Essay on “Mergers and Acquisitions Factors Determining Success and Failure”

Essay on â€Å"Mergers and Acquisitions: Factors Determining Success and Failure† Abstract This report looks at mergers and acquisitions globally and considers why so many fail. Despite this scenario, management decision-makers still continue to look for opportunities. This study researches both successful and unsuccessful mergers and acquisitions in order to determine the reasons for both successes and failures. Perhaps, historically mergers have occurred between companies that are similar in size and also have similar interests , yet acquisitions tend to facilitate larger organizations and companies acquiring smaller businesses. It is now common for mergers and acquisitions to be enacted across borders, often providing solutions for corporates to extend their influence from national into international markets. However, despite the financial expertize available to ascertain the viability of such business transactions, many of these business ventures fail, or at best do not perform according to expectation; reflected in adversely affected share prices. This report seeks t o understand the motivating factors behind the continuing drive by many boards of directors to pursue this type of business transaction, and how this trend of failures can be reversed. Introduction In recent times, global competition and the drive to leverage advantage, has resulted in both small and larger companies combining resources. Consolidations of markets are one of the main reasons for MAs. Corporates possessing similar products and services are looking to both consolidate and expand; thereby utilizing joint interests to further their goals. Despite extensive ‘due diligence’ and research, there have been and still are many risks to venture into such business transactions. Although mergers and acquisitions are motivated by different requirements, the end result is to increase their size and capacity for growth. Due to the increasing development of business systems and ‘know how’ coupled with advances in communication technology, speed of growth and efficiency of operational function have become essential to ensuring survival and continued sustainability. Today’s investors often look for quicker returns on investment due to global economic volatility; thereby driving the search for ways to extract optimal profitability. In theory, mergers and acquisitions can assist businesses to increase efficiency by the lowering of overall costs per unit, known as economies of scale. A combination of joint corporate interests should enable greater revenue, with a lower ‘cost of sale’. However, factors such as differences in management styles and continually changing market conditions can negatively impact projected profitability and growth trends; thereby negating the perceived benefits of mergers and acquisitions. This report now turns to the methodology that is utilized in order to conduct the research needed, following which the causation of successes and failures in these business transactions can be determined. Methodology The information and data was sourced online looking at auditing company reports, independent articles and dissertations, management consulting firms and media organizations such as ‘Business Week’. Attention was specifically given to motivating factors driving mergers and acquisitions at the beginning of the century to more recent corporate transactions. In addition, a perspective was sought from sources regarding the varying reasons for such transactions being subject to successes and failures. Notwithstanding a significant failure rate, this research looked at the reasons why shareholders and company directors continued to drive the enactment of such business transactions. Motivating Factors Behind Mergers and Acquisitions In researching the motivation behind the above mentioned mergers and acquisitions an article published in 2003, ‘Why do firms carry out mergers and acquisitions, and how can the difficulties involved be overcome?’, stated that even in 1998 the â€Å"total worldwide value† of â€Å"mergers and acquisitions was $2.4 trillion† (Gray 2003, p.1). It was also noted that in 61% of acquisitions â€Å"buyers destroyed their own shareholders wealth†. Despite this high failure rate back in 1998, consideration is given to why shareholders and corporate management still persist in directing their attention to business transactions of this nature. Assuming that profit and growth are primary considerations when planning such moves, it would seem that the lessons of history have not been learned. According to Gray, a perception by some business analysts is the belief that â€Å"One of the most common arguments for mergers and acquisitions are the belief that synergies may exist between different companies; thereby enabling more efficiency than if they operated independently. These synergies can materialize in the form of removing the duplication of operational functions, and additionally sharing management expertise. Added to this is a stronger and larger financial base from which to access more capital resources. However, this scenario is valid providing the different management structures can integrate not only their day to day operational functions, but also by merging different human resources invariably endowed with different company cultures and practices. In an article sourced from Business Week titled, ‘Mergers: Why Most Big Deals Dont Pay Off’, it was suggested that a driving force behind mergers and acquisitions was ‘an affliction known by many financial economists as the â€Å"winners curse† (Henry 2002, p. 2). This suggests a mindset that incorporates a ‘safety in numbers’ thinking or possibly the fear of ‘losing out’. Resulting from this perhaps irrational pursuit of thinking is the ignoring of basic business considerations that are normal in any such transactions; proactive actions such as due diligence and factoring in differences of corporate cultures and ideologies. Another motive behind mergers and acquisitions is regarding increased market share and penetration into new markets. According to a study ‘Motives and Effects of Mergers and Acquisitions’ it was noted that â€Å"market power can help companies compete more effectively and revenue growth can be achieved by lowering the prices of products which are highly price sensitive† (Wang 2007, p.21). The study goes on further to provide other motives such the combining of resources thereby enabling the creation of new product lines, technologies and opening up additional markets. Increased market share combined with the creation of innovative products and services can enable two companies to exploit opportunities within the marketplace. Factors Behind the Failures of Mergers and Acquisitions There are many factors that may be viewed as causation for mergers and acquisitions failures, however simply put, (Henry 2002, p. 2) suggest that it is often because â€Å"primarily because the bidders paid too much†. Notwithstanding, if this was the only primary reason, then financial expertize would have determined systems or methodology in order to prevent the re-occurrence of such failures. However, the merging or takeover of companies is both complex and fraught with risks, both tangible and perhaps less able to predict or evaluate. One these less tangible risks is an unexpected traumatic event as experienced in 9/11, 2001, or a natural disaster such as the recent tsunami in Japan; seriously affecting and disrupting their economy. Of course, current global political and economic uncertainty adds the possibility of further risk to any financial transaction; however history has shown that mergers and acquisitions have failed in large numbers even during times of prosperity and global economic growth. In addition to the above noted global political and economic uncertainties, a study conducted in 2008, suggested that three primary causes are responsible for merger and take-over failures. It first listed a cause in that â€Å"too many executives do not understand the importance of achieving appropriate levels of commonality in their processes and systems† (Duncan 2008, p. 1). This further confirms the above previously discussed theory regarding the relevance of merging or blending two existing cultures and ideologies together, and the inherent risks pertaining to cultural and ideological diversity. Duncan also suggests that another primary causation of these transactional failures relates to a scenario in which â€Å"many company leaders do not know how to go about achieving commonality in their processes and systems† (p. 3). Here an organization’s internal functions including the utilization of technical and administrative systems are deemed to include the ab ility to communicate and translate into â€Å"divisional goals and objectives†. He notes that this process of achieving commonality starts at the top of the management structure and flows down throughout the entire corporate infrastructure. To achieve this objective, a common and shared implemented. According to Duncan, a third primary reason for failure is that many mergers and acquisitions do not achieve expected performance levels due to â€Å"executives are frequently unable to follow through on the difficult decisions related to post-acquisition and post-merger consolidation† (p. 3). Perhaps in the euphoria and excitement of such corporate transactions, attention is diverted from streamlining the combined infrastructures and resources, and in addition ignoring the necessity of effecting efficiency and the integration of both systems and human resources. In another sourced article commissioned by a daily newspaper, The Telegraph (U.K.) it was clearly stated that, â€Å"Poor governance Lack of clarity as to who decides what, and no clear issue resolution process† (Siegenthaler 2010, p. 1). This statement further justifies and confirms Duncan’s third referenced theory regarding the ability of key management personnel to enact decisions in order to resolve issues pertaining to a merger or take-over. He goes on to specify communication issues specifically relating to the receiver of information and data. This is due to most of the communication by key management strategists being focused and targeted at decision-makers on an equal or similar management level rather than allocating attention to those personnel further down the chain of command. Furthermore, failure to communicate the rationale behind the merger or acquisition, leads a breakdown in the free flow of valuable information throughout the corporate structure. He maintains that all personnel want to know why the business transaction took place and in addition, what improvements are planned, how the company will be more viable after the transaction. Included was the ability for the key management personnel to convey or communicate how the new business structure would â€Å"feel†, and how the merger or acquisition would change the nature of their work environment; thereby necessitating the need for support during a period of integration and perhaps, a breakdown of operational and administrative functions. Finally, in a study conducted in 2007, ‘Mergers and Acquisitions A Case of System Failure’, it was pointed out that when considering an acquisition, it is important to focus on â€Å"how it will create value for shareholders and not on how it will increase the size of the company† (Virani 2007, p. 5). Perhaps by key management decision-makers directing their attention more on growth and infrastructural capacity, key investment requirements including enabling a viable return on investment are ignored; thereby leading to the increased risk of the unsustainability of such an acquisition. Factors Behind the Successes of Mergers and Acquisitions This study has already found that factors attributing to merger and acquisition losses are not by chance or luck, but rather by failing to allocate close attention to the many necessities needed within all aspects of combining and integrating two business structures. It has also been interesting to note that little reference was given in any of the previously sourced information laying blame on adverse external influences such as political and economic uncertainty. Likewise, it is found that factors attributed to the success of mergers and acquisitions are enabled due to sound business strategies; to which this report now turns. A study conducted titled ‘Why Mergers Fail and How to Prevent It’, pointed out that mergers and acquisition outcomes are â€Å"linked closely to the extent to which management is able to integrate members of organizations and their cultures† (Cartwright 2012, p. 2). This observation is closely parallel to sourced information previously discussed regarding the integration of personnel and cultures by different organizations. However, she also points out the relevance of sensitively addressing ‘individual’ concerns, minimizing the impact on all employees when integrating two different corporate entities into a single cohesive infrastructure. Logic suggests that the ‘human factor’ plays a significant role in the enablement of a successful ‘marriage’ of two companies. Regarding another factor that can contribute to the successful outcome of a merger or acquisition, a study titled ‘Why Do Mergers Fail? What Can Be Done to Improve their Chances of Success?’ suggest that â€Å"one way of ensuring that post-merger integration will run smoothly is to set up a postmerger integration team in all the critical areas of the organization† (Salame 2006, p. 18). Following this suggestion, it would be prudent to not only to enable pre-merger investigation such as due diligence, but also by planning prior to the merger, a task force dedicated to integrating all operational functions within both business entities; including administrative functions, marketing systems and plans, financial systems and human resources. Moreover, attention has been drawn above to the ‘human factor’, so when considering the employees, further attention should be allocated by this postmerger integration team to look at cultural diversity and issues pertaining to local communities. Such issues can include perceived inequalities of minority and disadvantaged population groups. Acceptance of cultural diversity and minorities can enable a smoother integration of two companies. This is especially applicable in the event that such integration takes place across international borders. Additionally, according to ‘Excellence in Financial Management’, it is suggested that many entrepreneurs do not acquire and plan long-term growth; thereby building companies â€Å"for the short-term, hoping to sell the company for huge profits† (Evan 2000, p. 1). Perhaps this may be perceived by some to be ‘short-sighted’; however, the result can often be the streamlining the companies into an efficient cohesive operation; thereby enabling profitability and perhaps growth so as to add perceived value. A question is raised whether such a short term viewpoint is arguably conducive to long term sustainability. However, by enabling quick solutions to integration challenges, savings and financial viability may be found. In a report published in 2008, ‘Mergers and acquisitions: opportunities for global growth’, it was noted that more companies are now â€Å"recognizing the growing importance of emerging markets† (Grant Thornton 2008, p. 4). This allows a company previously restricted by local or national competition, to combine resources with companies in areas where the return on investment may be higher. Furthermore, growth in many emerging markets such China, India and Brazil has been relatively strong when compared to the stagnant economies of more established major powers. Furthermore, Grant Thornton’s IBR survey has shown that shareholders and corporate decision-makers in the fast growing BRIC economies are now enthusiastically embracing MA† (p. 6). This paper suggests that perhaps accessing emerging markets via mergers and acquisitions may be a key strategy for future sustainable growth. Recognizing the energy and vitality of emerging markets can stimulate more established companies and organizations based in ‘Western’ economies that have been subjected to defensive and perhaps negative outlook based on poor economic outlook. In considering all these factors inherent to the implementation of successful mergers and acquisitions, a report ‘Mergers Acquisitions: A Global Research Report’ clearly stated that â€Å"As ever, it is the delicate balance between financial drivers and people aspects which underpins success. Neither is sufficient in itself to deliver the benefits† (Kelly, Cook Spitzer 1999, p. 2). Underscoring the importance of both financial expertise and the ability to recognize the validity of the ‘human factor, perhaps encapsulates what this investigation has sourced and evaluated. Conclusions and Recommendations Perhaps the measure of why shareholders and directors of companies are still pursuing mergers and acquisitions despite a global trend of a significant failure rate, can be attributed to the motivation for businesses to combine forces and resources so as to ensure sustainability. Notwithstanding the many failures, the economic downturn has perhaps highlighted the need to diversify resources into foreign and emerging markets; thereby potentially enabling higher levels of growth. Henry reasoned that a measurement of successful mergers can be enacted by evaluating stock market returns, one year after a merger (Henry 2002). Perhaps investors and shareholders should be able to influence such future business transactions so that an investment viewpoint incorporating ‘return on investment’ should be equally, or more weighted when evaluating such strategies.

Ethics Utilitarianism Essay - 805 Words

The theory behind utilitarianism is that one’s actions are right if it promotes happiness or pleasure and wrong if it does not promote happiness or pleasure. The main point to this theory is the principle of utility that states â€Å"according to which actions should be chosen that bring about the greatest amount of happiness for the greatest number of people.† (Palmer) Jeremy Bentham gave essentially utilitarianism its name and brought more attention to it than those before him. Bentham came up with a guide named the calculus of felicity that included seven categories for choosing among different possible activities to promote one’s happiness or pleasures. John Stuart Mills, also an utilitarian, added to Bentham’s calculus because he did†¦show more content†¦The â€Å"higher† desires are the ones dealing with quality. Mills’ theory suggests that the lower quality pleasures are those of the body and the pleasures of the mind are the higher quality pleasures. Mills thought higher of the pleasures of intellect than that of pleasing our bodies. An example of this is giving someone a choice of having the price of beer reduced or continue paying to keep teachings of Shakespeare in schools. I believe Mills’ concern was that some people would most likely choose taking a price reduction in beer over Shakespeare. This would not be Mills’ choice and he would think this as humans satisfying his or her lower quality pleasures. Williams believes that utilitarianism decisions are not based on any kind of moral ground and looks out for one’s self interest only. Williams believes in a deeper meaning to things based on morals for not only oneself but of others also. Williams gives a story in his writing of a man named George. George has been offered a job in a laboratory in which the research is in chemical and biological warfare. George refuses the job because he is opposed to biological nd ch emical warfare. The man offering the job doesn’t understand George’s decision because George has a wife and kids at home to support. The utilitarianist would agree that George should take the job. I believe Williams’ problem with this is the bigger picture that George is opposed to what the company stands for and theShow MoreRelatedUtilitarianism And Deontological Ethics : Utilitarianism3422 Words   |  14 Pages UTILITARIANISM AND DEONTOLOGICAL ETHICS 13 Utilitarianism and Deontological Ethics Christopher Kearney Student ID 4697583 American Public University System (AMU) Dr. Robert Watkins September 21,2017 Abstract Usefulness and duty are two of the primary drivers that cause people to take action or not. Usefulness of an action means that the society receives the greatest amount of benefits from the action (or actions) of an individual(s). On the otherRead MoreDuty Ethics Vs. 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Essay about A Better Solution to the Underage Drinking...

A Better Solution to the Underage Drinking Problem Recently, the issue of underage drinking has become a major problem for our society. According to the National Institute on Alcohol Abuse and Alcoholism (2009), about 10.4 million young people between ages 12 and 20 have drank more than â€Å"just a few sips† of alcohol. Moreover, 5,000 people under the age of 21 die each year in alcohol-related deaths including car crashes, homicides, and other injuries such as falls (NIAAA, 2009). When adolescents go out to drink, they often cause a problem. Alcohol abuse is a significant problem among young people and a solution needs to be found. I believe that there are two approaches to dealing with this issue: many governments have created new,†¦show more content†¦Some experts examined wine-drinking cultures such as those in Italy, France and Spain for hints on how to handle alcohol policy better (The Statistical Assessment Service, 2005). In these cultures, alcohol is part of a meal and children learn to drink with their pare nts from a very early age. Therefore, children can learn to take responsibility for their decision of drunkenness. Although these cultures have high rates of daily drinking, rates of binging and other alcohol problems have, historically, been low (STATS, 2005). Alcohol itself is viewed as a neutral substance; it is drunkenness and not drinking that is seen as the problem. In contrast, northern drinking cultures typically have lower rates of daily drinking but higher rates of binging, alcohol-related problems and complete abstinence (STATS, 2005). The U.S. and Japan has generally followed the northern pattern. Although this solution will take a long time and a lot of effort, it hopes that cases of underage drinking will decrease. Indeed, government officials should consider a change of the legal drinking age immediately. 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Ethics in Modern Marketing - 1383 Words

Ethics in Modern Marketing Abstract: The success of every marketing company depends upon their involvement towards their customers. The modern marketing concept mainly stresses the importance of developing a good relationship by every marketing company with its customers to enhance their business and to withstand in the competition. During the last two decades, marketing professionals were increasing their awareness of customer/ client relationships; society has become much more aware of ethical issues. As competition increases, the marketers are involved in some unethical activities to compete and attract the customers. But the customers are more aware and they have more options for every product. They are giving high importance for†¦show more content†¦Another responsibility of marketing in direction of ethics is influencing the value system and the promotion of non-values. Products advertised are not always perfect, and the ads are not designed with original concept and do not reveal the reality of the produ ct. Ethical issues in marketing are an important consideration for a modern business. First consider marketing, our understanding of what is required of a marketing professional has changed over the last decade. It used to be adequate to discuss product, promotion and price. A modern marketing professional is also expected to develop his/her relationship with the customer or client. TOP 5 ETHICS ISSUES IN MARKETING Every business relies on marketing to attract customers and to sell products or services. The problem is that marketing can sometimes promote products or services in unethical ways. What can businesses do to follow ethical standards in their marketing strategies? What are the top 5 ethical issues in marketing? 1. HONESTY The news of corporate scandals seems to be a daily occurrence. 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Semiconductor Devices free essay sample

A p-doped semiconductor is relatively conductive. The same is true of an n-doped semiconductor, but the junction between them can become depleted of charge carriers, and hence non-conductive, depending on the relative voltages of the two semiconductor regions. By manipulating this non-conductive layer, p–n junctions are commonly used as diodes: circuit elements that allow a flow of electricity in one direction but not in the other (opposite) direction. This property is explained in terms of forward bias and reverse bias, where the term bias refers to an application of electric voltage to the p–n junction. edit] Equilibrium (zero bias) In a p–n junction, without an external applied voltage, an equilibrium condition is reached in which a potential difference is formed across the junction. This potential difference is called built-in potential Vbi. After joining p-type and n-type semiconductors, electrons near the p–n interface tend to diffuse into the p regi on. As electrons diffuse, they leave positively charged ions (donors) in the n region. Similarly, holes near the p–n interface begin to diffuse into the n-type region leaving fixed ions (acceptors) with negative charge. The regions nearby the p–n interfaces lose their neutrality and become charged, forming the space charge region or depletion layer (see figure A). Figure A. A p–n junction in thermal equilibrium with zero bias voltage applied. Electrons and holes concentration are reported respectively with blue and red lines. Gray regions are charge neutral. Light red zone is positively charged. Light blue zone is negatively charged. The electric field is shown on the bottom, the electrostatic force on electrons and holes and the direction in which the diffusion tends to move electrons and holes. The electric field created by the space charge region opposes the diffusion process for both electrons and holes. There are two concurrent phenomena: the diffusion process that tends to generate more space charge, and the electric field generated by the space charge that tends to counteract the diffusion. The carrier concentration profile at equilibrium is shown in figure A with blue and red lines. Also shown are the two counterbalancing phenomena that establish equilibrium. Figure B. A p–n junction in thermal equilibrium with zero bias voltage applied. Under the junction, plots for the charge density, the electric field and the voltage are reported. The space charge region is a zone with a net charge provided by the fixed ions (donors or acceptors) that have been left uncovered by majority carrier diffusion. When equilibrium is reached, the charge density is approximated by the displayed step function. In fact, the region is completely depleted of majority carriers (leaving a charge density equal to the net doping level), and the edge between the space charge region and the neutral region is quite sharp (see figure B, Q(x) graph). The space charge region has the same magnitude of charge on both sides of the p–n interfaces, thus it extends farther on the less doped side (the n side in figures A and B). [edit] Forward bias In forward bias, the p-type is connected with the positive terminal and the n-type is connected with the negative terminal. PN junction operation in forward bias mode showing reducing depletion width. Both p and n junctions are doped at a 1e15/cm3 doping level, leading to built-in potential of ~0. 59V. Reducing depletion width can be inferred from the shrinking charge profile, as fewer dopants are exposed with increasing forward bias. With a battery connected this way, the holes in the P-type region and the electrons in the N-type region are pushed towards the junction. This reduces the width of the depletion zone. The positive charge applied to the P-type material repels the holes, while the negative charge applied to the N-type material repels the electrons. As electrons and holes are pushed towards the junction, the distance between them decreases. This lowers the barrier in potential. With increasing forward-bias voltage, the depletion zone eventually becomes thin enough that the zones electric field cant counteract charge carrier motion across the p–n junction, consequently reducing electrical resistance. The electrons which cross the p–n junction into the P-type material (or holes which cross into the N-type material) will diffuse in the near-neutral region. Therefore, the amount of minority diffusion in the near-neutral zones determines the amount of current that may flow through the diode. Only majority carriers (electrons in N-type material or holes in P-type) can flow through a semiconductor for a macroscopic length. With this in mind, consider the flow of electrons across the junction. The forward bias causes a force on the electrons pushing them from the N side toward the P side. With forward bias, the depletion region is narrow enough that electrons can cross the junction and inject into the P-type material. However, they do not continue to flow through the P-type material indefinitely, because it is energetically favorable for them to recombine with holes. The average length an electron travels through the P-type material before recombining is called the diffusion length, and it is typically on the order of microns. [2] Although the electrons penetrate only a short distance into the P-type material, the electric current continues uninterrupted, because holes (the majority carriers) begin to flow in the opposite direction. The total current (the sum of the electron and hole currents) is constant in space, because any variation would cause charge buildup over time (this is Kirchhoffs current law). The flow of holes from the P-type region into the N-type region is exactly analogous to the flow of electrons from N to P (electrons and holes swap roles and the signs of all currents and voltages are reversed). Therefore, the macroscopic picture of the current flow through the diode involves electrons flowing through the N-type region toward the junction, holes flowing through the P-type region in the opposite direction toward the junction, and the two species of carriers constantly recombining in the vicinity of the junction. The electrons and holes travel in opposite directions, but they also have opposite charges, so the overall current is in the same direction on both sides of the diode, as required. The Shockley diode equation models the forward-bias operational characteristics of a p–n junction outside the avalanche (reverse-biased conducting) region. [edit] Reverse bias A silicon p–n junction in reverse bias. Reverse biased usually refers to how a diode is used in a circuit. If a diode is reverse biased, the voltage at the cathode is higher than that at the anode. Therefore, no current will flow until the diode breaks down. Connecting the P-type region to the negative terminal of the battery and the N-type region to the positive terminal, corresponds to reverse bias. The connections are illustrated in the following diagram: Because the p-type material is now connected to the negative terminal of the power supply, the holes in the P-type material are pulled away from the junction, causing the width of the depletion zone to increase. Similarly, because the N-type region is connected to the positive terminal, the electrons will also be pulled away from the junction. Therefore the depletion region widens, and does so increasingly with increasing reverse-bias voltage. This increases the voltage barrier causing a high resistance to the flow of charge carriers thus allowing minimal electric current to cross the p–n junction. The increase in resistance of the p–n junction results in the junction behaving as an insulator. The strength of the depletion zone electric field increases as the reverse-bias voltage increases.

Downsizing of Organization Also Leads â€Free Samples for Students

Question: How Downsizing of the Organization Also Leads? Answer: Introduction: Recession can be defined as the period of time that has business cycle contraction. It is the time when the economy of the place or the whole world slows down. Recession can be turned into depression if it exists for long time. The recession results in declining many activities such as investment, consumption, government sending, earning etc. recession affect the business activities as well as the businesses internal function. It becomes very difficult for the businesses or the management of the companies to manage people at the time of recession. Even the government gets depressed with the unmanaged environment because recession affects the daily lives of the people severely (Dowling, 2008). Even though, recession is the phenomenon that exists for particular period of time but its effects can be seen for longer period in themed and the lifestyle of the people in the country. The tough times like recession forces the organizations as well as the government to take many decisions rega rding the employees. It becomes even more difficult for the management to motivate and retain the talent in the organization during the period of recession. As results of recession and the pressure on the management, the HR mangers or the professional in the company are asked to manage the employees according to the budget of the company along with the practices such as cost cutting, multi skilling, redundancy of the employees etc. The following discussion made it clear about the main challenges that the professionals or the management face to manage the people during recession. Challenges in managing people: At the time of recession, management of the organization tries to make efforts that lead to cutting of the companys cost, increasing the productivity per employee and activities like this. Even the employees in the organizations get ready to make some of the compromises in their salary, work life balance etc. for saving their jobs (Townsend Champion, 2014). Recession leads to many negative aspects that act as the challenge for the organizations in managing people. The major challenge that has been faced by the organization in managing people is downsizing or rightsizing the organization. Downsizing refers to firing of the employees from the organization in order to cut down the hierarchy and to for the lean structure of the organization (Das Das, 2012). HR professional need to take this inhuman step ignoring the benefits and sensitivity of the employees at the time of recession because they have to do it for the sake of the organization's benefits. It is a challenge for the managem ent of the organization to take over the decision on the issue of retention of the employees. Whom to given VRS or CRS is major concern for the organization at this time. The process of downsizing may be ongoing in the organization for some time. This develops a psychological pressure of the employees who are working the organization because the fear of getting fired always triggers their minds. Managing this psychological pressure of the employee or the people is also a challenge for the management. As the result of recession, companies stop spending on the employees benefits and may reduce their salaries. This economic crisis becomes another reason for the employees psychological stress (Houdmont, Kerr Addley, 2012). At this time, even the employees have to manage themselves internally to be prepared for the new job in case of firing. This psychological stress among the people and non-spending of the organization for the employees develops an unfavorable climate in the organizati on. This climate somehow affects the productivity of the people and thus affects the overall functioning of the organizations. To manage this, HR professional need to implement some of the strategies that can help the employees to be stable. Organization climate consists of the existence of friendly and human environment in the organization but at the time of recession, the practices of HR mangers portrayed to be very inhuman and thus disrupt the healthy environment of the organization. The company loses trust of their employees. Downsizing of the organization also leads to a very big problem for the people that are unemployment. If the recession of UK is considered, it has been identified that it took around five years to get back to the employment level that exists before recession. So, this is considered as the major challenge in managing the people (Das Das, 2012). This is not only the challenge for the management or the company but it becomes the problem for the whole society. The loss of jobs by the people results in declining income and economic status of the people. This is because the living standards of the people depend on their wages and salaries. If there is no job, they cannot be able to maintain their standards of living and have to face the social problems. This can also give rise to criminal activities by the people such as theft, murders for money, kidnaping etc. It becomes very difficult for the government of the country to control that level of crime at this time when even the government of the country is facing the economy issues. As discussed earlier that recession puts a pressure on the employees of the organization because of the downsizing process. This creates stress on the minds of the employees and thus affects their performances as well as the productivity. This requires the management to implement some of the motivation strategies in order to motivate and inspire employees to provide them the feeling of security. But, the HR professional during this time remain busy in some other activities such as cost cutting and increasing performance in budget constraints so, this this leads to unmanaged staff and the functioning at the organization. As per the analysis, it has been identified that the biggest victim of recession in the organization are manpower and the HR functions. This is because HR professionals face the biggest challenge in order to manage the functions, employees and other activities in the limited budget. Cost cutting is another challenge that is faced by the management along with managing the people in those budget constraints of the organization (Bell Blanchflower, 2011). Company usually withdraws the facilities from the employees at the time of recession that are being offered to them before. Managing all such cases and issues along with reducing cist activities creates a great pressure on the management as well as the people. This discussion of challenges in managing people at the tie of recession can be further elaborated with lot more challenges as recession in the country affects every aspect of the life. The issues that are faced by one organization can be different from others at the time of recession because it depends on the type and the structure of the organization. However, managing people becomes a challenge for them is for sure. Every problem brings challenges with it and these challenges can be faced by some of the strategies that can help in cope up process. Ireland recession is among one of the recessions that results in severe effects. The effects have been seen till 2009. The HR practices of the Irish companies have changed and the wages of the people have countdown to half during the recession. Several strategies and changes have also been made in the companies after that to manage people in order to overcome these challenges faced by the companies as well as the people all over the soci ety. Conclusion: It can be concluded from the above discussion that HR professionals and the HR management department of the organization can play a major role in facing these challenge and coping with the effects of recession in the organizations. The major strategy that can help in facing these changes to the minimal effect is revolutionizing the HR department of the companies so that it can effectively maintain, utilize and develop the talent in the organization (Giuliano Spilimbergo, 2014). This helps the organization to maintain the balance to use the abilities available to them at the fullest. Recession affect the organization and the people indifferent such as affecting their economic status, their social life, their living standards as well as their psychological mind sets. The pressure of the recessionary impact can be reduced by practices of the top management of the company in order to balance the activities. The organizations should involve themselves in reorganizing the employees and th e structure of the organization so as to manage the pressure on the employees as well as their productivity. Humanizing the activities at this time help the employees to manage their psychological stress and also retain the talent in the organization. The management of the company should try to visualize the problems and issues from every aspect so that the decision that has been made over the issue is does not out a negative effect on one of the pat among the employees and the organization. Thus, the collaborative approach of people and the management helps in coping with the challenges that are faced at the time of recession in making the people. References: Bell, D. N., Blanchflower, D. G. (2011). Young people and the Great Recession.Oxford Review of Economic Policy,27(2), 241-267. Das, R. P., Das, S. M. (2012). Managing People During Recession-Some Challenges.Asian Journal of Management,3(4), 243-247. Dowling, P. (2008).International human resource management: Managing people in a multinational context. Cengage Learning. Giuliano, P., Spilimbergo, A. (2014). Growing up in a Recession.The Review of Economic Studies,81(2), 787-817. Houdmont, J., Kerr, R., Addley, K. (2012). Psychosocial factors and economic recession: the Stormont Study.Occupational Medicine,62(2), 98-104. Townsend, A., Champion, T. (2014). The impact of recession on city regions: The British experience, 20082013.Local Economy,29(1-2), 38-51.