How to save your workforce, while still cutting costs
Maybe you’re facing staff losses and business closures or trying to find other ways to dramatically cut costs and save the workforce you’ve built. You’re not alone. Chances are even the most entrepreneurial of business leaders are obsessed with cost cutting right now. That’s no bad thing. We’re primed to identify risks, weigh up options and future-proof. The businesses that thrive have always been those that can adapt.
We believe the workforce doesn’t need to be the first place you look to cut costs. In fact, we think your workforce can be saved, while still cutting costs.
Remember your business basics
For most of us, today’s territory is unfamiliar. The scale and speed of what’s happening, and the potential impact will be unprecedented in the lives of our businesses. But you’re not new to business challenges and the tweaks to workforce management that are often needed to meet them. This is a time to practice those smaller scale changes that you know make a difference – like enforcing annual leave, reducing hours and reshuffling things to reflect changing demand.
Look for ideas and innovation in new places
We’ve all said our staff keep the lights on but how much influence have we allowed them beyond that? Let’s face it, when it comes to bigger picture stuff like organisational restructure, most of our decisions are top-down. Yet it’s our employees who will be most aware of where we’re wasting. Consult with them (and be ready to listen!) about the unnecessary costs and expenditures they see. Work together to apply the Pareto principle – what 20% of things can they do to take care of 80% of the business?
Sustainability and future-proofing
It might be hard for some of us to widen our focus beyond short term problem solving at this time. Yet there are ways to tackle the challenges of day-to-day and create long lasting business stability. This is where tech comes in. One way our clients have future-proofed is using AI designs for operations. You’ll be surprised, we’re not talking about months and months of setup and a year before it proves it’s worth. AI can solve the issues of now – keeping the business running overnight, removing inefficient systems – with the added benefit of delighting current and future customers.
The truth is, at the heart of every business is the people. We know that saving the workforce will be the priority for many right now. And thankfully we’ve seen many times how it can be done without rising costs.
Published April 2020
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