British firms 'caught out' by credit crunch

British firms 'caught out' by credit crunch

9.7.2008

Dozens of British businesses have confessed that they were caught out by the downturn in the economy following the onset of the credit crunch last year.

A survey of over 100 company bosses from around the country found that a majority now feel that they had the wrong operating strategy in place until recently and that they were not prepared for the effects of an economic downturn.

Online recruitment is an increasingly important aspect of how many employers in the UK operate but many company bosses feel that their managers are inexperienced when it comes to dealing with an adverse business environment.

Russell Hobby, a spokesperson for the Hay Group that carried out the recent research, said: "British businesses have been caught out by the downturn - and risk missing the recovery too.

"Business leaders must recognise it will not be business as usual after the economic strife. Planning for the recovery starts now."

The Hay Group operates as management consultancy business and has in excess of 2,500 employees in 47 countries around the world.

webrecruit – e-recruitment made personal