Weathering the Economic Downturn
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A Time of Opportunity: Preparing for the Future
When there is a downturn in the economy, what is the first thing most companies do? They cut jobs, costs, and streamline operations. The current economic crisis is no exception. Right now, North American companies are in the midst of cutting jobs and costs with the hopes of weathering the economic storm. Some of this streamlining is the product of re-structuring that has probably been in the works for a long time. But, there are other ways to ensure an organization’s survival. Ultimately, it’s possible to prepare to emerge from the downturn stronger, better able to adapt, and more prepared to meet consumers’ needs. Unfortunately, a lot of companies are taking to negative cost-cutting activities in reaction to the current economic situation instead of seeing this as a time of opportunity. We are seeing companies dismissing valuable human resources and cutting out segments of their operations that really set them apart from their competitors.
