When sales of high-end radiators fell dramatically towards the end of 2008, things looked grim for the 300 employees at Jaga, a family-owned manufacturing company in Belgium’s prosperous Flanders region.

But the company was worried that if it fired skilled workers it would undermine growth potential when the economy improved. “We have a complex range of products,” says Kris Custers, finance director. “It takes between one and two years before anyone really contributes to our profit and loss.”