Strategic HRM and Global Recession: Emerging Challenges and Opportunities in the Digital Era

Recessions have been a constant feature of contemporary economic history as the global economic downturn affects the majority of nations at the moment. Human resource management (HRM) has been further tested by the global economic downturn and the contraction of enterprises, necessitating a rethinking of how organizations interact with their workers in terms of value addition, staff reduction, skill enhancement, and the introduction of multitasking. Companies that are struggling to stay afloat in the face of the global economic slump are not likely to invest much on their human resources. The economic crisis may be a bad time for many, but for firms with solid financial footing and attractive business models, it provides crucial chances to enhance their human resource management skills and prepare themselves for the eventual comeback. Governments, the commercial sector, and labor unions in developing nations face unique problems from the current form of globalization, which is biased toward wealthy countries. “Meltdown” and “downturn” are the result of Western economies’ insatiable need for growth and their stubborn refusal to let emerging nations have a say in establishing the international economic framework. Hence, this research takes a strategic approach to HRM in order to tackle these one-of-a-kind problems.