Layoffs : Fashion Statement or Real Need (Exploring Alternatives)
Subir Verma
HR Head | Forbes Top 30 Talent Leader | Author | FOLLOW ME for Job Search & Career Growth Tips I Career Coach | RPSG I Tata I Reliance I Start Up | Angel Investor |
“Lay Off” has become the most straightforward solution for companies to cut cost, specially start up.
Why should "only employees" be the casualty for the short-sighted vision of the leader and his aspiration for quick exponential growth ?
Many businesses face the difficult decision of cutting costs to maintain financial stability
If a company is laying off 200 people with average annual salary of Rs 10 Lacs, then it will save Rs 20 Crs !! Does only lay off really solve the problem in the long term?
I may be wrong but personally and strongly feel that there are better and innovative ways which can be tried to save only employee casualty as well as brand of the company.
1. Be transparent on how much needs to be save and Crowdsourced Cost-Cutting Ideas: :?There are many areas to cut cost in an enterprise and employees may provide idea and implement them to save more than actually planned. Cross-functional teams can brainstorm
2.?Salary Cut for all: 75% or even 50% salary will be satisfactorily enough for employee to run their family, pay EMIs than zero. The performance & productivity can be measured to ensure it is not going down. May be, some of them would separate anyways.?
3. Cut Cost on Non-Essentials: Is it fare to lay off 200 employees and use celebrities as brand ambassadors and pay one person more than the cumulative cost of 200 employees annual salary ? Is not 200 employees will better brand ambassador than one celebrity with a tag of non laying of company.
4. Flexible Work Arrangements
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5. Cross-Training and Skill Development
6. Borderless Talent: Can few companies come together to collaborate and use lean period manpower of a company during their peak period and vise versa? This can also be during norms times to ensure high engagement of employees and building multiple competencies.
7. Employee Volunteering for Reduced Pay
While economy uncertainty or funding winter poses significant challenges, there are creative and innovative strategies that companies can employ to save jobs without resorting to immediate layoffs.
By focusing on efficiency, flexibility, and collaboration, businesses can navigate these tough times while retaining their most valuable asset—their skilled and dedicated workforce.
A job is not only a job but hope of family, the heartbeat of parent, education for kids and pride of the person.?
There is always a better way. I am sure we all can think more and find more solutions to this problem. Happy to learn your views and ideas......
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1 年You are completely right sir. Companies should think of better ways rather than negatively impacting people's lives.
Driving HR Strategies for Business Success | Talent Acquisition Specialist | Cultivating High-Performance Cultures | Employer Branding | Minimalist
1 年Thank you for shedding light on this pertinent issue, Subir Verma Sirji. Your innovative approach to cost-cutting while preserving the well-being of employees is truly inspiring. There's power in collective brainstorming for #sustainable solutions. Proud to be #connected and look forward to more #insightful content. #pravinintrospects #openfornewopportunities #letsconnect
I write about leadership, inclusion and philanthropy | Senior VP, Equate Petrochemicals | Fitness enthusiast l Views are personal
1 年Absolutely! Taking the right actions and hiring right from the get-go can help an organization not take drastic measures like laying off. Employees and their work should not just be seen as a means to an end but should be valued.
Senior Manager-EMPI at Confidential
1 年Thanks a lot for highlighting key points. I strongly support key points mentioned. In my opinion such lay off can be avoided by having strong HR processes & policies while Cross functional training can be imparted to utilize the work force in a better way and organizations will start considering HR as an Business Enablers rather than managing only day to operations.
Leadership & Organization Devpmt Specialist| CEO-myDayOne | Board Director / Advisor | Certified Executive & Team Coach (HOGAN/GALLUP/Harvard TDS/KornFerry) | Helping Organizations Scale Through People &Tech Innovation
1 年Your perspective on the impact of layoffs and the need for more innovative solutions is both thoughtful and timely, Subir Verma!