"One journalist I spoke to said, 'Are you seriously telling me that when you fire somebody your last question is would you like to join our alumni network?'" he laughs. "But if you can say, 'Look, it's tough out there but let's stay in touch it might be good for both parties because you might end up re-hiring that person or using them part-time or as a stringer."

2. Stop being the exception that enforces the rules.

For Gartner, this means leading by example, for example, in terms of body language, manner of dress or behaviour. For example, the CIO or other executive who parades the latest smartphone might not be most popular with staff asked to press on with an older model.

"It's not that the upgrade to the latest smartphone or laptop is going to make any difference at all to the total budget but it's about setting an example," Mahoney argues. "There are people who make an announcement about the need for conspicuous frugality and then go off to their next meeting in a heated, chauffeur-driven limousine rather than taking the tram. One CIO we met uses a six-year-old cellphone and there's a message there that says it's sufficient for the purpose. Even new technology for the company might be older technologies you haven't yet adopted."

3. Start scouting for key talent