COVID-19 crisis is still in continuation and various businesses are facing difficulties like layoffs/decreasing workforce to cut costs.
Organizations like yours might be compelled to settle on some troublesome choices. Downsizing expenses may mean choices that influence your employee’s compensation, resolve, and work. Although cutbacks can’t generally be kept away from, there are other cost-sparing estimates many business owners can investigate that set-aside cash without laying off or terminating their workforce. Moreover, your organization’s culture and qualities ought to educate your choices.
So, let us discuss the top and trending and strategies that can help you avoid layoffs and maintain the workforce amid pandemic. Let’s begin.
Best Layoff Alternatives
1. Count on Hiring Freeze
One of the greatest and quickest ways to avoid layoffs is the implementation of freeze hiring. This will put a pause on all the non-essential activities leading to fewer layoffs. Further, this allows the employees to complete the work and serve the business and customers with the fulfillment of requirements.
However, you can continue hiring the required skills and the positions that can add ROI to your business. But ensure you hold off the hirings for non-essential activities while hiring freeze.
2. Freeze Increased Benefits
Another great way to avoid workforce layoffs is to freeze the employee benefits and perks increase. Obviously. Employees would not like and cooperate with you in this decision but will find it quite right than layoffs with time. Obviously, there is no sense and chance of adding perks and benefits in such unpredictable and critical times.
But you as an owner must pledge to keep this decision temporary and provide the right update to employees regarding the increase in their perks and benefits. Also, follow-up these with this pledge as results can be sour if avoided.
3. Decrease Working Hours of Employees
Decreasing the working hours of employees is another cost-cutting alternative rather than layoffs. Analyze your employee’s workload and take some necessary measures that you can reduce the working of hourly staff. Communicate with the employees regarding reduced hours, remind employees it isn’t any performance concern and a temporary decision due to a pandemic crisis.
4. Evaluate Best Performers in Company
COVID-19 crisis is temporary and careful research for jobs and employees is mandatory for the long-term of businesses. Paying off talented employees increases functionality reducing the complexity of how to cut costs.
You as the owner of the business must keep a track of every employee’s performance so that you can make the right decisions about the cost-cutting. Layoffs would affect everybody but not the same, so track the progress to keep the decision equal for all the employees.
5. Reduce Operational Costs
Operational costs increase all the expenses that are liable for running your organization or enterprise. This may include expenses if utilities, rent, payroll, administration office, and much more. Obviously, you can’t avoid the rent payment but there are many other expenses that you can think of cutting down like:
i) Business travel
ii) Limit recurring cost
iii) Think of decreasing any office utilities as employees are functioning remotely
The Bottom Line
These are some of the top strategies that many employers are counting on amid pandemic. However, if you are also the one who has considered all these alternatives to layoffs and still found that reduction of the workforce is required then you need to count on better planning for how to execute layoffs. Although these decisions are not that easy, you can show your employees that you counted on every possible solution to avoid layoffs.
However, if you as an employer are facing difficulties in hiring the right pool of talent then you can contact the best sub contracting services agencies in India. Amid pandemic, a variety of people are looking for jobs abroad to get the best growth opportunities. So, what are you looking for? If hiring is what you are dealing with then get in touch with Newforce today!