THE EFFECTS OF GLOBAL ECONOMIC CRISIS ON HUMAN RESOURCES

Abstract

The economic crisis manifested in the economy of a state is determined, generally, by a financial crisis and lead to unemployment, bankruptcies, low productivity, and generalized inflation. The current global economic crisis began in August 2007 and continues today in some parts of Europe and in the world. In Romania, the crisis starts somewhere in the autumn of 2008 and in 2009 are beginning to feel its effects at the population level, especially the working population. On human resources are observed, during the crisis a number of negative phenomenon, such as unemployment, labor migration, low efficiency of employees, massive staff cuts, reducing or freezing incomes. The crisis of specialists affects the labor market worldwide. The most affected countries by the human capital crisis are the counties from Asia-Pacific area, namely Singapore, New Zealand and Australia. Peru, Japan, the USA and Mexico has great difficulty in recruiting qualified staff in finance and accounting, insurance, real estate, construction, the crisis of qualified personnel in these areas reaching percentages of 40-50%. In Europe crisis of qualified personnel has manifested itself in small proportion of only 12% in France, 13% in the Netherlands, 15% in Belgium and 16% in Germany. Financial crisis at global level that has manifestations also in Romania make that human resource function to become a strategic partner in solving the problems of the crisis and in planning objectives at the organizational level. In the pact of the crisis at the company level and including at the human capital level it must be analyzed by each company separately, in crisis case each entity is influenced differently depending on the filed of activity. The reaction most common in organizations as a result of crisis is to reduce costs which it is applied also to the human resources function level.