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In this uncertain economy, many small businesses are forced to lay off workers in order to save money. Before taking such a critical step, carefully analyze whether there are other possible alternatives.
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Easy Small Business HR 1
3 Money Saving Strategies To
Implement Now To Avoid Laying
Off Employees
Special Report From: EasySmallBusinessHR.com
In this uncertain economy, many small businesses are forced to lay
off workers in order to save money. Sometimes, laying off
employees is the only alternative; especially for smaller businesses
with slimmer profit margins.
Before taking such a critical step, carefully analyze whether there
are other possible alternatives that will allow you to maintain jobs
or at least minimize the number of employees to let go.
1. Trim Down or Curtail Unnecessary Expenses
Identify the expenses and company “perks” that you and your staff
can reasonably do without that will not impact your business. Do
you really need to buy a years’ supply of paper and pens when it
Easy Small Business HR 2
may be more cost effective to monitor your inventory and
replenish only what is needed?
Eliminate or curtail the amount of catered meetings. Instead of
offering a full catered breakfast, provide just beverages. If your
used to catered lunch meetings, switch to BBL, (Brown Bag
Lunch) meetings instead. Employees are almost always willing to
forgo these “amenities” if it will prevent layoffs.
2. Consider a Reduced or Flexible Schedule For Employees
Analyze whether it is feasible for your small business to reduce the
hours of some or all of your workers. Consider the impact that the
reduced hours could have on work productivity versus the potential
cost savings as part of your analysis.
Other factors to consider when determining if a reduced or flexible
schedule may be a consideration:
Can employees arrive later in the morning or leave earlier?
Are there times of the year that are less busy where it makes
sense to close, or reduce hours of operation?
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3. Telecommuting
Are there employees whose work can be performed at home?
Potential savings include the cost of renting office space, as well as
heating, air conditioning and electricity cost savings.
When considering telecommuting for employees, it’s important to
set very clear expectations about the work to be performed while at
home. Let staff know that your expectation is that they will be
accessible by both phone and email during normal business hours
in order to respond to work related questions or issues.
These strategies are a small sampling of some of the things that
businesses can do to save money and jobs. Analyze what cost
saving possibilities make the most sense for your business and
your employees.
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