A necessary step to keep companies afloat in difficult times, reducing workforce costs is often the last-ditch step. If it’s not handled right, though, it can make an already difficult situation even worse.
In an episode of Sanity Savers for IT executives, TechRepublic editor-in-chief Jason Hiner shares five ideas that will help you reduce your workforce costs, while minimizing the negative impact on your business.
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But that’s not all. Here are more ways to keep costs down in a tough economy:
- Reassign responsibilities when no hiring is possible
- Allowing employees to work at home (”telecommute”) 1 to 2 days a week
- Offer employees reduced hours or additional unpaid days off
- Give employees the option to take unlimited, unpaid personal time off during the downturn, while preserving full medical benefits and the right to return to their job
- Allow employees scheduling flexibility if their spouse has lost a job or has seen his or her hours reduced
- Give employees four Fridays off in the summer in lieu of raises
