Recruitment, Selection, Training and Development Essay

Recruitment, Selection, Training and Development - Essay Example The credit crunch has implications both on recruitment and selection on one hand and training and development on the other hand of human resources across organisations in the United Kingdom such as Standard Chartered (Amyx, 2004, pp121-9). The rate of unemployment increases releasing the tensions associated with shortage of skills. But where the skill shortages result from the constraints of supply side, then the tension remains. Similarly, the skills arose from buoyant demand will disappear (Venugopal Reddy, 2010, pp256-289). The tight search for talents will continue after recession at a comparatively lower level. Additionally, the management of talents is focused on the retention of strategic personnel. The rate of growth for wages will be moderate, but will shrink mostly in sectors where a significant proportion of the pay benefits comprise bonuses due to the need to reduce costs (Allison, 2013, pp178-234). The company will have to revise its current salary schemes as it tries to look for cheaper means to finance its activities. The earnings of the public sector will trigger industrial unrest as negotiations for wages will become more difficult with the trade unions. Marx explains the credit crisis from the perspective of the business cycle. The business cycle refers to the booms and slumps in an economy. He explains the occurrence of the boom as when invest heavily while anticipating generation of huge profits. This results into competition among the firms. Consequently, output expands rapidly. The investments by firms to widen their profit bases again create an opportunity for other firms which supply them with capital goods, for example machinery, and other products. The economy experiences booms as more output is produced and reduced unemployment rates (Amyx, 2004, pp121-9). This boom does not last as accumulation of capital with time reduces the profits made by the companies. According to Marx, the