Human Resource Development
As it has been mentioned earlier that under the present context, it is doubtful whether the companies would be able to enhance pay for performance, or to strictly follow the policy of equal pay, it equally creates doubt whether they would be able to fulfill the basic demands of the situation like engaging their employees or garnering competitive advantage from them. There are other views that are doing rounds too.
Towards finding the way to combat the current recession, Wellins (2008) pushed the ball back to the employees’ court by suggesting that it is now the responsibility of the employees to bail out the companies, besides mentioning about the role of leaders in supporting the employees under them. Apparently, this looks like a clue to the solution, but it is certainly not a solution itself, as it does not mention about how they employees would gather themselves or the leaders would find that magic approach to motivate them so that the employees would serve more for less and still would remain motivated.
Therefore, it can be seen that the experts are rightly pointing to the fact that all should be ready to give more at less, be it the employee or the employer, but they are not specifying the ways to achieve that state. On the other hand, that is what the companies need to achieve at this period of crisis, no matter how much impossible it may look like. Amid this situation, this paper explores the questions raised above to find the possible way, after reviewing and analyzing appropriate literature on all possible variables associated with the issue of doing good business in the time of downturn. 1. 2.
Objectives: a) To underpin the main drivers of business environment amid economic downturn b) To identify the current demand of the business environment c) To underpin the appropriate business philosophy to meet the demand of the environment d) To identify the appropriate leadership that can successfully implement and maintain the required business philosophy e) To identify the appropriate strategic human resource management application tool that can work in tandem with leadership to systematize the process of implementing required business philosophy and aligning individual employee goals with it
f) Recommending a package of most appropriate business solution amid the economic downturn. 2. 0. Identified Literature Since the proposed study wants to create a package of effective business solution by unifying various drivers of business, like business philosophy, leadership style and strategic human resource management (SHRM), it would have three clear sections of literature review, under which all possible variables would be reviewed for data collection and analysis. Thus the basic structure of literature review would stand like below: 1. Comparative studies of the business philosophies under the context of economic downturn
2. Comparative studies on various leadership styles under the context of economic downturn 3. Analysis and application of effective SHRM. 1. Comparative studies of the business philosophies under the context of economic downturn While the companies are reeling under the economic pressure after the downturn, the significance of evaluating the business philosophy has never been higher, since it is the business philosophy that serves as the guiding engine behind the business operation of every company, and the failure in business eventually points at the failure of the business philosophy adopted by a company.
It is important to realize that just like human beings, organizations too have a life to maintain and develop. Accordingly they too need appropriate care all along their life journeys, where they would face problems at times, or become hungry for success. This trait of the organizations has become more important since when the human capital took over from financial and asset capital, courtesy researchers like Barney (1991), Bass (1994) or Northhouse (1997) who established the value of human capital as the main resource of business.
There are great books on this subject, like Competitive Strategy (Michael Porter, 1980) and Search of Excellence (Peters & Waterman, 1982), which are considered as instrumental in the development of the “resource-based view” can always come handy in tackling such situations, so can Human Resource Development, written by Werner & Randy (2005), which deals with the nuances of the four phases of the human resource development process, like assessment, design, implementation, and evaluation, besides exploring the scopes of developing workplace environment and various skills training programs.
Since human capital is now considered as the most important capital of business, the business philosophy cannot afford to ignore the significance of exploiting human capital to the maximum, at the same time generating a flexible company culture that would be well equipped to meet unforeseen challenge and to create opportunities (Dudik, 2000).