Reference no: EM132662945
Assignment: Write 7-page single space using the executive summary below, and reference the attached materials. You may have attachments in the addendum (create a salary grid from a reputable job, or a job classification family table. You may use APA or MLA format for citation. Turnitin is used for plagiarism.
Executive Summary
Introduction: Human resource management is a complex piece of workplace. So many businesses and employees are not aware of how important human resource is in providing the needed environment to the success of both employers and employees.
Problem and Stakeholders: The problem to be discussed in this paper is the challenge of maintaining employee engagement in times of economic recession when minimal to zero annual increases or job layoffs may be imminent. During a difficult time, such as COVID-19, it is hard to keep employees engaged while they are concerned about job safety.
In this case, stakeholders are those impacted by the challenges such as employers and employees. Other indirect stakeholders can be the family of employees impacted by losing jobs at a difficult time. Also, indirectly during difficult times, local cities are impacted by collecting less taxes from those impacted business plus providing some aids to the impacted employees as well. For example, we have seen states providing unemployment benefits and deferring tax collection in some areas.
Research Methodology: The research will utilize companies' best practice during difficult times and the routes they have taken during those times. The research will be built upon a market research involving major business cases where companies have faced this type of difficult time challenge and how they were able to survive it.
The class textbook will be utilized, and major human resource journals will be used to understand topics in the same areas and quote from HR experts who have managed HR departments during challenging times.
Alternatives to Problem: Companies should be provided aid from federal governments during such time to keep employees on payroll as well as employees should also agree on a certain pay cuts to keep companies balances low. In this case, there can be a compromise that will allow companies to operate during difficult times.
Steps that can be taken to resolve the issue:
• Modify business model to accommodate new requirements for this difficult time
• Reduce travel and meeting expenses by utilizing technology
• Give employees flexibility to boost their productivity and thus boost the business profit
• Be as transparent with customers and employees as much as possible
• Seek feedback from all stakeholders as may have great ideas to boost business revenues
Alternatives Evaluation: The above-mentioned alternatives can be evaluated as some may work and others may not in some cases. Different business cases will be presented in the paper and each of those alternatives will be applied to evaluate the effectiveness of using it.
Final Recommendation: Final recommendation is going to be based on the alternatives that works most with different business cases. The paper will evaluate the effectiveness of each alternatives and thus recommend a sequence in applying those alternatives so companies can have order to follow during difficult times.