR) managers must not only innovate but must also act as change agents, strategists, mentors, counselors and motivators. They must adopt a people-centered model of management instead of the go-get-them approach. The latter approach will not only push down the morale of your employees but it will also shove your talented workers from leaving your organization.
Retaining the right employee is a crucial challenge for any HR manager. In the book of Jim Collins “Good to Great”, he does not agree with the old adage “People are your most important asset”. According to him, employees are not the most important asset of the company but the “right” employees are. In a trouble economic condition, HR managers must develop a strategy that will keep the most talented employees in your organization and at the same time, discourages the “not-so” talented employees from hurting the company’s operations.
The global crisis is pushing companies to stretch their financial resources to buffer the effects of limited income as a result of the sharp decline in the demand of their products and services. Efficiency is the key to the survival of any company in this kind of economic condition. Running the company at the least possible cost should be the priority of management. In order to achieve that, companies must keep a pool of competent employees that will help the organization in pushing their sales, expanding their market, innovating new products and in keeping the operations efficient as possible. Employees that are causing too much “wastage” should be
Article - 1
Employees are not the most important asset of the company but the “right” employees are.
Human Resource Management (HRM) plays a strategic role in the survival of an organization. In this time of global financial crisis, Human Resource (HR) managers must not only innovate but must also act as change agents, strategists, mentors, counselors and motivators. They must adopt a people-centered model of management instead of the go-get-them approach. The latter approach will not only push down the morale of your employees but it will also shove your talented workers from leaving your organization.
Retaining the right employee is a crucial challenge for any HR manager. In the book of Jim Collins “Good to Great”, he does not agree with the old adage “People are your most important asset”. According to him, employees are not the most important asset of the company but the “right” employees are. In a trouble economic condition, HR managers must develop a strategy that will keep the most talented employees in your organization and at the same time, discourages the “not-so” talented employees from hurting the company’s operations.
The global crisis is pushing companies to stretch their financial resources to buffer the effects of limited income as a result of the sharp decline in the demand of their products and services. Efficiency is the key to the survival of any company in this kind of economic condition. Running the company at the least possible cost should be the priority of management. In order to achieve that, companies must keep a pool of competent employees that will help the organization in pushing their sales, expanding their market, innovating new products and in keeping the operations efficient as possible. Employees that are causing too much “wastage” should be
References: 1. ↑ "Protecting Household Income during the Economic Crisis - Brookings Institution." Brookings - Quality. Independence. Impact. Web. 09 Oct. 2009. 4. ↑ "Active Labour Market Policies: Assessing the Macroeconomic and Microeconomic Effects." Organisation for Economic Co-operation and Development. Web. 29 Sept. 2009. 5. ↑ Andes, Scott, and Daniel Castro. "Driving a Digital Recovery:IT Investments in the G-20 Stimulus Plans." The Informatition Technology & Innovatition Foundatition (Sept. 2009). 6. ↑ "Center for Peace and Development Studies::Social Safety Nets in East Asia: How Desirable? How Feasible?" Center for Peace and Development Studies::Home. Web. 30 Sept. 2009.