This study explores the competencies expected of HR professionals while handling the survivors in a downsizing scenario and also describes how managerial competencies could change in importance during periods of significant organizational transition. For the purpose of the study a competency enquiry list was generated through interaction with senior industry professionals, both HR and non- HR. The list comprising 10 competencies was administered to 34 top level managers belonging to 4 organizations (where workforce reduction had happened in the recent past) in the manufacturing sector in Delhi and NCR. The results of the study suggest that in a downsizing scenario the five most important competencies expected to be possessed by HR professionals are business acumen, interpersonal understanding, credibility, communication and ability to realign HR policies and practices.