When news of the credit crunch first hit, no one could have guessed the scale and longevity of the crisis that was to follow.
The effects were felt by employers and employees alike as the global financial system strained under the weight.
With the issue of redundancy plaguing many a board room, vast numbers of staff were suddenly forced to consider emergency career planning strategies.
HR departments, it seemed, were as taken by surprise as anyone else.
But could - and should - businesses have been more prepared? Research suggests redundancy was poorly handled Recent research suggests that many UK companies were caught unawares when it came to managing HR in a crisis.
A 2010 survey of over 1,000 job seekers revealed that over a quarter of respondents believed HR handled their redundancy poorly and just over half said they were given no extra support.
The guidance and advice that should have formed part of their employer's duty of care appears to have been seriously lacking in these cases.
Businesses will feel the impact as a result Ironically, though, it's not just former employees who suffer when redundancy is handled in this fashion.
The businesses themselves can also be affected.
A damaged reputation, low staff morale and difficulty hiring staff in the upturn are all possible results.
Word of mouth is well known to be one of the most powerful ways to spread a message - whether good or bad.
Negative feedback following redundancy can leave the reputation of a business severely damaged.
Over half of the redundant employees in the recent survey felt indifferent or had a poor perception of their previous employer, and over a quarter had a very poor perception.
Following on from this, nearly a third said they told 10 or more people about their treatment by their employer, while 43% told between 3 and 9 people.
Equally important is the effect that badly managed redundancies can have on the morale of those staff remaining behind.
Seeing colleagues leave in a shroud of uncertainty and bad feeling is likely to breed suspicion and negativity.
Once a crisis is over and the dust has settled, both a damaged reputation and low staff morale can affect a company's ability to hire new staff again.
At the very point when a business needs to grow to survive it could find itself stunted by the effects of its actions when times were tough.
So, how did this happen? The rapid evolution of online conversation in the noughties seems to have been an issue that many employers failed to factor into their HR plans.
Previously, redundancies were handled in relative privacy, away from the scrutiny of the media.
But as social media channels spread far and wide, there were suddenly a multitude of ways for people to share stories about poor treatment by employers.
Brands became far more vulnerable to attack and savvy businesses were taking control by getting involved before any criticism spiraled.
Another factor, of course, may simply have been that many UK businesses, like the rest of us, had been lulled into a false sense of security by the seemingly never-ending 'boom' that the UK economy had been experiencing.
When the crisis hit, HR teams found themselves in unexpected territory.
Fortunately, there is hope for many of the employees who have become victims of redundancy.
The career planning tools available online can help people not only get back to work, but to find a career that is even more rewarding than the one they left behind.
For HR departments, meanwhile, there are certainly a few learnings to take on board.
Shrewd businesses will be reviewing their handling of the crisis and getting their systems and processes in shape.
Priorities will need to be reassessed and the changing social and business climate taken into account.
That way, companies can give themselves and their staff the best chance, if and when disaster strikes again.