Companies facing tough times such as economic hardship or even extreme growth need to take action. In particular, they need to mind their costs, including their staff-related costs. It's important to communicate with employees about changes in costs and potential reductions in staff as soon as possible to maintain their commitment to the company. Downsizing should be a last resort, and there are many progressive measures that can be implemented before resorting to it. But when downsizing is necessary, there must be detailed planning, and careful selection and advising of those affected. This helps avoid negative consequences.
This course covers strategic responses to difficult times, such as cutting unnecessary costs and building relationships with customers, suppliers, and employees. It explains how you can implement alternative solutions to avoid laying off employees. It also details how to plan and perform layoffs where necessary. Finally, it highlights positive opportunities that are created when organizations face challenging times.Learning Objectives
- Recognize strategies for responding to difficult times
- Recognize how to win employee buy-in to cost-reduction solutions
- Recognize actions which can be taken as an alternative to layoffs, to reduce staff-related costs
- Follow appropriate steps when laying off employees
- Take advantage of difficult times to strengthen your organization