Contents

• Introduction
• Importance of strategic human resource management (SHRM)
• Implementation of SHRM
• Impact of global economy decline on Human resources
• HR strategies to maintain competitiveness
• Conclusion
• Bibliography

Description

In the present scenario of the downturn of the economy, or in other words, the ‘bullish economy’ has posed a host of questions encompassing almost all fields of personal lives as well as business managements. When President Obama made a promise of ‘change’, all eyes were set on the job opportunities he could create in these slow times. Global economy deterioration (it may yet not be suitable to call it ‘recession’) has spanned the world into its grip of financial crisis, unemployment and bankruptcy. It is significant to examine, in the light of this economic slowdown, the effect it has on business organisations/setups.
Human Resource has been worst affected by this phenomenon; therefore, a study of ‘Strategic Human Resource Management’ is not only important, but also quite interesting. Challenges to Human Resource Management are appearing in terms of employment reduction, employee retention and employee wellbeing. However, it should be noted that all is not lost; in the current economic crisis, opportunities for Human Resource Management can also be traced as cost management and elimination of redundancies.