When an organisation runs into a financial crisis,the top bosses need to come into action-speak with employees,address employees about the problem and measures taken to sort out problem and likely timelines.
What effect it will have on employees?
Whether some employees will be sent on unpaid leave?
HR plays an important role in bringing the facts and figures to stake holders,smoothening interaction between employees and top management.
Jet Airlines faced a serious crisis in 2008 where they fired 1900 employees due to poor finances and then reinstated them also.
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XIMB-Best MBA (erstwhile PGDM) Management Institute in Bhubaneswar, India <link outdate - home link added>
True leadership or lack of it can be seen when a crisis of this proportion arises.
Open communication without barriers,a history of fair dealings with employees(all stake holders) will help come out of crisises.