Retaining Human Resource During Bad Time
Sunday, December 14, 2008 7:04
Due to the terrible situation in the market, many manufacturing and service companies in the U.S. have announced a series of job cut plans in the recent days. The trend of laying off employees to cut the cost is emerging. Massive job cut is undergoing every day in different companies.
According to the forecast of analysts in the field, the jobless situation in the U.S. is going to get worse after 533000 jobs in non-agriculture sectors have been cut during November.
However, even during this tough time of recession, there are still some companies that insist not to lay off their employees. Among these companies, several are big and famous corporations, including the Southwest Airlines, Hypertherm, Lincoln Electric, Nucor, FedEx, Aflac, Toyota Motor North America, and Erie Insurance, etc. Some of them have not execute job cut ever since the 60s. What they do instead are as follow.
1. Cut the operational cost instead of the employees.
2. Make good use of the time of market down-turn to train the employees.
3. Stop recruiting new employees and cut the working time as well as the payment.
CEO of some company once said that, to keep the employees in the hard period will help cultivate their loyalty to the company, which will be of great help in retaining the key talents in the organizations in the future. The old employees, who’s got the experience and skill in practice, will turn out to be great treasure of the company during the time of economic recovery.
It’s a very good move in human resource management.
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