Prospective employees can be reluctant to work for organizations with a history of layoffs, concluding that leadership doesn’t care about its employees
. In those cases, costs can shoot up as new hires expect higher compensation to make up for an employer’s bad reputation.
Mr. Carucci and Ms. Millward warn against trying to make cost-cutting fair through blanket reductions across the organization. They call this naive because it assumes all work and resulting costs are equal. You must deliberate over the actual value of the activities you are considering cutting.Usually around 15 to 20 per cent of all activities, this is the most strategically important work. Investing $1 in this work could yield a $5 return or more.This directly supports competitive work.
They urge you to protect your future culture. You need to be as transparent as possible with how cuts will be made, what criteria are being used, who gets to be involved and why, and the timing of the decisions. The more mysterious the process, the more employees will construct negative narratives about it.
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