Human Resource Management (HRM), Economic Crisis (EC) and Business Life Cycle (BLC): A Literature Review and Discussion
Today’s turbulent business environments require from firms to continuously re-shape their HR practices and strategies in order to sustain competitiveness within the market. Among numerous factors affecting a firm’s viability and effectiveness, the recent EC, along with firm's BLC, will also present distinctive opportunities and obstacles that will impact upon business’s units and operations. Identifying a firm’s life stage will help organizations to acknowledge their competencies and constricts so to successufully manage future challenges. The present paper examines the different BLC stages, their obstacles and the competitve strategies which organizations can implement on each phase. Based on Hoy’s (2006) BLC model, the stages are analyzed in accordance with business’ HR implementations and strategies. Additional reference is concentrated on the organizational life cycle in the banking industry. Therefore, the paper presents an extensive overview of the relevant literature on business life cycles models, followed by and analysis of a specific BLC model suggested by Hoy (2006).
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