The effects of the economic crisis on change in organizations

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Abstract

The global financial crisis is one of the biggest issues since last few years. This disaster has touched virtually every country. Reduced profits, loss of jobs, rising prices, delayed wages, stipends, pensions and unemployment. Companies and organizations have been devastated and substantially drained out of their own financial and personnel equity under such circumstances, which directly influences and impacts the course of company business and operations that have paved way for us. The current international economic turmoil represents one of the most destructive economic crises in the last century, perhaps more shocking than ever. General international economic system, nearly all national economies, and especially vulnerable transition economies of Southeast Europe affected.

Economic Crisis has been a serious bone of contention and a major issue, which has taken many financial institutions, business tycoons and corporate giants by storm. With the bankruptcy of the infamous Lehman brothers, the entire financial community was undertaken under severe pressure and disaster that struck the entire world and the major, central hubs with money-generation capacity and the ability to support entire communities and countries around the world (Ann, Zailani & Wahid, 2006, pp.73).

There are definitely many ways to describe and understand the power of organized labour. Three most used applied measure of union power are: The rate of union density, wage inequality level and strike activity level. However the most important among three is the measurement of rate of union density. For now a day's, situation is becoming more alarming after the economic crisis for the labours to get into some specific jobs, high rate of unemployment, rapid changes in technology, de-industrialization and economic globalization has severely affected the working class, good behaviour is the only key through which labours can be able to get into good relations with employer is cooperation. The conclusion is harsh: investing in the business sector today is not an excellent job of collective resources. Keeping this in mind, we fail to reject H0 = Major changes have been made in organizations during the economic crisis, H2 = the impact of these changes on employees ...