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.

by Dr. Madeleine Stevens
7 alternatives to redundancy

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.

Sign in to continue

Sign in

Trouble signing in?

Reset password: Click here

Email: mtsupport@haymarket.com

Call: 020 8267 8121

Register

FREE

  • Up to 4 free articles a month
  • Free email bulletins

Register Now

Get 30 days free access

Sign up for a 30 day free trial and get:

  • Full access to managementtoday.co.uk
  • Exclusive event discounts
  • Management Today's print magazine

Join today