Dimensions Of Human Resource Management Persuasive Essay Example
The adoption of retrenchment strategies by companies has resulted in an increase in unemployment rates, which can have negative consequences for both the firms and states. This is because high numbers of layoffs lead to state and federal governments being required to raise unemployment insurance taxes, which negatively affects public image and increases financial costs associated with operating the unemployment payment system. To avoid this situation, businesses should consider other options such as reducing work hours and wages instead of laying off employees. The continuous wave of layoffs has led to skilled workers losing their jobs while also increasing the financial burden on states. To combat this issue, various strategies including tax credits and payroll tax breaks for firms that add new jobs or augment their payroll have been implemented by the government.
fy">In recent years, several measures have been taken such as an employment bill worth $17.5 billion providing employers relief from Social Security payroll taxes on new hires and a $1,000 tax credit when retaining workers for at least one year. While there are indications of economic recovery, it may be challenging for employers to provide employment benefits like education reimbursements and training opportunities due to financial limitations.
The 2009 survey by the Society for Human Resource Management found that companies providing reimbursement for undergraduate and graduate courses have decreased by 4% and 5%, respectively, compared to previous years. This is attributed to the global recession which has led to reduced profits for many companies, making it difficult for them to offer employee benefits. Financial institutions offering employment services may face challenges due to this trend continuing, as it limits access
to financial assistance for some individuals who previously enjoyed various job perks.
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