Initiating a roundtable to exchange ideas is very useful. At the Moline Dispatch Publishing, Co. based in Illinois, employees came up with 200 cost saving suggestions, such as shorter workweeks and less overtime. Putting effort into looking for other ways to cut costs may be an effective way to avoid layoffs. In unfortunate cases where layoffs are inevitable, specialists recommend being upfront and honest with employees from the beginning to promote good relations. They also suggest that helping employees find other jobs and allowing them to use company resources to prepare resumes is in good judgment.
Layoffs can be traumatic events.
It is important for companies and organizations to review possible alternatives before making rash decisions. Most organizations and businesses can find a unique plan that will avoid layoffs all together. These options may decrease costs, increase the bottom line and essentially make good business sense. Clearly, this is a hot new trend in the investment sector. Traditional measures, such as profits, level of debt, growth potential, and stock price are taken into consideration.