Creating People Advantage in Times of Crisis: How to Address HR Challenges in the Recession
Source: Boston Consulting Group
The most popular planned action in the current crisis - cutting back on recruiting - clearly makes sense from a cost-cutting perspective. But companies should cut back with caution. For most, it would be a mistake to eliminate hiring altogether. In the aftermath of past recessions, many companies found themselves facing a shortage of people with key skills. This time, the skill shortages are likely to be even more acute because older people are entering retirement and fewer young people are entering the work force.