Ready for recession

Citation

Marquez, J. (2008), "Ready for recession", Human Resource Management International Digest, Vol. 16 No. 6. https://doi.org/10.1108/hrmid.2008.04416fad.004

Ready for recession

Article Type: Abstracts From: Human Resource Management International Digest, Volume 16, Issue 6

Marquez J.Workforce Management (USA), 7 April 2008, Vol. 87 No. 6, Start page: 16, No. of pages: 6

Purpose – Advises US human resource managers on how to handle any workforce reductions that might be caused by economic recession. Design/methodology/approach – Quotes from business academics and consultants about the current rate of layoffs and workforce reductions. Discusses how these should be handled to ensure that the organization has access to the skills it needs when the economy begins to recover. Looks at how a number of major companies are approaching this, quoting from senior human resource practitioners/recruitment specialists at International Paper, the Container Store, and Wachovia Corp. about how they have reduced their headcounts. Notes that they are also recruiting people with the skills that they need, particularly as layoffs are releasing people onto the job market who are highly skilled. Findings – Argues that any layoffs need to be carefully managed to ensure that the most skilled or most necessary employees are retained. Also suggests that firms maintain their investment in training to maintain employee loyalty and to ensure that employees do not leave when the jobs market picks up. Lastly underlines the value of good employee communications as part of this retention strategy. Originality/value – Offers advice on human resource priorities during recession. ISSN: 1092-8332 Reference: 37AK325

Keywords: Recession, Downsizing, Retention, Skills, United States of America, Human resource management