Khandelwal Case Study 2009
Case analysis by –
Viral Doshi (9819507145)
Vineet P (9820503164)
Shantanu Biswas (9860760621)
Somaiya Institute of Management Studies and Research
HR effect of global recession
Recession started with the subprime crisis which led to liquidity crunch. Lack of liquidity weakened the demand of goods resulting in closure of industries. Job opportunities were reduced and unemployment increased. Loss in income resulted in increased the stress levels which n turn increased the health care expenditure, crime rate etc.
It is anticipated that this global recession is bigger than the great depression of 1929.If this really happens then there will be a big fight for the existence of survival for the mankind. Selfishness will rise causing more threat.
Effect of global recession on Mankind:
To cope up with the recession organisations have taken cost cutting and precautionary measure measures affecting individual, group and organization as a whole. In case of every employee reduction of training expenses, benefits and downsizing. In case of key employees there is cut in bonus, cashless promotions and delayed increments .On executive level pay freeze, bonus decrease ,downsizing have been done
HRs Action plan to counter economic slowdown
Maintain transparency, openness, authenticity and consistency.
Engage employees in solution
Strengthen the culture and Brand.
Understanding what employee values.
Tighten timeframe for accountability.
Be focused and don’t loose sight of opportunities.
Proper strategies must be adopted to have a correct match between survival and wining strategies in times of recession. On one side cost cutting measures will help the companies to survive on the other hand it is the right time to focus on growth. A correct balance between the two will create a win-win situation....