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With current global economic meltdown ravaging the world economy, the implications would be that organizations would be downsizing, cutting costs and strategizing to stay alive.

In otherwords, employees would be laid-off, while overhead costs, operational and administrative costs would be drastically cut down.

However, the increasing complexities in business models and strategies mandates a need to ensure awareness of and compliance with quality standards , internal policies, codes of condut, laws and refulations and  a requirement to protect organizatinal image and its stakeholders from tghe increased exposure to risk.

Hence, an identified failure/ non compliance with industrial labour laws can have a devastating effect on an organization as sanctions can be as severe as shutdown of operatios and imprisonment for responsible executives.

On the part of management within the glabalized economy, employees laid off when provided with good benefits and pay off packages would be able to integrate and settledown on good business strategic implementation, thereby reduncing the multiplier effects of unemployment.

Above, organisations with good compliance to labour laws and industrial relation legislations are sure of continuity of business.

Contributions are welcomed, to brainstorm on the effects of global economic meltdown on employees, organisational image, and international relations.

Thanks.

Financial meltdown or economic meltdown which is very real!  Indeed its real everywhere! However i can authoritatively say that some companies are not laying off their employees!  Rather they are employing!  Yes some organisations are laying off we agree, but my company has not laid off, rather we are employing more people and we look forward to employing more as the business expands.

However, you can say all these about companies that obeys the labour laws.  and the question now is, how many companies obeys and practice the labout laws and policies.  I can tell you authoritatively that only very few do!  If that is the case then in some companies layoff does not mean more pay, it means suffering and hardship, because some companies, will only pay you one month in lieu of notice after you laying you off!  No benefits!  However, some standard companies pay good benefits when they lay off. and its only very few that does that!

Looking at the meltdown, one need to talk about the Nations/countries as regards their foreign reserve and basic ammenities and foreign exchange.  If the foreign reserve is lower than expected, then the currency will suffer, and basic amenities will equally not be their.  And when these are not in place, companies/organisations will deifnately downsize no matter what , which is basically what is happening now!

Indeed 55% of organisations are laying off workers!  And you cant blame them!  Or can you?

Yes organisation should lay off if they could not meet up with overheads!  However, there are still better options or alternatives to laying off and cutting overheads. and this includes reducing salaries!  I think that is more fair that just laying off without any good benefits.

shandy says ...

Financial meltdown or economic meltdown which is very real!  Indeed its real everywhere! However i can authoritatively say that some companies are not laying off their employees!  Rather they are employing!  Yes some organisations are laying off we agree, but my company has not laid off, rather we are employing more people and we look forward to employing more as the business expands.

However, you can say all these about companies that obeys the labour laws.  and the question now is, how many companies obeys and practice the labout laws and policies.  I can tell you authoritatively that only very few do!  If that is the case then in some companies layoff does not mean more pay, it means suffering and hardship, because some companies, will only pay you one month in lieu of notice after you laying you off!  No benefits!  However, some standard companies pay good benefits when they lay off. and its only very few that does that!

Looking at the meltdown, one need to talk about the Nations/countries as regards their foreign reserve and basic ammenities and foreign exchange.  If the foreign reserve is lower than expected, then the currency will suffer, and basic amenities will equally not be their.  And when these are not in place, companies/organisations will deifnately downsize no matter what , which is basically what is happening now!

Indeed 55% of organisations are laying off workers!  And you cant blame them!  Or can you?

Yes organisation should lay off if they could not meet up with overheads!  However, there are still better options or alternatives to laying off and cutting overheads. and this includes reducing salaries!  I think that is more fair that just laying off without any good benefits.

Thanks for your response to this wonderful discussion.

We all believe, things would get globally on the positive.

erinm says ...

 

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The global financial crisis, brewing for a while, really started to show its effects in the middle of 2007 and into 2008. Around the world stock markets have fallen, large financial institutions have collapsed or been bought out, and governments in even the wealthiest nations have had to come up with rescue packages to bail out their financial systems.On the one hand many people are concerned that those responsible for the financial problems are the ones being bailed out, while on the other hand, a global financial meltdown will affect the livelihoods of almost everyone in an increasingly inter-connected world. The problem could have been avoided, if ideologues supporting the current economics models weren’t so vocal, influential and inconsiderate of others’ viewpoints and concerns.Alternatives to normal credit avenues present themselves, as that's how market forces work, and that's where a payday loan.  A payday loan is a small, short term, loan that you normally would pay back on your next payday.  If you have a sudden blight on your budget due to a sudden expense, and you don't want to slip into overdraft,or use a credit card and further lowering your credit score if anything else should go wrong, then finding a payday lender might be right up your alley.  Also, many lenders have joined the digital age.  Applications can be processed online and direct deposited into your bank, turning a installment payday loan into quick cash in a few hours.





 Thanks  Erimn for your contribution.

We all believe in one day, the global economic crisis would positively adjust to make the world a  better place.

Leaders of world economies must intensify efforts to make remarkable postive change.

Appreciated.