Europe More Ready Than US For Economic Crisis

Watson Wyatt reports that nearly a third of US companies were unprepared for the current economic crisis; however, an average 80% of European companies were prepared.

Among the contingency plans that companies had prepared were organizational restructuring, hiring freeze, layoffs, offering early retirement, a reduced working week, sabbaticals, and salary freeze.  US companies were more likely than European companies to begin with layoffs.

Interestingly, French companies were nearly 100% prepared for the economic turmoil.   Just another reason for some in the US to hate the French – not only are they thinner and better looking, they may just have better business sense as well.  I’d order another side of “Freedom Fries” but I can’t afford them anymore.

One in five firms unprepared for the economic downturn