Is Economic Crisis Forcing Organizations to Rethink their Talent Management Strategy? - An Exploratory Study of Some Indian Firm

Abstract

The major objective of the study was to get an insight of how various organizations are coping with the challenges of the recessionary times? Are the concerned HR people able to protect the best available talent, keep people motivated, instill confidence and feeling of job security among employees and attract the best talents available in the labor market? How do they weigh talent issues versus cost issues? The study also looked at situations where an organization has not been affected by this downturn and is still continuing to do well. Is it the case of crisis making them creative? Or is it just because of the domain of industry/nature of services that they have to offer which keeps them afloat in the rough weather? One clear message which comes out of the study is that talent issues can’t be ignored as a boom time luxury and whether organizations like it or not they cant ignore it. Forward-thinking organizations are rethinking the way talent management activities should be organized to improve its integration and alignment with specific business challenges. In the study we found that the challenges are different for different organizations; depending on the intrinsic nature of the organization, its management ability to cope-up with challenges and the domain in which they are operating. The recession is providing both opportunities and challenges to different organizations. The dynamics of competitive forces has been considerably changed and organizations are now forced to re-think about the talent issues. Keywords: recession, talent management, innovative practices.

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