How can HR support business during this economic crisis

This would probably be the most relevant question to any member of the HR fraternity at this point of time. Here are my few cents of thought, 1)Focus on employee communication- The most frustrating thing for an employee is get to know how his company is doing or how his stocks are trading in the market from the media. Keep feeding them with real data and real information. Not everything goes wrong even in this economic situation. So project the reality. 2) Manage your Talents: It is a myth that you don’t need to fear attrition now. You may not need to fear the “numbers" , but for sure your key talents have no dearth of jobs and companies will love to scout for those who can really value add to them now than ever. 3) Closely monitor ethical issues: This is a time when people would make desperate attempts to show an increase in numbers. Well, there is nothing wrong in that, but you may need to monitor that there is no violation of the ethical standards in striking business deals. 4) Cut the fat, deep and hard: One should have done it long ago, but if not then this is the right time. HR can command more respect in driving the bottom line. Employees are very mature and receptive at this moment to understand the business need to drive down cost, so look at possible options to reduce PTO's, change in compensation structures to reflect the current situation, reduce over time and enable business to plan shut downs or any such activity based on volumes , legal requirement etc to reduce administrative expenses. Also relook at " luxurious" external training feeds. Clearly differentiate between urgent and important spending, that can help preserve cash in the short run. Cash is King now!! 5) Stay close to Business- Have your eyes and ears tuned on to what is happening in your area of business, be clear of changing business priorities (which will happen) and realign with lightening speed. All is about flexibility. While you do this, be careful about being seen as too unreasonable and pushy. Not everyone has an understanding of managing cost so don’t cut the veins while you cut the fat.