Towards the last quarter of 2007 rumours of a global economic crisis were on the rise. This was further cemented when in 2008 several of the world’s largest banks closed their doors and mass retrenchments began in the United States and then Europe. This spiralled into a global affect.

The International Monetary Fund said that world economic growth would fall to 0.5% in 2009, the lowest rate in 60 years. With statements such as these, the outlook is somewhat bleak, especially for business. In a global recession, the first action initiated by companies is retrenchment. We have seen more than 300 000 employees in South Africa alone who have been affected by retrenchment and more than 2.5 million employees across the globe.

These are times of serious change and adaptation forcing thousands of individuals out of their comfort zone, into unemployment and desperately searching for work.

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