People Management Through the Downturn: Surviving the Recession
The daily news is full of stories of the current global economic downturn: the Office of National Statistics has revealed that the level of unemployment rose to 1.97 million in December 2008. At a rate of 6.3%, this is the highest since 1998, and comes as The Bank of England recently warned of a "deep recession" for 2009.
The numbers are expected to get worse in the coming months and following the release of the data, David Kern, chief economist at the British Chambers of Commerce, commented: "Unemployment continues to rise in the face of a worsening recession. "We know businesses do not want to lose key staff, but they are struggling with cash-flow."
Helen Astill, Managing Director of Cherington HR agrees. She said, “It is often difficult for businesses to know how to cope at this time. Markets have changed dramatically and in certain sectors businesses have found that they can no longer rely on established customers. The situation has become unpredictable and normal sources of funding are either unavailable or unaffordable.”
“This sudden change of fortune has meant that employers have needed to reduce costs quickly and in many cases redundancy has been seen as the only option.”
However, Helen believes that businesses should look at the way they manage their staff and try to be creative in coming up with solutions. Making lots of employees redundant now means that you may not be able to react quickly when business picks up again.
The following short articles look at ways to help your business survive the downturn and ensure that its employees are better equipped to handle new business when trading conditions improve.
Posted on 19 Nov 2016