Effects of recession are seen on every aspect of the of business as well as individuals life. Human Resources Management (HRM) faces similar many challenges. New ideas are established in HRM to make it effective in recession times. And it also needs to change the HRM policies and process based on the current scenario and plans to make their activities cost effective. When company is growing, innovations in HRM are need but in recession time no big innovations are considered.
To optimize the manpower strength should be the main goal of the HRM during recession. And also plan strategic initiatives to increase the productivity of the employees and efficiency of entire organisation. They should also concentrate on compensation benefits given to the employees. According to changes in economy, make structural changes in training and development programs.
Many other things are to be taken care like identifying the key employees and motivating them to contribute more to success of the organisation. Minimizing the cost and make organisation strong and ready for future obstacles.
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