انعطاف در مدیریت منابع انسانی: تحلیل گزینه های واقعی Flexibility in human resources management: a real options analysis

Introduction Company decisions to hire, train, or dismiss employees are influenced by the employer’s expectations about how much the employee will contribute in generating cash flow for the company, similar to the decision to invest in an asset. Hiring an employee may generate revenue for the company; however, it also comes with a cost. Similar to other investment decisions, the decision to hire an employee comes with some uncertainty related to the employee’s performance (his labor supply) as well as the amount that his services are used (demand for labor). It is valid to investigate whether the decisions to hire or dismiss employees, in light of the volatility of the company’s demand, are made considering the value of management flexibility of hiring or dismissing employees. During an economic crisis, it is very common for mass layoffs to occur because the labor cost is higher than the value of its economic production. Since the social cost of unemployment is very high, especially the cost of maintaining the living conditions of unemployed people and their families, the labor laws ofseveral countriesimpose costs when the work contract is terminated without just cause in order to discourage this action. In Brazil, the main obligations are the prior notice of termination of employment and the Severance Indemnity Fund (FGTS) fine. The latter, paid by the company that decidesto fire employees without just cause, is equivalent to about 4% of the sum of the salariesreceived by the employee (40% fine to the dismissed employee, plus 10% fine to the government, both on 8% of all salariesreviewed to date – FGTS accumulated value, amounting to around 4% of all salaries received). The former, when paid to the employee, has a value equal to the sum of the salaries and other labor rights proportional to the period of 30 days plusthree days for each year of service to the company. However, even if these costs are effective in reducing the number of dismissals, they also tend to negatively affect the decision to hire, as will be investigated in this study. Thus, in normal economic situations, both the level of employment as well as the salaries are smaller when there is not total flexibility to lay off employees. Furthermore, the costs for terminating the employment relationship increases the incentive for labor outsourcing.