Roles And Challenges For Human Resource Professionals During Global Recession

Abstract

Recession is the time when HR needs to come in to its own to help company during tough time. Its the time when the HR needs to develop and retain talent amidst retrenchment, salary-cuts, and fall in budgets. Most of the organizations across industries are under tremendous pressure to sustain. The beleaguered economy seems to have affected the entire globe including developed and developing countries. Today organization of all sizes and all types has accumulated stocks, liquidity and exports significantly down. Coupled with this is the cash crunch which has put a temporary halt to major acquisition and expansion plans of the organization. However Indian economy is still going strong but the psychological pressure is steadily building up. Task forces are being created to ensure that concrete action plans are designed and implemented on priority basis. This Paper is an attempt to cover the challenges and role of HR professional during recession. It is the most appropriate time for HR professional to show their worth and also effectiveness of the HR policies to bring out a company from serious trouble. Its the time when the HR needs to develop and retain talent amidst retrenchment. Salary-cuts, and fall in budgets.

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