CFO Magazine recently interviewed three business leaders about headcount reductions. There are some valuable nuggets in this article:
- Cut outputs – not inputs.
- The cost of hiring and training often outweighs the savings from force reductions.
- Don’t overlook employee recognition.
- Have a short-term cash flow projection – no matter what.
- Talk to your bankers – don’t hide from them.
- Consider increasing unpaid vacations – some people might consider it a perk!