The power of relations

Economic downturn Rights

ISRAEL How does the sense of uncertainty from the global financial crisis impact on a country which has, for decades, lived with military and civil insecurity? Is there an opportunity in this current crisis for Israel? We put these questions to Muli Ravina, Ceo of Credit Suisse in Israel.

The power of relations

Although the global financial crisis is affecting Israel as everywhere else, a word that seems to better reflect the Israeli mood is ‘relations’. This mood encompasses the opportunities for greater economic cooperation between Israel and its neighbours, at both the professional and the personal level. This is the assessment of Muli Ravina, who prior to being the Ceo of Credit Suisse in Israel in 2007, held leading position in the Israeli Ministry of Finance.

twsm After five years of growth and low unemployment rates, how has the global financial crisis impacted on Israeli work life? mr Conditions have adversely affected the demand for Israeli exports in the high-tech sector which, after rapid growth over the last 4 years, has slowed significantly and are leading to redundancies. Personal wealth has decreased as a result of bearish international and local markets, restricting consumer demand. This is beginning to flow through to the rest of the Israeli economy.

twsm If not properly managed, could the crisis and its consequences on work life increase tensions generally? On the contrary, could the crisis in any way be considered an opportunity? mr I believe that the global economic downturn is unrelated to the tension in the region. In an economic sense

01 Muli Ravina, chief executive officer of Credit Suisse in Israel. In an economic sense the biggest opportunity will cluster around any policy interventions that may encourage stronger economic relationships between Israel and its immediate neighbours. HR management is critically important at both an individual and corporate level. In recent times HR departments have played a critical role in advising companies on resourcing levels and strategic staffing decisions. Israel has a relatively advanced legislative framework around employee rights. HR here is often rigorously tested by pressures associated with corporate restructuring, and I imagine this situation will continue with current downturn.

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the biggest opportunity will cluster around any policy interventions that may encourage stronger economic relationships between Israel and its immediate neighbours.

twsm To what extend can Hr management be helpful in this time of crisis? And how has Hr changed in Israel during the last few years? Which values and strategies would you characterise as Israeli nowadays? mr Hr management is critically important at both an individual and corporate level. In recent times, Hr departments have played a critical role in advising companies on resourcing levels and strategic staffing decisions. Israel has a relatively advanced legislative framework around employee rights. Hr here is often rigorously tested by pressures associated with corporate restructuring, and I imagine this situation will continue with the current downturn. •