For the past few months, millions of workforce were out of work worldwide. Even those huge and reputable business owners are practising retrenchment, not to mention those smaller and fresh business owners. They said it's a difficult decision but still need to be done. It's a difficult decision for the employer but what about those affected employees? It's a nightmare that they're forced to face.
Retrenchment will only make the financial crisis more severe. When more people are jobless, they don't have income to spend. When they don't spend, the economy will shrink further. When economy shrink further, everyone suffers. It's just like a domino effect.
Personally, I think retrenchment is a very selfish idea. It's the easiest and fastest way to cut down company expenses. But, it's not a healthy way to do so. There are other solutions rather than exercising retrenchment.
If we are serious to overcome financial crisis, retrenchment should be the last option.