ABSTRACT
This chapter analyses the themes emanating from the cross-case analysis and highlights the importance of macro-economic context on people management practices. It highlights the key changes made to the human resource management (HRM) function that enabled the organisation deal with the changed environment. The impact of the Global Financial Crisis (GFC) was to some extent serendipitously offset in the Indian Information Technology (IT) Industry by creating additional demand for IT services in its domestic market. In response to the initial setback from the crisis, the revenue streams of the Indian IT/business process outsourcing (BPO) firms had to be redesigned to meet the needs of the domestic market by focusing on changing their business models. Greece suffered from the GFC, indirectly, in the form of a credit crunch, which resulted in a number of domestic and multi-national companies (MNCs) firms implementing reductions in headcount and changes to several other HRM practices.
