The Functioning of Human Resource Management Practices as a Correlate of Economic Recession in Manufacturing Sector of the Nigerian Economy
O. Oginni Babalola *
Department of Economics and Business Studies, Redeemer's University, Ede, Osun State, Nigeria
O. Olabode Samuel
Department of Economics and Business Studies, Redeemer's University, Ede, Osun State, Nigeria
A. Ojo Afolabi
Department of Economics and Business Studies, Redeemer's University, Ede, Osun State, Nigeria
*Author to whom correspondence should be addressed.
Abstract
Aim: The main aim of the study was to examine the functioning of Human Resources Management Practices during economic recession in the manufacturing sector.
Study Design: Descriptive study through survey of human resources activities during recession documented in the cable industries dated 2013 – 2016.
Place and Duration of Study: Cable industry in Lagos, Nigeria and it was for between September, 2016 – June, 2017
Methodology: The paper made use of primary and secondary data to elicit relevant information on the functioning of HRMP during economic recession with population of 2356 employees from 12 organisations purposively selected (cable, beverage, brewery and diary) in the sector using 342 employees as sample size.
Results: Data obtained were analysed through descriptive and statistical inferences and it was discovered that recruitment, training and promotion are mostly affected during economic recession and that political instability and government policy made recession to linger.
Conclusion: During the recession period the practice is not in pursuit of objectivity but as a strategy to survive the recession because the longer the period of recession, the lower the level of HRMP activities. Employees are further subjected to excessive work load due to restriction on recruitment and promotion thus experiencing job enlargement without commensurate compensation.
Keywords: Recession, human resource management practices, monetary policy, policy, training, political instability, recruitment