"Take care of your best people....this is not a time to lose your best soldiers. You will need them when for the next fight when you emerge on the other side"
- Jack Welch,
Former Chairman and CEO
Generic Electric
Whenever recession monster hits business world, conservative firms tend to limit their focus - cutting activity, people and partners. In such gloomy situations, stringent measures like pay cuts and lay-offs are major controls usually exercised to minimise recession blues. Of course such hard decisions are inevitable for sustenance. Further, it is also tough to get going across troubled waters without loosing a few or more people. Apparently, the top leadership takes hard decisions even before depression sets in.
Exercising grave measures as first step to counter recession risks, is not good for industry, economy and public. It will turn counter-productive, dragging recession further. The recession-driven unemployment will extend the recession episode further. The situation might turn still worse threatening sustenance even in limited form. Hence, a prudent approach is required to fight recession in entirety. Market and cost innovations should become the key pillars for such an approach. While confining to core businesses, firms should selectively diversify / invest / focus in promising avenues or segments, where their internal talent can fit into. Investments should be made into recession-proof, allied and performing sectors to create sustained revenues while employing smart ways to contain cost - eventually to meet payroll and other expenses. In a nutshell, a critical approach to contain recession is not right, but a balanced-growth from a holistic view helps conquer recession.
Exercising grave measures as first step to counter recession risks, is not good for industry, economy and public. It will turn counter-productive, dragging recession further. The recession-driven unemployment will extend the recession episode further. The situation might turn still worse threatening sustenance even in limited form. Hence, a prudent approach is required to fight recession in entirety. Market and cost innovations should become the key pillars for such an approach. While confining to core businesses, firms should selectively diversify / invest / focus in promising avenues or segments, where their internal talent can fit into. Investments should be made into recession-proof, allied and performing sectors to create sustained revenues while employing smart ways to contain cost - eventually to meet payroll and other expenses. In a nutshell, a critical approach to contain recession is not right, but a balanced-growth from a holistic view helps conquer recession.
