During difficult economic times, “layoffs” are often one of the first fears that enter professionals’ minds. Whether it’s a sudden economic downturn or a looming recession, many business leaders resort to laying off staff in a desperate attempt to keep their companies afloat. Even successful tech companies and large financial corporations sometimes exercise this type of cost-cutting measure.
However, layoffs don’t have to be the only solution. Below, eight members of Young Entrepreneur Council each discuss one thing companies can do to avoid laying off staff when times are tough and why it may be a better solution for the future.
1. Find Ways To Create More Value
During uncertain economic times, instead of going on the defensive and laying off staff, I truly believe these are the times when management should focus on creating true value for their customers. At GROW, we dedicate 100% of our focus