Organization that is involved in a financial problem

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The downtrend in the current economic condition due to pandemic COVID-19 and global competition, each firm has to realign its management strategy in order to be sustainable in the market. In managing an organization, labor costs are the greatest burden to the organization. Retrenchment is a common strategy used by organizations when facing bad financial performance. The implementation of retrenchment may affect employees' employment and may increase the unemployment rate in the country. Subsequently, this situation will affect the economic development of the country. Imagine you are the Human Resource Manager in one organization that is involved in a financial problem. Discuss strategies that can be used to avoid retrenching your employees

Reference no: EM133137349

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