recession

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r ecession

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R ecession is the economy shrinking for two consecutive quarters (=6 months) with a decrease in the GDP (=Gross Domestic Product). GDP = Value of all the reported goods and services produced by the people operating in the country. What is R ecession?

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The United States -based National Bureau of Economic Research (NBER) defines economic recession as: "a significant decline in economic activity spread across the country, lasting more than a few months, normally visible in real GDP growth, real personal income, employment, industrial production, and wholesale-retail sales.

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That Private organization defines a recession more ambiguously as “a significant decline in economic activity spread across the economy, lasting more than a few months”. In M acroeconomics , a recession is a decline in a country's gross domestic product (GDP), or negative real economic growth, for two or more successive quarters of a year.

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Causes of Recessions : C urrency crises E nergy crisis U nder-consumption O verproduction F inancial crisis

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C urrency crises: A C urrency crisis , which is also called a balance-of-payments crisis , occurs when the value of a currency changes quickly, undermining its ability to serve as a medium of exchange or a store of value. It is a type of financial crisis and is often associated with a real economic crisis.

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During recession value of money decrease …

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E nergy crisis: An E nergy crisis is any great bottleneck (or price rise) in the supply of energy resources to an economy. It usually refers to the shortage of oil and additionally to electricity or other natural resources. An energy crisis may be referred to as an oil crisis , petroleum crisis , energy shortage, or electricity crisis.

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During recession there was rapid increase in the Prices of fuels.

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U nder-consumption : In U nder-consumption , recessions and stagnation arise due to inadequate consumer demand relative to the amount produced.

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In recession there was a less consumption of good…

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O verproduction: In economics, O verproduction refers to excess of supply over demand of products being offered to the market . This leads to lower prices and / or unsold goods.

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F inancial crisis: The term F inancial crisis is applied broadly to a variety of situations in which some financial institutions or assets suddenly lose a large part of their value.

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During recession there was sudden decrease in sensex …

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Unemployment

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The Impact of R ecession on Employment : As, the impact of recession is unpredictable and depends entirely on the nature of the recession. Many people have loss there job as many of the companies were bankrupt .

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The Center for Economic and Policy Research states that the looming recession will raise unemployment by about 2 to 3 percent depending on the nature of the recession. This means that there will be about 3 to 5 million unemployed Americans.

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On the other hand unemployment data doesn’t represent the educated workforce . For them, the truth is there are more available jobs than there are candidates and the unemployment rise affects mainly the low-skilled workers .

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Increase in Crime : It seems obvious that recessions drive up crime because more people are under severe financial stress . Have less hope and are less strongly connected to the mainstream. They may therefore turn to crime to forget their troubles (e.g. drugs ), or to reduce stress (e.g. violence ), or to make ends meet (e.g. robbery ).

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Stress

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STRATEGIC ROLE OF HRM DURING RECESSION: The recession is about the creative Human Resources Management(HRM).

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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 .

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The point to be focused by HRM during recession: To optimize the manpower strength. To take strategic initiatives to increase productivity and efficiency of the entire organization. To work on compensation benefits. Redesign training and development programs.

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To create employment

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Ensure your organization’s policies and handbooks are up to date. To identify the real key employees and to intact them in the organization. Layoffs. Ensure you are familiar with your legal responsibilities in a lay off to minimize your organization's risk. Be sure that you have properly defined the criteria you are using to determine who will be let go.

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Redirect Your Employees to Other Departments ( Job Rotation ). Listen to Your Employees. Keep Them Motivated and Busy (Communicate-Communicate and Communicate). Show them the long term vision .

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How to come out of recession? It is unhealthy for any nation to be in Recession; So, Government will take certain countermeasures to eliminate or reduce the Effect of recession for turnaround .

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Market Economy : Producers : Can produce and sell at their prices. Consumers : Can decide to buy or not. Both Producers and Consumers are free to act ; Not a forced action.

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Hence, Government does not have direct control on Producers’ & the Consumers’ behavior; But, they can influence millions of Producers & Consumers with Government’s policies ;

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Government has 2 plans : Fiscal Policies : Government influences the economy by changing how it (Government) spends and collects money. Monetary Policies : RBI manipulates the available supply of money in the country.

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RBI increase the available supply of money .

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Recession is the opportunity to work differently : More efficiency ( and resilience) by sharing back office functions and by partnering to learn about what works. It is said that “ The alternative is the death of 1000 cuts ”.

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HOPING THIS TIME RECESSION VANISHES SOON SO THAT INDIA GETS BACK TO ITS STRONGER GDP GROWTH RATE OF 8% TO 10% .

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Thank-You By Rohit Prabhakar Patil. S.V.T.I. Nasik

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