27 Finance Monthly. Bank i ng & F i nanc i a l Se r v i ce s The Bank of England’s recent announcement that the UK is facing its longest recession since records began will have caused concern for business leaders across the country. Many will be wondering how they can cut costs without negatively impacting staff morale or the services they provide to customers. It’s not just employers who are feeling anxious. With unemployment rates forecast to rise to 6.5% by 2025, many employees will be worrying about job security, against a backdrop of the cost of living crisis and rising interest rates. All of this does not make for a happy workplace. But over the years I’ve learned some important lessons about how employers can navigate choppy waters, conduct scenario planning, and cut costs without causing upset among their teams. Here are five key principles that business leaders should keep in mind. How to Manage During a Recession Julien Lafouge - CFO of Spendesk
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