CFO’s don’t think 2009 will be the year of recovery – “83 percent predicting we won’t see relief until the first half of 2010 or later,” according to the TechJournalSouth.
Options CFO’s are considering or using to avoid layoffs include:
- Redistribution of responsibilities;
- elimination of bonuses;
- restructuring;
- reduced payroll and
- options to telecommute.”
Reduced payroll can include: shortened work weeks; no overtime; mandatory time off; pay cuts. Although employees get disgruntled with these measures, a frank discussion with employees should help everyone understand that it is far better to take a little less now than to be unemployed altogether.
In reports I am seeing, companies are refraining from touching health benefits but are suspending 401K matches and other monetary benefits.
And here are twenty more from TechRepublic‘s article “Layoff: A Four-Letter Word in Any Economy,” by Steven Martin, president of Profit Professionals of Business Solutions – The Positive Way.
