The current ression and economic effects on The Field of Human Resource Management

.RUNNING HEAD : Current Recession

The Current Recession and Economic Effects on the Field of Human Resource Management

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As compared to the economic downturns in the past , the current recession has proved to be of the most devastating for economies all over the world . According to the US National Bureau of Economic Research in 2007 , the economic downturn began in the US in December 2007 . One of the major indicators of the recession is the deterioration in the labor market . The recession has

had devastating economic effects on the human resource management all over the world . Although some economic experts in 2008 denied that the global economy was in recession , the economic effects of the current recession on human resource management are now evident (Patricia , 2009 . Many people are concerned about the rising cost of living as the cost of food , fuel , and basic commodities continues to go up . Worse still , many employees are worried about the negative effects of the recession on employment and security of their jobs . The change in the market has been so drastic and has been characterized by change from optimism to gloomy cynicism Due to the need for companies , government , and employees to cope with the difficult economic situation being witnessed , efforts are directed towards introducing changes in the human resource management to streamline the work force , increase productivity and minimize operational costs . In this , the economic effects of the current recession on the human resources management will be...