CREATIVE WAYS OF HUMAN CAPITAL ENGAGEMENT STRATEGIES IN TURBULENT TIMES

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MOMIN M.

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Seminar Paper

Paper Information

Seminar: INTERNATIONAL CONFERENCE ON INTELLECTUAL
Year:2009 | Issue:1

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Title

CREATIVE WAYS OF HUMAN CAPITAL ENGAGEMENT STRATEGIES IN TURBULENT TIMES

Author(s)

MOMIN M.

Keywords

VARIOUS COST-REDUCTION

HUMAN RESOURCES MANAGEMENT

Abstract

Over the past decade, the role and perception of HUMAN RESOURCES MANAGEMENT has undergone a sea change.From what was considered as a support function, HR has today matured and merged as a strategic business partner. From what was considered as a cost or expense, HR has emerged as a contributor to an organization’s profitability.The advent of the ongoing economic meltdown has presented the function of HRM with new challenges and responsibilities.During this period of Economic meltdown, HRM is presented with a challenging opportunity to play a pivotal role in making the industry sustain and the entire economy flourish.My paper on this topic shall attempt to throw light on the transition of the role of HUMAN RESOURCES MANAGEMENT in the wake of the present economic meltdown.My Presentation/Submission shall focus on the various new roles, responsibilities and challenges that now fall under the purview of the function of HRM such as:1. VARIOUS COST-REDUCTION strategies: The present economic meltdown makes it imperative for organizations to review their spending patterns; the function of HR today is expected to review the organization’s spending habits and come up with VARIOUS COST-REDUCTION strategies.2. Increased need for employee efficiency: Getting the most out of the least is the need of the hour. The economic meltdown calls for an increase in employee efficiency. When employees become more efficient, there is more room for profitability and productivity.3. Importance of keeping the employees motivated through challenging times: Employee motivation is a very crucial responsibility of the HR function. The present economic slowdown has adversely impacted the morale of employees across the organizations and throughout all the ranks. The threat of downsizing, pink slips, forced leaves etc. has gravely demotivated the employees all over. A demoralized workforce is certainly not at its productive best. Low morale directly affects the quality of output as well. The key challenge for the function of HR here is to proceed with cost cutting measures while keeping the employees motivated and positive. It’s a challenge which is easier said than done.4. Use of innovative and creative ways to maintain and improve profitability, the ongoing economic meltdown is indeed the best time for creativity and innovation. It’s through creativity and innovation that organizations can discover newer ways to maintain and improve profitability though a time of negative financial outlook. The function of HR can play a very vital role in creating and nurturing an environment that values and encourages creativity and innovation.5. Retaining the best talent: The present challenges require the function of HRM to play an active role in stopping the top talent from falling out of the company bandwagon. This deserves special attention and effort as the organization tends to become more vulnerable to top talent attrition in the turbulent times. Investing more time, effort and resources proves quite helpful in this pursuit.6. Balancing redundancies to ensure best performance with optimum resources etc. Every organization functions with substantial redundancy so as to remain operational without being affected by any emergency etc. Many times excess of redundancy proves to be a cost for the company. Thus balancing redundancies to ensure best performance with optimum resources has also become a crucial HR responsibility.Conclusion: I intend to highlight the various new HR roles and challenges in the wake of the ongoing economic meltdown with the help of relevant true case studies, industry inputs and examples etc. I am quite confident that my submission will prove to be objective, insightful and interesting as well.

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APA: Copy

MOMIN, M.. (2009). CREATIVE WAYS OF HUMAN CAPITAL ENGAGEMENT STRATEGIES IN TURBULENT TIMES. INTERNATIONAL CONFERENCE ON INTELLECTUAL. SID. https://sid.ir/paper/903242/en

Vancouver: Copy

MOMIN M.. CREATIVE WAYS OF HUMAN CAPITAL ENGAGEMENT STRATEGIES IN TURBULENT TIMES. 2009. Available from: https://sid.ir/paper/903242/en

IEEE: Copy

M. MOMIN, “CREATIVE WAYS OF HUMAN CAPITAL ENGAGEMENT STRATEGIES IN TURBULENT TIMES,” presented at the INTERNATIONAL CONFERENCE ON INTELLECTUAL. 2009, [Online]. Available: https://sid.ir/paper/903242/en

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