alternate view, this cycle need to cut n cut staffs down to max d profit, may not be as companies can even go bust even after cutting as there isin't any business for consumer to spend as people's get less pay, less money, less job, less work, less to borrow, less any even thing we do....all of us are going to visit recession as Us will prolong it longer as usual...Very UsUsUal situation here for gobal economy to be vitalize it vitality. 

It all started some time in 1Q/2Q of year 2007 when Bearstearn goes bust and housing loan start defaulting on rackless leanding..now bank got no business to lend to weaker bank, so there isin't any money to borrow as well even for the rich Arab oil px starting to fall, where got more $$$ to give due credit to borrower (Bankers).

Retrenchment, retraining , redeployment, second careers,etc are all part and parcel of life. We need to get use to it.  Retrenchments is not much of a strategy. It is sometimes borne out of necessity. Lose afew to save many. Would it better to save many jobs and lose afew or lose all of them at some point?

If CEO's dun reduce headcount in bust cycles, they are answerable to shareholders. As shareholders we would demand profit maximization and we expect CEO's to deliver. Unfortunately the first and fastest cure would be to downsize. It may or may not be a panacea to all problems but at least it would bring cost of business down to a more sustainable value.

Last but not least, forget that rubbish about loyalty to your company. MONEY talks!