Recessions and financial crises have led to layoffs, reduced wages, unemployment, bankruptcy, and labor shortages. These are examples of which challenge/opportunity for organizations?

A) innovation and change
B) sustainability
C) economic factors
D) customer service

Financial Crises

Periods of significant financial instability and distress in an economy, characterized by rapid devaluation of assets, bank failures, and loss of investor confidence.

Labor Shortages

A situation where there are insufficient qualified candidates to fill the available jobs in the market, often leading to operational challenges for businesses.

Economic Factors

Elements that influence economic performance and decision-making, including inflation, interest rates, economic growth, and government policies.