Europe More Ready Than US For Economic Crisis

October 23, 2008

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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.