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How to Prepare for a Recession and Mitigate Its Impact During the Coronavirus (COVID-19) Pandemic

Author: Jennifer Carsen

It is too early to know the full implications of the coronavirus (COVID-19) pandemic, but most experts are in agreement that the economy is headed for a serious downturn. Proactive, advance planning by HR can help businesses weather the worst of the storm while preserving as many jobs as possible.

A recession is a difficult time for an employer, both financially and emotionally. 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.

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.