Friday, March 07

This recession hits management the hardest

At the InternetInfo conference last autumn, Petr Bazant of OMG stated that companies in the media sector had seen 50% of their revenue disappear since the financial crisis. Afterwards people commented that he had exaggerated, but they missed the point that he did not describe a 50% drop in one year but a slow erosion of business continuously over five years as the miserable Czech recession dragged on and on. She went on to say that those earning Kč 400,000/month before the crisis can now expect less than half this.