What globalisation can do is amazing and the fallout of a recession is even more amazing. Jobs are getting wiped by scores. The other day I was speaking with a few of my friends who are thought leaders in the HR community and they seem to be unanimous that these are really tough times.Nobody seemed to have a real answer as to what's best but it does have a cultural connotation something that I would like to stress upon later in this article
With global institutions confirming the impact of recession, with financial institutions crumbling across the world and wealth being eroded, it's not good news for economies across the globe. Fears that the worst is yet to come has made businesses take to cost cutting measures. It's ironical that organizations that valued people as their most important assets are ready to let them go in times like these.
One of the things that we should keep in mind when going for layoffs in such times is the real need for such measures, talking specifically from an indian perspective, a classic example of how Jet Airways was forced to reverse its decision a day after it announced termination of services of 1900 of it's staff. While this became a political agenda ; what organizations need to understand that while such layoffs in some other countries can be taken careof by social security, unfortunately there is no such cover in India, leaving people without any financial cover to handle such situations.
What becomes important therefore is to have a paritcipatory view by appraising employees of the financial pressures and take measures towards cost optimization (not cutting). What organizations should remember is these are one of those times which would pass away sooner than later, however the way they handle this crisis would lead to their image as an employee friendly brand or otherwise.
And why not !!! Aren't people are our most important assets ?!
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