Part 5/9:
Operational Efficiency: Moving operations to lower-cost regions, such as transferring roles to countries with reduced labor expenses, is a common tactic.
Mathematical Approach: HR teams focus on the numbers needed to meet the financial target. For example, eliminating certain roles or relocating offices can contribute to the overall savings.
Common Cost-Cutting Tactics
Besides layoffs, companies explore other measures to reduce expenses, including:
Reducing Perks: From beverages to entertainment allowances.
Travel Restrictions: Limiting or entirely removing business trips.
Work Schedule Adjustments: Moving to a four-day workweek or shorter hours to decrease operational costs.