Strategies to Prevent the Loss of Human Resources During Economic Decline: A Study of Chinese Organizations (TC Company）

Abstract

Recessions are a global challenge impacting organizations of all sizes, industries, and locations. The financial constraints imposed by economic downturns often lead to actions like layoffs and reductions in wages and benefits, which can result in the loss of human resources. This loss can have significant repercussions, affecting productivity, employee morale, and overall organizational performance. To address this issue, it is crucial for organizations to adopt strategies to prevent human resource attrition during economic downturns. This study focuses on Chinese organizations, with a particular emphasis on TC Corporation, a multinational conglomerate involved in social media, gaming, and fintech, which has experienced substantial growth in recent years. By analyzing TC Corporation's strategies, this study provides valuable insights into how Chinese enterprises can maintain employee loyalty, morale, and productivity during a recession. The research aims to answer two primary questions: What strategies can Chinese enterprises, especially TC companies, adopt to prevent the loss of human resources during a recession? How effective are these strategies in preventing human resource attrition during a recession? The study begins with a comprehensive literature review, highlighting the impact of economic decline on organizations and employees, the significance of employee retention, factors influencing employee retention during economic downturns, and strategies for retaining employees during recessions. The research design incorporates a mixed methods approach, combining quantitative and qualitative data collection and analysis. The study first conducts a quantitative survey within TC Corporation, targeting various factors influencing employee retention. This survey is followed by a qualitative questionnaire survey of high-performing employees who were at risk of leaving the organization during the recession. Thematic analysis is employed to extract common themes and insights from the qualitative data. The findings of this research provide practical recommendations for Chinese organizations, especially TC companies, to prevent human resource loss during economic downturns. By combining quantitative and qualitative data, the study identifies effective strategies to maintain employee loyalty, morale, and productivity during recessions. These insights are invaluable for organizational leaders, human resource managers, and policy makers in developing strategies to weather economic downturns successfully. This study also contributes to the literature on Human Resource Management (HRM) during recessions, laying the groundwork for future research in this field and offering a comprehensive understanding of how organizations can retain their human resources during challenging economic times.