The team gave a presentation on Innovative Human Resource practices and what are the reasons that are responsible for paradigm shift from traditional HR practices to strategic HR practices. They also discussed about the limitations in Traditional HRM Practices:
- Wage and salary only loosely tied to performance
- Narrowly screening for non managerial jobs Tight supervision
- Little training
- Layoffs in slack times
- Detailed workplace rules and procedures Broad management discretion
- Job controlled unionism
- Seniority rules no job security
- No job security
They threw light on the impact of recession on HR planning activities through the study which they carried out through floating online questionnaire to different organizations. They also studied about the retention strategies for their employees.
Conclusion of their study show that
- Recession has a significant impact on the following HR activities:
- Performance Appraisal
- Recession had significant impact on the Recruitment & selection practices and led to stringent appraisals in assessing performance of employees to cut overhead costs.
- Recession thought did not lead to significant change in HR management activities on a whole. It drove management to develop innovative, creative, efficient and effective HR strategies and policies so as to continue their success in the market.
Contributed by: Sai Santosh & Varad Maheshwari (IPG-MBA 5th year)