“Hire and Fire” is not going to work in this new economy. If businesses do not get their act together soon, they will soon have to pay a dear price in the war for talents.

Retrenchment is in the news everywhere and we are looking at 5 figures loss of jobs every month. This is a cyclical problem where companies purge excess in bad times. When economy picks up, companies will be rushing to fill up vacancies to meet the renew demand of the market. To avoid retrenching employees, during good times, companies should exercise discretion in their hiring process. Perhaps this is one area to focus on when we discuss on Corporate Social Responsibility (CSR).