How to Prepare for a Recession and Mitigate Its Impact

Author: Jennifer Carsen

Economic declines are difficult times for an employer, both financially and emotionally. The economy may experience a number of business downturns, periods of slow growth, pullbacks, "flash recessions" or recessions. When hard choices need to be made that affect the lives of many people, a head-in-the-sand approach serves neither the business nor its employees. Proactive, advance planning by HR can help businesses weather the worst of the storm while preserving as many jobs as possible.

Here are five practical steps HR can take to reduce costs, maximize opportunities and ensure all resources are used to maximum effect in preparation for a possible recession.