Talent Management and Retention Strategies in Recession: A Case Study of Manufacturing Sector in North Karnataka
Retention of talent and maintaining motivated workforce are the biggest challenges for HR professionals of manufacturing sector during recession. Recession not only impacts business organizations but also affects the ways in which human resources of the organizations are managed. Many organizations know that they must meet elementary requirements like pay, benefits, job security and career advancement opportunities. But it’s not sufficient during recession. During recession, HR professionals need to address changing expectations of workers at manufacturing sector. The present study covered the various aspects of recession and its impact on effective talent management at manufacturing sector. The study is very important in the context of global environment to find out the impact of recession on talent management and retention especially such as the problems and challenges. With the help of this study one can plan about how to fight back recession in a more fruitful mannerby maintaining right talent and develop processes and policies which can help in effective talent management.