Human Resource Management & Its Role in Talent Management

Authors: Assistant Professor Poonam Sharma, Assistant Professor Dr N K Sharma

Abstract: The economy is showing clear signs of slowing down, with declines observed in construction, manufacturing, and consumer-related sectors. The impact of a weakening U.S. economy is being felt globally, including in India. While some believe that India’s economic strength will shield it from a recession, the reality is that the country is not entirely immune. This raises critical questions: Is there an actual recession, or is it just a temporary slowdown? Can businesses afford to take the risk of assuming it won’t get worse? In such uncertain times, individuals and organizations must focus on financial planning—finding ways to offset rising utility costs, maximize earnings, and make smart investment decisions. If the economy does slip further into recession, organizations must proactively manage their workforce, while employees need to equip themselves with the right skills to navigate economic uncertainty. This is where Human Resource Management (HRM) plays a crucial role. HR professionals must step up to provide guidance, training, and support to both employees and businesses, ensuring they can adapt to the challenges ahead. Prioritizing talent management becomes essential, as economic downturns often create panic within organizations. HR must implement strategies to retain and develop key talent, helping businesses remain resilient and employees stay prepared for shifting economic conditions.