Brave leaders figure out how to keep the team together when times get tough. They encourage everyone to think creatively about how to turn things around. They set an example of both thrift and foresight, and they act like heroes. They remember that publishing was never primarily about the money, and they resolve to get through temporary hard times with their integrity and organization intact.
They do not lay talented people off in December in a blistering economy to fend for themselves, precisely at a time when a lot of similar talent is hitting the streets looking for the same jobs.
NB: I speak, as always, for myself, not for any organization or other individual.