Assume that you work for a firm that suffers a severe econom

Assume that you work for a firm that suffers a severe economic decline. What behavioural practices might change?

Solution

The situation calls for making the processes more efficient and cost effective. This can be done by instilling sense of responsibility and urgency in every individual working for the company. Small steps in cost cutting on the part of each employee can go a long way in saving the cost and easing the financial burden. These may include responsible use of electricity, doing away with avoidable expenses, sacrificing small privileges that company offered the employees in good times. Other measures include increasing the efficiency of operations, finding novel methods of revenue generation and making the processes and practices lean to save cost. The senior managers and top executives may take pay cut or reduction in perks to help recovery And set examples for subordinates who may also follow suit.