Kristen,
I really apreciate your inputs, but I am surprised that bankrupty saved hundreds of jobs. This is news to me. Restructuring of Debt caused thousands jobs and made 1000s people redundant, but saved hundreds. Is this really, we see from HR perspective or beyond.
If Bankruptcy is not always a bad thing, then when is it good. If you help me and the group understand this aspect, it will help me see Bankruptcy with different perspective. When is bankruptcy considered good? How can Bankruptcy justify itself? How can we justify Bankruptcy to employees?
Your statement has raised a few more questions. namely, why cant HR not find the bankruptcy status of the person? This speaks a whole lot about the person and his past, dont we check professional past. Past behaviour predicts future actions and delivery standards. And if we know that person is bankrupt, it will raise questions on his authencity. I am not sure, if this is correct way to relate, so I ask the top professionals in HR profession, would you like to give your money to someone, who has not used public or corporate money, and has lost it it all. Would it not be unethical, eitherways?
Why is it then illegal to ask about bankruptcy status? Especially when you are hiring at top managament handling P&L or handling a till, at a Quick Service Restaurants. Both engage finacial irregularities, we sack one and hold other on the top of the game. Finacial irregularities at different level, top can be considered as tampering books of accounts, but a till is same in smaller scope.
I agree with the concept that Bankruptcy is a social stigma in some and in some it is not a social stigma, then why in US, Bankruptcy is not a stigma whereas in India, it is a stigma, it says a lots how people perceive bankruptcy.
What should be do to change the perception. What has US done and believed in as good for company, that Indian believe it in sins. I assume it is the social setup. It gives a different perspective and new way to look at bankruptcy.
Thanks again for you inputs, I look forward to discussion on this from members who believe what is the role HR in Bankruptcy?
I may be amiss sometimes, as this is a new topic, we can share a whole lot on bankruptcy, irrespective of the countries and region.
Thanks,
Rajesh Diwan
HR absolutely is appropriately involved in corporate bankruptcy. As we have seen in the US, bankruptcy isn't always a bad thing. The restructuring of debt for large corporations can save hundreds if not thousands of jobs and make a company stronger.
It is important to remember that different countries have beliefs regarding the role of a company in the life/lives of its workers. In the US, unless an individual's wages are garnished or a credit check is a mandated part of the employment screening (and as I posted earlier this week the state of Oregon is making it illegal except in cases where an employee has access to corporate funds/financial information)the a company has absolutely nothing to do with a person's personal financial situation. I believe it is also illegal in Canada to use a credit check as part of the background screening process.
In some cultures there is a much greater social stigma attached to an individual declaring bankruptcy. We in the US should not assume that it is not an HR function in another country, nor should Rajesh forget that in many parts of the world employees are treated much more objectively than they may be in his country. By objective, I meant as conceptual resources rather than, perhaps, members of an extended family whose actions off the clock are part of what effects the whole of the company for which they work.
--- In HRPN@yahoogroups.com , Rajesh Diwan <rxdiwan@...> wrote:
>
> **
>
> *As per Wikipedia, Bankruptcy* is a legally declared inability or impairment
> of ability of an individual or organization to pay its creditors. Creditors
> may file a bankruptcy petition against a business or corporate debtor
> ("involuntary bankruptcy") in an effort to recoup a portion of what they are
> owed or initiate a restructuring.
>
>
>
> In the majority of cases, however, bankruptcy is initiated by the debtor (a
> "voluntary bankruptcy" that is filed by the insolvent individual or
> organization). An involuntary bankruptcy petition may not be filed against
> an individual consumer debtor who is not engaged in business.
>
>
>
> I read that there are over 6000 bankruptcy cases filled across the world.
>
>
> What does that mean from HR perspective?
>> How does Bankruptcy effect HR?
>
> Is Bankruptcy really bad for image - Personal or Corporate?
>
> What are effect of corporate Bankruptcy?
>> Can HR help is devising a plan to resolve Bankruptcy issue – personal &
> corporate?
>
> What is the role of HR in Bankruptcy situation?
>
> Are employees, personally matured to handle Bankruptcy?
>
> How would we treat a person or organisation which has declared bankruptcy?
>
> What is reaction of debtors vis-a-vis bankrupted individual and
> organisation?
>
> What are bankruptcy symptoms from HR perspective?
>
> Are there ways to deal with Bankruptcy cogenially?
>
>
>
> I really dont know! If someone can throw some light and off course share
> pearls of wisedom, it will help me.
> --
> Rajesh Diwan
> http://in.linkedin.com/pub/rajesh- diwan/3/582/ 404
>
>> [Non-text portions of this message have been removed]
>
--
Rajesh Diwan
visit us at www.shabbarsuterwala.com
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