During the recent economic downturn, your community has experienced unemployment rates of approximately 9%. What can be done to mitigate the effects of the financial impact to your organization

Reducing the expenditures of the organization by cutting the cost in order to balance or be stable in the economic depression is the most important strategy so far.

Explanation:

Remedies to mitigate the effects of the financial impact to your organization caused due to economic downturn:

Reducing the expenditures of the organization by cutting the cost in order to balance or be stable in the economic depression is the most important strategy so far. Let's see how.

As we know the basic formula of financial management.

Financial Statement = Income + Expenditure.

Obviously, in the time of economic downturn or depression, the first thing and the most important thing is to cutting the unnecessary cost. To be in financial equilibrium, organization has to reduce its manpower. Reduce the defects as much as possible. Reduce wastage as much as possible. Lower the utility bills by reducing the use of unnecessary devices. Promotion of human resources and benefits plus bonuses must be held in abeyance in this difficult time. In this whole scenario, group leaders and higher authorities playing the role of leaders of the organization has the utmost responsibility to bring their employees and staff in confidence.  As a result, organization will undoubtedly survive the wave of depression in the long run.

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