HUMAN RESOURCES MANAGEMENT UNDER THE CIRCUMSTANCES OF THE WORLD ECONOMIC CRISIS

Abstract

In this paper attention is focused on the processes of companies restructuring which Serbian managers have often used in fighting with difficulties in business arising under the influence of the global economic crisis. The effect of these processes largely depends on the way in which they are carried out and they are directly linked with the function of human resources. Basic strategic actions were mainly focused on restructuring the workforce. The analysis of the characteristics of privatization in Serbia leads to the conclusion that the way in which the process has been realized in Serbia in many cases has not generated development and long-term economic interests, but rather narrow individual consumer appetites and short-term profit orientation. This is supported by images of Serbia today, including everyday revolts of disgruntled workers, protest blockades of roads and railways, hunger strikes and so on. In this way, Serbian companies have reduced their most valuable asset - the employees and were left without an effective weapon in the struggle with the challenges of the global economic crisis. Starting from the fact that human resources are the key resources which should be used in dealing with the challenges of the global economic crisis, the paper emphasizes the imperative of investing in modern human resource management practices in order to release Serbian companies of their bad situation as soon as possible and make them become more competitive.