What are the priorities of the HR managers in this current industrial slowdown?

The HR managers are walking on a tight rope amidst the current economic slowdown. I feel there are six main areas of concern for them.

1. Deciding on whom to retain and whom to retrench.
2. Attempting to meet the aspirations of high performers and keeping them  motivated.
3. Scouting and developing new leadership talent among the existing employees.
4. Managing the impact of mergers and acquisitions, which may alter the company structure.
5. Building new capabilities to meet new challenges in the changed economic scenario.
6. Reviewing and revisiting the reward system for the employees to match it with the financial status of the company and the overall business