HRM 3430 Lecture Notes - Lecture 10: Job Satisfaction, Financial Crisis Of 2007–2008, Psychological Contract

• School: York University
• Department: Human Resources Management
• Course: HRM 3430
• Professor: Leigh Lampert

Document Summary

Historic growth strategies and talent wars increased the size of the workforce. Today, expensive human capital is being eliminated again with downsizing. Downsizing: strategies to i(cid:373)pro(cid:448)e a(cid:374) orga(cid:374)izatio(cid:374)"s effi(cid:272)ie(cid:374)(cid:272)(cid:455) (cid:271)(cid:455) redu(cid:272)i(cid:374)g the (cid:449)orkfor(cid:272)e, redesigning the work, or changing the systems of the organization. Survivor: an employee remaining with an organization after a downsizing. Downsizing is done with the intention to cut costs for labour in the future. Considerable evidence that workforce reduction fails to meet its objectives. Cutting non-personnel costs (e. g. energy conservation, planned capital expenditures, leasing of capital equipment, reductions in travel, etc. ) Cutting personnel costs (e. g. hiring freezes, job sharing, reduction of work hours, reduced benefits, unpaid leaves of absence, pay cuts etc. ) Providing incentives for voluntary resignation or early retirement. Inplacement: aimed at reabsorbing excess or inappropriately placed workers into a restructured organization. Outplacement: providing a program of counseling and job search assistance for workers who have been terminated.