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Employers caught out by credit crunch

09/07/2008

Half of UK's employers were not ready for the affects of the credit crunch, a study has claimed.

Consultancy, Hay Group, revealed 51 per cent of companies admitted they were unprepared and had failed to incorporate forward planning, it has been reported.

"British businesses have been caught out by the downturn," said associate director, Russell Hobby and "now risk missing the recovery too".

Fight or Flight?, the group's report, questioned 120 UK business leaders and discovered almost than one-third (23 per cent) said they have been preparing their company for less than six months.

Worse still, 18 per cent admitted they have only just started and more than a quarter (28 per cent) have made no changes at all.

"Now is the time to acquire talent, market share and customers from weakened competitors, and maintain bullish investment in research and development to leapfrog those who have lowered their sights," Mr Hobby advised.

The British Chambers of Commerce has warned the economy faces "serious risk" of recession.

 

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