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.
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
