6 ways to cut costs without making redundancies
Businesses may need to cut costs as the economic situation worsens. But they should resist making redundancies, which are often counter-productive. Here are 6 alternatives.
In 2021 the scale of redundancies reached new heights, due to business closures and financial pressures brought on by the pandemic.
As organisations continue to re-evaluate their purpose and explore the revitalised post-pandemic market, there is no doubt that redundancies will continue to be used as a cost-saving strategy in an ever-competitive marketplace, particularly as the cost of living crisis bites.
But the financial success of redundancies as a cost-saving strategy tends to demonstrate limited success. Losing valuable employees as a result of a knee-jerk reaction is counterproductive - especially when the period of economic uncertainty is short-lived - as the organisation will need them when the crisis is over.