Today's global economic crisis is creating untold challenges for businesses in all industries, in all corners of the world. Business leaders of large and small companies alike are struggling to weather the storm that is affecting the survival of many once solid companies. With no safe harbour in sight, it is time to sort out how to stay afloat.
During severe economic dislocations, businesses almost always turn their attention to their largest expense item - people. Rapidly trimming the workforce, even in countries with strong employee rights legislation, is generally the automatic survival reflex. But even in the midst of an economic storm, smart companies must keep the implications of their short term actions in context.
