How to Trim Payroll Without Layoffs
Jul 20, 2010
While layoffs may be necessary at some small businesses, employers should avoid sharpening the ax. Here’s why: Not only do employees contribute to the company’s productivity and bottom line, they’re often well-schooled (at a great cost) on your specific business methods.
If there isn't enough work to go around, consider switching up people's duties, suggests RAY FRIEDMAN, a management professor at Vanderbilt University in Nashville, Tenn. "I have seen big companies make it through downturns by having factory workers do maintenance work [such as] painting, fixing tools" and the like, he says. Small companies, he adds, can receive similar cost savings by having current employees perform jobs that you would otherwise hire someone to do.