Four major British employers including Yell and Virgin Media have announced plans to axe over 5,000 jobs this week, as businesses fear the recession. I have found myself contemplating the implications of panic sacking. Will companies actually benefit from this move? Personally, I think not. Companies that make their employees redundant to save money over the period of recession may be able to balance their books but they don’t think of the long term consequences. The downturn isn’t going to last forever and when in a year or so the economy regains its strength, these companies will have whittled down their pool of talent. Apart from this, companies that have grown and been successful until this period of economic slowdown also face losing valued members… Read the Rest »
