The Impact Of COVID-19 On Human Resource Management Essay Sample For College

The emergence and spread of COVID- 19 pandemic impacted human resource management and working practices differently, for example, remote working has now become a norm, and other working methods have become flexible (Butterick & Charlwood, 2021). During the pandemic, workers could enhance and secure paid sick leave, safety measures, and work share arrangements that saved their jobs and additional premium payments. The crisis impacted some benefits for the workers. The research paper will discuss the impact of Coronavirus on human resource management.

According to the latest data, pandemic-based benefits were built as some industries worked tirelessly to retain workers. For instance, in Australia, many public administration, healthcare, and social assistance employees reported a negative pandemic impact. It is because they could work remotely, and their respective employers decided to retain them as they worked from the comfort of their homes instead of laying them off (Schultz, 2021). Nevertheless, since the pandemic, most industries have frozen hiring, while others still have hired during the pandemic.

The emergence of the COVID-19 pandemic exposed the actuality of the failure of U.S labor laws to protect the working people. Nevertheless, workers’ rights advocates and union leaders urged the policymakers to mend and reform the broken systems. They warned against the erosion of unions which would contribute to a threatened democracy and increased economic inequalities. Despite all the efforts, the United States was caught by the pandemic with a frail labor protection system with extreme economic inequalities (Butterick & Charlwood, 2021). It contributed to low-wage workers, especially workers and women of color, significantly bearing the pandemic’s cost.

Most workers had to work without safety gear; they were fired when they spoke up about safety and health concerns and were denied access to paid sick leave. There was a need for reforms in the U.S. labor system. Unified voices in the workplace enable workers to cooperate, and through unions, they can secure paid sick time, enhanced safety measures, and additional premium payments. Workers represented by unions have a voice to negotiate terms for work-share measures to save their jobs and how their employers navigate the pandemic. Unionized workers have an advantage over nonunionized workers (Schultz, 2021). Unionized workers were able to set the standards for their salaries and benefits that would help all the workers. Workers’ health, safety, and lives depend on their ability to voice their workplace concerns.

It is crucial to examine the impact of COVID-19 on the economy and the working people. The coronavirus outbreak declined the employment rate in March due to the fear of the spread of the disease and the measures of social distances. Most of the unnecessary parts of the economy were shut down by the social-distancing measures put in place by the government of the U.S. COVID-19 pandemic impact was felt, and it is still felt broadly but not equally because individuals with low wages experience a more incredible job loss (Butterick & Charlwood, 2021). It is because most low wages jobs were in the sectors that were hit more as they involved more social contact, like events, bars, and restaurants, among many others.

Furthermore, there was a lot of discrimination and occupational segregation caused by ethnic and racial differences in the labor market. Latinx, Asian American, and black communities experienced much more significant job loss due to the pandemic. Nevertheless, during this time, white non-Hispanic laborers experienced a 12.8% unemployment rate, Hispanic workers experienced an 18.5% unemployment rate, and the unemployment rate for black non-Hispanic workers was 16.7% (Gigauri, 2020). During this pandemic, women lost jobs more than men, specifically women of color.

The Trump administration failed to provide essential protection during the pandemic to workers, underscoring the importance of unions. With unions, workers could negotiate on health and safety measures, job preservation, and paid sick leaves in their workplaces. Workers with unions feel secure and can speak out about the dangers they are likely to face. Nonunionized workers worked without premium pay or were denied paid leave and protective equipment (Gigauri, 2020). Nevertheless, unionized workers advocated for increased wages and health and safety protections. The lack of protective health and safety measures led to many individuals getting infected with Coronavirus, and many lost their lives.

Many industries could not measure their employees’ performance management due to the Coronavirus outbreak. The outbreak also altered the performance of the employees in organizations. The modified working conditions made it difficult for an organization to measure employee performance. Thus it disrupted performance-based pay. Several factors related to Coronavirus influenced the employees, for instance, occupational stress, career and job control, and family distractions, most of the challenges emerged when the employees started working remotely (Schultz, 2021). Therefore, industries had to strengthen and maintain their performance management tools and processes. They communicated relevant information about the company’s direction to the employees and provided feedback. The information collected would help the organization retain the talents of the employees.

Additionally, COVID-19 affected many industries negatively, forcing them to close their shops temporarily. Nevertheless, other industries flourished due to the pandemic, such as delivery companies, as most people opted to buy their necessities through online platforms, and they were later delivered to their doorsteps (Schultz, 2021). Organizations facing financial challenges adopted skills to reduce incurring high costs and sustain their businesses. It is why most people found themselves jobless during the Coronavirus pandemic.

Moreover, workers within unions received better benefits that included healthcare and paid leave. During the pandemic, unionized employees were more likely to be covered by health insurance provided by their employers. Unionized employers added significantly to their employees’ healthcare benefits during the pandemic, paying 86% of workers’ health premiums. On the other hand, nonunionized employers pay 79% of their workers’ health premiums (Gigauri, 2020). Union workers have increased access to paid sick days. Almost all union workers in local and state governments have the privilege to pay sick leave compared to their nonunionized colleagues.

During the Coronavirus pandemic, the policymakers decided to prioritize reforms that would stimulate the collective power of the workers because the political response to the health and economic crisis brought about by COVID-19 had failed before. Nevertheless, the pandemic required intense interventions—the intensity and depth of the economic crisis brought by the pandemic necessitated additional legislative action. Here, an opportunity was provided to union leaders, social justice advocates, workers, and worker advocates chance to demand that policymakers put the needs of working people ahead of commercial interests (Gigauri, 2020). The policymakers were given duties to deliver reforms and interventions that were long overdue. The reforms and interventions fulfilled the promises made to United States workers approximately 100 years ago, i.e., collective bargaining and the right to a union. The crisis continued to reshape the workforce, democracy, and economy of the United States.

In conclusion, unions have been influenced by the COVID-19 pandemic to ensure that the workers have their collective voice, that health safety measures are upheld, and that they receive paid leave. It has dramatically increased the morale and motivated the employees, reflected in the increased output levels from different corporates.

References

Butterick, M., & Charlwood, A. (2021). HRM and the COVID‐19 pandemic: How can we stop making a bad situation worse? Human Resource Management Journal31(4), 847-856. https://doi.org/10.1111/1748-8583.12344

Gigauri, I. (2020). Influence of COVID-19 crisis on human resource management and companies’ response: The expert study. INTERNATIONAL JOURNAL OF MANAGEMENT SCIENCE AND BUSINESS ADMINISTRATION6(6), 15-24. https://doi.org/10.18775/ijmsba.1849-5664-5419.2014.66.1002

Schultz, C. (2021). COVID-19 and future human resource management competencies. The Impact of COVID-19 on Human Resource Management. https://doi.org/10.51432/978-1-8381524-4-4_2

The Impact Of The Western Sanctions On The Russian Economy Sample Assignment

The US and EU member countries have imposed and are considering more sanctions that are targeted at the Russian economy. They are aimed at limiting the country’s ability to fund the existing war with Ukraine, where the Russian administration is considering annexing some of the regions in Ukraine. Western nations have prevented Russian oligarchs from traveling to their countries while also freezing assets held by Putin and other wealthy Russian. Also, Russian banks have been excluded from the swift international system and UK financial system. Another economic sanction is banning Russian products such as oil, gas, and coal in US and European imports (BBC News ). Moreover, Western companies closed business in Russia, leading to huge job losses, and various Russian businesses related to wealthy Russians in Western countries have been sanctioned. These sanctions have a big negative impact on the Russian economy and are within the specifications of international law. It is expected that the Russian GDP will fall by over 7.8%; other impacts include 17.1% inflation, a reduction in retail trade by about 9%, and 83.5% reduction in the sale of cars in Russia (BBC News ). The paper analyses the various sanctions imposed by the European countries on the Russian economy and their impacts on the economy.

One of the sanctions Russia faces is against political and security leaders as well as rich Russians close to President Putin and his administration. Based on an EU report, over 1241 individuals and 118 entities have faced sanctions in the EU. The action aims to compel these elites to ask Putin to abandon the war. The list starts with Vladimir Putin, Russian president, members of the Russian State Duma (lower house of parliament), National security members, tycoons such as Ibrahim Abramovich, military personnel that is ranked high, and selected people associated with Russian oligarchs as family or business (Concilium.europa.eu). These sanctions are accompanied by travel bans; this individual cannot enter the EU by air, sea, or land, and asset freezes, where funds and assets belonging to these individuals cannot be transacted. It has been implemented under the “freeze and seize” action by US and EU governments. EU and US have seized private jets, real estate, luxury mega yachts, and money held in US and EU banks. With this, money held by these individuals cannot be used to support the Russian government or fund the existing war with Ukraine while exempting these individuals from enjoying safe havens provided by the EU countries. Wealthy Russian individuals are attached to successful companies within Russia and the West, and this has affected the functioning of these companies (Harrington). In turn, it will affect money remittances to Russia from the west, which is likely to negatively affect the country’s GDP, which is significantly driven by these elites who have huge political and economic control in Russia.

Another sanction placed for Russia is the exclusion of its banking system from the international SWIFT system. About 10 Russian banks have been excluded from the international payment system that adopts SWIFT. This cuts the Russian banks from communicating with other 11,000 financial entities across the globe, which negatively affects its economy. With these restrictions, these Russian banks lack access to foreign currencies that require an intermediary bank in western nations. This makes it slower and more expensive for Russian banks to engage in international payments. There are also further sanctions on the country’s central bank that negatively affects the management of its assets and international reserves. The restrictions bar the Central Bank of Russia from accessing assets and reserves stored in other EU central banks and other private financial institutions. With about $643 billion of the country’s reserves being seized by western nations, the stability of the country’s currency is at risk because these reserves are crucial to enhance the stability of a country’s currency. It makes up about 50% of Russian foreign reserves, and the country cannot caution its currency using foreign assets that have also been seized. Moreover, the EU has banned the transfer and sale of various EU currencies to Russia to ensure there is limited access to the euro by the Russian administration and/or its Central Bank.

There are various import and export restrictions that have been made by the West against Russia that have largely affected the country’s economy. These trade restrictions have a negative impact on the Russian economy because it reduces exports and also bar the country from accessing essential products required by the manufacturing industry and other sectors. There is a ban on various Russian products such as crude oil and petroleum products (limited exceptions), gold, steel, cigarette, and steel. Recently a cap on the Russian crude oil prices was fixed at $60 per barrel to ensure that the west continues to get reliable oil supply and stabilize global fuel prices while reducing revenues Russia gets from selling its major export (Shankar). On the other hand, the EU has banned countries from exporting various products to Russia that, including; aviation goods, luxury products, cutting-edge technology, and certain oil refining equipment. These restrictions negatively affect the Russian economy by hitting major industries such as aviation, transport, technology, energy, and marine time that are essential for the success of the country’s economy (consilium.europa.eu). With these sanctions, the EU aims to maximize the negative economic impact on the Russian economy while minimizing the negative effects that will be felt by other citizens from other EU countries. Essential products such as food, agricultural products, and pharmaceutical drugs have been excluded to reduce the impact on the Russian population, which is not the target of the sanctions.

Another economic impact is the loss of employment by Russian citizens, and the loss of revenues by the government and Russian citizens after the mass exit of western companies. Following the Ukrainian invasion by Russia, many multinational companies opted to cut their ties with Russia. This was as a result of increased pressure from consumers and investors in western countries making these companies stop or halt their business in Russia. Despite the high financial cost related to a move from Russia, many companies opted for the move because they do not support the actions of Russia in Ukraine. Over 1000 companies have expressed interest to either end or reduce their operations in Russia. One of the companies is Nissan, a Japanese automaker that opted to stop their operations by selling their business to NAMI that is backed by the Russian government (New York Times). They made an option to buy back this operation after a period of six years has elapsed, French dairy company, Danome, also sold their operations in Russia that held 5% of their total revenues. Moreover, Western sanctions led to a reduction in revenues for Russian companies to reduce. For example, the Russian aviation industry, the western countries banned Russian airlines from entering western airspace, and also the sale and transfer of planes. Most Russian planes are now engaging in domestic travel. The repercussion as a result of this move by western companies are huge. Many Russian citizens have been rendered jobless and if these measures continue more Russian citizens will lose their jobs. There has been reduced demand for skilled workers in various sectors such as finance, marketing and other sectors and those that lose their jobs cannot find new ones (Sokolova). Moreover, the isolation of Russia from the rest of the globe reduces its access to the global supply chains and some of the industries might collapse. There is likelihood for reduction of demand of goods and services which will lead to collapse of companies and a poor population due to spillover effects in other sectors such as small businesses.

Economic sanctions by western nations have a great negative impact on the country’s economy. These sanctions include banning of visas and passports of Russian oligarchs, wealthy Russians, political elites and national security members and import and export restrictions to Russia. Other restrictions include the exclusion of Russia from the international SWIFT system and the closure of international businesses with western ties. These sanctions have negative economic implications such as an increase in unemployment levels, an increase in inflation, instability of Russian currency and loss in revenues. There is the likelihood that the country’s economy will shrink through the decrease in its GDP. There is need for Russia to ease its involvement in Ukraine war to reduce the impacts of these sanctions.

References

BBC News . What are the sanctions on Russia and are they hurting its economy? 30 September 2022. Web. 7 December 2022. <https://www.bbc.com/news/world-europe-60125659>.

consilium.europa.eu. EU sanctions against Russia explained. 2022. Web. 3 December 2022.

Harrington, Brooke. “The Russian Elite Can’t Stand the Sanction.” The Atlantic 5 May 2022. Web. <https://www.theatlantic.com/ideas/archive/2022/03/russian-sanctions-oligarchs-offshore-wealth/623886/>.

New York Times. “Companies are getting out of Russia, sometimes at a cost.” New York Times 22 October 2022. Web.

Novatti. How the Swift Ban on Russia will Affect the Global Economy. 2022. Web.

Shankar, Priyanka. “Russian oil price cap: Five things you need to know.” A Jazeera 5 December 2022.

Sokolova, Kira. “As Western companies disappear from Russia, so do jobs.” DW 5 May 2022.

US Department of Treasury. Treasury Sanctions Kremlin Elites, Leaders, Oligarchs, and Family for Enabling Putin’s War Against Ukraine. 11 March 2022. web. 8 December 2022.

The Importance Of Communication For Business Essay Example

Introduction

I firmly believe that communication in business is essential since it improves the overall performance of a business, builds teamwork when the communication is good, impacts customer service, improves business relations with customers, suppliers as well as shareholders, and prevents misunderstanding and conflicts in workplaces (Radovic Markovic & Salamzadeh, 2018). Therefore, in this essay, I will discuss how communication is essential for today’s business and how both digital and social media can help in doing business in today’s world.

How communication is essential in business

I think communication in business ideally improves a business’s overall performance. In my opinion, this proves to be true because companies with effective communication techniques outperform their competition three and a half times more often. The capacity of a corporation to compete is the most important reason to encourage excellent communication, but it is not the only one (Kharouf et al., 2020). When employees in a particular business communicate effectively, they are likely to help one another in their undertakings and, as a result, improve the quality of their work which generally boosts the overall performance of the business.

Splendid communication in business again builds teamwork. Managers who can effectively convey their vision to their teams are more likely to motivate their employees to work together toward a shared objective. They ensure that everyone knows their roles and how to carry them out effectively. When there is honest communication among coworkers, everyone can help when needed and to understand when to receive it (Zabolotskaya & Charnovets, 2019). Perhaps, clear and constant communication helps eliminate the ambiguity that gives rise to the kind of misinformation that can bring down a company. If you say anything, someone will probably take it the wrong way. However, everyone is on the same page when there is a straightforward conversation. Disagreements are inevitable; however, they are less likely to escalate into a major issue if each side has a safe space to express their point of view.

Good communication is the cornerstone of excellent customer service. The only way to satisfy a clientele is to know what they want; it is impossible to achieve that without asking them. No matter what they sell, it is important to put the consumer first by attending to their concerns and queries and responding with clear, understandable information (Pirju, 2019). Responding quickly, attentively, and politely on social media when consumers reach out to you is important.

Social media and digital communication can play a significant role in enhancing business in today’stoday’s world. Businesses can make use of their social media platforms that currently exist to reach their customers regarding the products they offer; therefore, through social media, the business can engage with its potential customers and get their feedback regarding the products they offer, which can later be used to improve the products based on the customer specification (Fraccastoro & Pullins, 2021). Again, digital and social communication helps a business reach different segments across the globe, generating more revenue and building a splendid reputation within the market.

Conclusion

Business success depends on effective communication. Good connections with the key stakeholders in an organization are essential for efficient communication. To improve corporate communication, one must identify its flaws, take steps to remedy them, and make space for listening.

References

Fraccastoro, S., Gabrielsson, M., & Pullins, E. B. (2021). The integrated use of social media, digital, and traditional communication tools in international SMEs’ B2B sales process. International Business Review30(4), 101776.

Kharouf, H., Biscaia, R., Garcia-Perez, A., & Hickman, E. (2020). Understanding online event experience: The importance of communication, engagement, and interaction. Journal of Business Research121, 735-746.

Pirju, I. S. (2019). The importance of communication in project management strategy. Acta Universitatis Danubius. Communication, 12(2).

Radovic Markovic, M., & Salamzadeh, A. (2018). The importance of communication in business management. The Importance of Communication in Business Management, The 7th International Scientific Conference on Employment, Education and Entrepreneurship, Belgrade, Serbia.

Zabolotskaya, D. S., Umetskaya, A. A., & Charnovets, Т. Е. (2019). The importance of non-verbal communication in business activities.

error: Content is protected !!