Preparing for growth economy in terms of workforce
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School of Business |
Master's thesis
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Date
2024
Department
Major/Subject
Mcode
Degree programme
People Management and Organizational Development
Language
en
Pages
75 + 2
Series
Abstract
Objectives The main objective of this research is to explore how Finnish construction companies, affected by cyclical recessions, can prepare for the growth in terms of workforce. This study focuses on keeping remaining employees satisfied during recession, ensuring that let go employees are willing to return, and identifying other strategies on preparing for growth in terms of workforce. By reviewing current theories on employer branding, employee engagement, dismissing and laying off, and preparing for growth in the context of recession, theoretical framework is formed highlighting key factors for success. This framework is applied in practice by examining how five Finnish construction companies are currently preparing for growth in terms of workforce. Methodology The research employs a qualitative approach, utilizing a multiple-case study research method and comparative analysis. The data was collected through five semi-structured interviews with professionals from five case companies, specifically in the areas of human resource management, talent acquisition, marketing and communication. The research data consists of the transcriptions of these interviews. Findings Despite the suggestions from previous research, some companies paused external employer branding, fearing it could provoke negative reactions among let go employees, while others continued it through internship programs. The case companies employed various strategies to retain current employees, such as monitoring satisfaction, fostering team spirit, and offering benefits. Although some maintained communication with let go employees, most were not focused on re-employing them, missing potential cost-saving opportunities. For future growth, companies concentrated on improving recruitment processes, employer branding, and skills development to reduce the need for extensive hiring during growth.Description
Thesis advisor
Lindholm, NiklasKeywords
employer branding, employee engagement, dismissing and laying off employees, economic recession