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In: Business and Management

Submitted By emmanuel96
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Turnaround is a state that helps a company or an organization to recover financially that has been performing poorly for a longer period. An example of a company which has once experienced turnaround is The Spring leaf Holdings based in Evansville Indiana. The company deals with credit insurance and consumer lending. The company reported a loss of $1.3 billion during the 2007-2012 global financial crises. The turnaround came in 2013 whereby the company had to strategize on the right direction. It closed over 500 local branches and was forced to retrench 500 positions that included 140 of their Evansville headquarter employees. The company also continued to grow receivables per branch and reached that objective in the financial year 2014.That helped the company to drive Core Earnings up 42% from the previous 2013 financial year. Through gradual improvement, the turnaround was effective, and it improved the company’s profitability by 22 percent in 2014 financial year (Gilson, 2010).
Some changes and developments are currently taking place in the field of HR management. HR policy is being defined and implemented to strengthen the performance of the company and develop the skills of employees to hasten its recovery. The purpose of implementing the policy of the HR is to prevent the company from collapsing. Managerial culture is being developed to put in place annual performance reviews, a training program and frequent meetings with the Executive Committee (Kaplan, Boston). The annual review is focused on developing individual performance. Additionally, the annual review will also help to benchmark the performance of the company and thus the review can be used by the company to facilitate progress. Two changes and developments that I predict to take place in HR management in the next ten years are;

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