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What are other cost cutting tactics that can be used

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Reference no: EM133006339

At my company the Human Resources department works with the executives to determine if there are feasible alternatives to downsizing through layoffs. In some cases we've been able to reduce the number of people let go by doing these cost-cutting activities:

  • Decrease pay- including freeze salaries, reduce a salary, and freeze bonuses.
  • Reduce work hours- nonexempt employees and temporaries will work less hours
  • Change compensation structure- change the percentage of base salary to incentive salary based on performance.

Question to the class:

1) Is cutting costs a negative or positive option for reducing labor surplus? Why?

2) Is this a short term fix or a long-term fix?

3) What are other cost cutting tactics that can be used?

Reference no: EM133006339

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