The Role of HR in the Crisis – HR strategy of Today is the Success of Tomorrow

In the last twenty years a lot of changes have taken place in our country’s economy, and as a result enterprises have had to keep up with the changes in order to survive. The rapidly-changing economic environment and the inevitable influence of the global crisis has demanded continuous effort and readiness to adapt to radical changes. In the sector of large companies the role of the capital-intense foreign-owned companies is vastly important, and these foreign investments have brought fundamental changes not only in our country but all around the world; they have shaken the relations of property, production and employment structures.

The effectiveness and long-term survival of our domestic small and medium-sized companies depends unquestionably on an appropriate and well-structured human resources strategy. Structural changes and a new way of thinking are necessary to realize this. The goal is not only cost-effectiveness and technological re-orientation. The financial crisis, which started with the crisis in the American mortgage market and now has become global, shows its strong influence on the Hungarian job market. The wide economic effects of the instable financial situation can be manifold, and therefore it is worth taking into consideration the consequences of the events on the labor market and on strategies. What kind of challenges does this new situation bring for HR management ?