Dr. Pankaj Shyamlalji Vishwakarma
“recession affects many factors”
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Recession affects many factors; it affects the export, Slowdown of the industrial production, which result into slowdown of growth. Human resource management is responsible for how people are treated in organizations. It is responsible for bringing people into the organization, helping them perform their work, compensating them for their labours, and solving problems that arise. Recession presents a very difficult time for any existing organization in today’s corporate world and no company is exempted from this truth. The biggest challenge for companies and especially Human Resource in this economy downturn is to survive and to remain competitive, companies reorganized and reengineered to reduce waste. Recession poses unique challenges to the HR department. HRM strategies & innovations providing a wide selection of employees, employers, customers, suppliers etc. in all ranges This paper outlines the transformation of HRM strategies and innovations in Asia. Beginning with its inception, the paper is progresses towards its various HRM functions like recruitment and selection of employee, training and development, compensation and benefits, growth of Human communication, This paper also highlights HRM strategies to counter intensified competition and external conditions like global economic recession, the resultant credit crunch and its impact on employee performance.