Hi Poonam,
I would say 'HR can save IT' like what a blogger has written on
HR Processes, systems, streamlining, automation...: HR can save IT Industry.
Apart from this, HR should try to retain a motivated workforce and not allow rumors or panic to spread across the workforce. You can also identify cost reduction initiatives from the HR area (such as streamlining some processes, cutting a step in the process, outsourcing some work to a vendor, automating a manual process, changing work hours, etc.).
Best of luck