How do you make hard decisions on employees?

A company needs to adjust expenses to control costs. It’s largest expense item is payroll. They are evaluating three options to adjust staff costs to anticipated revenue. Alternative A – Cut everyone back to part-time. Alternative B – Cut a few employees, but keep retained employees busy. Alternative C – A balanced approach between these alternatives. From others’ experience, which is best? How do you make hard decisions on employees?

Advice from the CEOs:

The unanimous response from the group – for employees, Alternative B is the most positive approach. Once staff were cut it helped retained employees to focus on their work.

When it comes to vendors, use Alternative A – don’t pay everything that you want to pay, but pay what can be paid consistently and predictably.

Before making any decisions, have a meeting with employees and openly ask them what they’d like to see that will help to build company culture and enthusiasm.

May your business prosper. More detail on this topic at https://ceo2ceos.com/2023/06/how-do-you-make-hard-decisions-on-employees-four-points ?