LONDON: Bank of England Chief Economist Andy Haldane has signed up to judge the winner of a 'war game' designed to help firms find alternatives to mass layoffs in the face of a coronavirus-driven slowdown.
"Simulation tools can help us understand how best to alleviate these strains while preserving jobs, in a way that helps both businesses when making difficult commercial decisions and policymakers when making difficult economic decisions." This can include making lots of smaller cost cuts in a so-called 'broad-front' approach, rather than one large saving in more focused cuts like scrapping entire business units or the staff bonus pool.
"But change is coming that will allow people to be several things at once ... if companies lose people who are highly trained, experienced and loyal, they won't get them back," he said. "Executives need to be willing to abandon the old conventions; there will be resistance and they've got to be able to convince people this is in their best interests," he said.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.