Human resource challenges and strategies during economic meltdown: Indian industry

The recent economic turn down has taken toll of large number of companies all over the World that has claimed many organisations as casualties. Employees who are well paid today found their jobs gone overnight. This nightmare is across in all sectors are equally affected. In relate to this, the challenge of HR (human resource) professional is to survive him and then playing a key role to make the organisation survive during trying times. Moreover, companies are exploring innovative ways to overcome the situation by some innovative HR activities like managing the talents, link reward to performance, create learning environment, employee counselling and guidance, honing quality workforce, creating work life balance, provides effective incentives schemes and organisational assessment etc. As we know that the HR professionals have to depend upon the 3E i.e. Experiment, Experience and Excel to sustain the future in a continuous manner. So, this is the time to build more cohesive teams and the actions are required to put the right performing employees in the right key performing areas as well as retain key talents with the attention for survival and sustainable growth of an organisation. Human Resource strategy is a overall plan for managing its human capital to align it with its business activities that sets the direction for all the key areas of HR. Creating an HR strategy takes time, as it takes execution time but when strategy is well-defined that can create tremendous benefit by aligning HR’s activities with the goals of the organisation. The study place a great deal of concern on technological advances, greatly increases business, constantly changing views of the Government as well as the management and the increasing urge for employee satisfaction and retention. The main aim of the study is to inquire into the status of the existing HRD activities in Indian Industry and to identify the problems, which impede the growth of the organisation climate particularly in the Steel industries and service sectors.