Of late, world economy has been passing through uncertain times. Indian economy is no exception to the general slowdown being experienced by several countries worldwide. The increasingly uncertain economic outlook requires a strategy shift on the part of companies to successfully face the impending downturn. Years of economic growth have made some companies complacent, and now is the time for them to prepare for worst-case scenarios. Winners and losers will emerge during any economic change, and mistakes can be all the more costly during uncertainty. To avoid getting sunk, the first thing to know is that uncertainty is not a time to pull back and hope to come out unscathed.
A downturn can actually be good for a well-managed company. For example, saving costs is one alternative to stay profitable in a period of uncertainty. Acquisitions are also one means to consolidate in times of uncertainty. Ideally, managers should know all of this before a slowdown hits, and should work with the human resources department to develop a strategy for reassessment of employees and other factors of production.
Against this background, this book aims at providing a compendium of articles and literature to the professionals, scholars and researchers on issues relating to managing a company in an uncertain economic era. The 21 papers included in the volume address various issues of managing in an uncertain era in a lucid way. The book provides an excellent opportunity for all those interested to update their knowledge on the concepts, processes and methodology in the Indian context. Curricular issues on the topic should also be an added attraction to the management teachers and researchers.