Discussion on HRM Strategies During a Severe Economic Recession
Assignment ID Number AFFGEHU83939HD Type of Document Essay Writing Format APA/MLA/Harvard Academic Level Masters/University References/Sources 4 References
If an employer wishes to lower production costs during a recession, he or she can either (1) lay off certain workers without changing wages or (2) keep all workers but reduce wages. Which method do you think you’d go with? Why?
Additional information: “Masters, do what is just and fair for your slaves, for you know you have a Master in heaven as well” (Colossians 4:1, NIV).
“Look at the birds of the air; they don’t sow, reap, or collect into barns, but your heavenly Father feeds them.” Aren’t you worth a lot more than they are?” (NIV) Matthew 6:26
“Whoever oppresses the poor mocks his Creator, but whoever is generous to the needy honors Him” (Proverbs 14:31, NIV).
“…With the help of Wall Street investors, many corporations have decreased their full-time workforces, reduced benefits, and demanded more production from the remaining workers during the last decade…
Many employees believe they are essentially disposable parts of an impersonal manufacturing process including employee manipulation for the sole purpose of maximizing profit and shareholder value. Bulls, Bears, and Golden Calves, by John Stapleford Academic IVP (p. 104)
Many large firms have decided to lower wages or lay off workers as a result of the current pandemic’s economic downturn. When choosing between the two possibilities, it is preferable for a company to lower salaries rather than layoffs. This will ensure that the employer has a job during the recession or, in this case, a pandemic, which will aid in the payment of bills and the provision of food for those affected. Furthermore, due to the time required to train new employees in a foreign country for a lower wage than in the United States, recruiting new employees in a foreign country for a lower wage than in the United States is not a good idea. Several companies have decided to hire individuals in countries where the cost of employing that individual is lower than in the United States, owing to the high cost of benefits. As a result, lowering wages can be accomplished by eliminating bonuses, lowering 401k percentages, and lowering salaries. During the recession, the CEO and managers will need to consistently motivate people to perform effectively and accomplish the organization’s goals.
Organizations must be prepared for a recession or a pandemic since both have an impact on the economy, which in turn has an impact on employees and the company. Unless the modifications are just adjustments to match diminishing demand, recessionary interventions should in practice remove some of the organizational slack or X-inefficiencies in the organization (Wood & Ogbonnava, 2018, p. 3073). Because all of the employees are still employed, the company will not incur any more costs after the recession is ended. Overall, this will aid the firm in learning how to apply this knowledge in the event of a future recession, as it is critical to keep existing staff employed. Finally, depending on the funds available to compensate staff, each firm will choose a different solution. Various texts in the Bible remind us that each person should be appreciated and given the truth. See, my servant will act wisely, Isaiah 52:13 says, and he will be risen and lifted up and highly exalted (New International Version, 2011). This is a scripture that promises that he will be with us on every path we take.
New International Version of References (2011). Bible Gateway is a website dedicated to the study of the Bible https://classic.biblegateway.com/ (The original work was published in 1978.)
S. Wood and C. Ogbonnaya (2018). Management with a high level of participation, the economic downturn, employee well-being, and organizational effectiveness are all discussed. 3070-3095 in Journal of Management, 44(8).
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