LITERATURE REVIEWS

1) JOBS LOST JOBS GAINED, WORKFORCE TRANSITION, MC KINSEY

In 2008 Mc Kinsey layed off huge number of employees because of recession and because of the
automation it decided to opt. Mc Kinsey alone counts  70  Fortune  500 CEOs among its alumni,
including the current CEOs or COOs at Google, Facebook, and Morgan Stanley. Indeed, a greater
share of McKinsey employees become CEOs than  world. This impacted huge number of workers
of America and also the loosing of talented employees who were hired from big business schools
such as Harvard. McKinsey framed its path to downsizing, which the firm called “overhead value
analysis,” as an answer to the mid-century corporation’s excessive reliance on middle
management. Overall, middle managers were downsized at nearly twice the rate of non-
managerial workers.  This lead to a huge impact of middle class workers in 2008 and resulted in
the loss of talented employees by MC kinsey.
https://www.mckinsey.com/~/media/mckinsey/featured%20insights/Future%20of
%20Organizations/What%20the%20future%20of%20work%20will%20mean%20for%20jobs
%20skills%20and%20wages/MGI-Jobs-Lost-Jobs-Gained-Report-December-6-2017.ash

https://www.mckinsey.com/industries/public-sector/our-insights/safeguarding-europes-
livelihoods-mitigating-the-employment-impact-of-covid-19

https://hbr.org/2018/05/layoffs-that-dont-break-your-company

https://www.theatlantic.com/ideas/archive/2020/02/how-mckinsey-destroyed-middle-
class/605878/

2) CHALLENGES OF HUMAN RESOURCE MANAGEMENT IN BORDERLESS

WORLD
There were many challenges faced by human resource management in 2008. These were
reworking of vision and mission of company, information age, attracting and retaining talent,
empowering employees, managing global workforce, enhancing supplementary services,
managing workforce diversity, challenges of mergers and acquisitions i.e. Creating transition
teams, Managing the learning processes, Re-casting the HR department. All the firms faced
these challenges during the recession of 2008.
https://www.researchgate.net/publication/228096231_Challenges_of_Human_Resource_Mana
gement_in_borderless_world
3) GENERAL MOTORS CHALLENGES, 2008
Automotive industry was hit hard by recession due to which sales had gone down and the costs
exceeded the revenue and in such a situation general motors faced the another challenge of
incurring the cost of health care benefits to its employees and other postemployment benefits
which created a huge funding deficit. To overcome the issue general motors restructured the
employees benefit plan and offered its workers private funding plan These costs are called
legacy costs which added up to $2000 car. Though this challenge was incurred but again it leads
to increase in costs and therefore price of cars.
https://hbr.org/2018/11/the-challenges-gm-is-facing-and-the-reasoning-behind-its-plant-
closures

4) Grant 2002 GENERAL ELECTRIC: LIFE AFTER JACK Robert M. Grant 2002
As Welch’s successor at GE, Immelt was broadly happy with most of the managerial and
organizational innovations that his predecessor had introduced. At the same time, he was
acutely aware that management system that Welch had created was closely linked with Welch’s
own personality. Immelt’s personality and style were different from Welch’s. Business Week
observed: “Where Welch ruled through intimidation and thrived as something of a cult figure,
Immelt opts for the friendlier, regular-guy approach. He prefers to tease where Welch would
taunt. Immelt likes to cheer people on rather than chew them out. That style has given the 46-
year-old chief a very different aura within GE. He may not be a demigod, but it’s his man-of the-
people nature that draws praise from the top ranks to the factory floor.”18 Immelt knew that his
different style of leadership would have important implications for his role as CEO and the ways
in which he would influence GE’s strategy, structure and systems. However, Immelt believed that
the major changes that he would initiate at GE would be a result of the changing environment
that GE faced and the shifting priorities that it faced.

5) HR IN RECESSION, 2008
The challenge for HR is to deal professionally and sensitively with downsizing; innovate in work
organisations and processes; ensure that talent and skills for the future are retained; and plot
the course for the time that will come after the recession, having the right policies and practices
for the new slimmed‐down and much‐changed world.    It must keep its focus firmly on added
value, but as another business director told us: ‘HR’s overall game can be raised – it needs to be
more ambitious for the business and offer a vision for how the business could be.’ And in 2009
more than ever, because of not despite the economic climate, that has to be an engaging vision
and offer for every employee, not just those directors.
https://www.employment-studies.co.uk/system/files/resources/files/op15.pdf