For Simon Draycott, of London-based Mendas, occupational psychologists offering outplacement services to banks, retailers, the Financial Services Authority and government departments, these are busy times. “There has been an increase in work as companies downsize,” he says.

Nonetheless, he observes that some companies, faced with large redundancy bills, are spending less on outplacement services than they may have done in previous downturns – in some cases replacing face-to-face meetings with online support. This may be cheaper but it is less effective, he says. “Perhaps some companies think ‘who cares, they’re leaving anyway?’” But this is short-sighted, he insists. “If a redundancy is handled badly it can come back to haunt employers. A disgruntled employee may criticise the company creating bad PR or may bring a law suit against the company.” Moreover, disgruntled ex-employees badmouthing their former employer will ruin the morale of those left behind, just at the time staff need to rally round and support the company.