These negative effects that the surviving workforce often experience after a major organizational change such as downsizing is known as survivor's syndrome. Survivors miss their departed colleagues and are frequently angry with management for having caused the layoff and for having mishandled the layoff process. A study conducted by Carlson Marketing Group and the Gallup Organization found that of the major organizational changes companies face, managers said that downsizing had the most negative effect on employee morale. Four of five respondents whose companies had downsized in the past five years said the process resulted in a lower workplace morale (Salopek, 2000). In addition to low workplace morale, downsizing also creates low productivity (Koonce, 1991). It is, therefore, necessary for organizations implementing downsizing initiatives to adequately and effectively address the people issues throughout the process as it relates to separating and surviving employees. To address the people issues, the author proposes that HR leaders must take a holistic approach to increase the chance of organizational success after downsizing.