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Consolidating multiple disparate programs into one comprehensive, compliant and governable program saves 50-70% of a company's current investment in tactical recognition and incentive efforts. Company leaders also realize cost savings through global corporate program governance, tax compliance, and program measurement and management. Studies show non-cash recognition produces twice the performance boost as cash with praising employees - saying thank you - equal to a 1 percent increase in pay.

Gain Competitive Advantage

Companies implementing a strategic employee recognition program during recessionary times position themselves to outperform the competition today and when the economy turns. Perform at a higher level today and rebound quickly in the upturn by having the right people in the right jobs and by fostering a culture of appreciation key talent will want to be part of over the long term. Partner with the CFO to deliver program savings and increase productivity by creating a marked difference in the morale and focus of your employees over the competition.

III. The strategy adopted by HR personnel to deal with these challenges.

The recession is an opportunity for HR professionals to step and contribute strategically. In the classical strategy paradigm, we begin by looking at the macro-economic environment. Then we look at the micro-environment - what affects us and our competitors. Next, we establish which strategic factors HR influences directly. Finally, we drop down to our tactics. The recession is about the creative Human Resources Management. The HRM Function is asked to bring new ideas, to change the HRM Processes and to develop or change the procedures. And this effort has to be cheap or it has to cut the costs of the organization. The HRM Innovation is easy in times of the business growth, but the recession is not good for big innovative HRM Initiatives.

Dave Gartenberg, Director HR of Microsoft UK, reportedly said recently: “In turbulent times more than any other, there is not only the opportunity but the need for HR to provide leadership to the business. The ability to attract and retain workers when times are really tough requires leaders to be at their best.” Many feel that issuing pink-slips and managing layoffs are the biggest challenges that HR faces today; but there is far less wisdom in this belief because the real challenge that confronts corporate HR today is to utilize this period of recession as an opportunity.

? Finding opportunities during recession.

Consolidate workforce: Workforce consolidation is a huge opportunity that any organisation has nowadays. This is not only in terms of having a leaner workfo本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。