How to Reduce Labor Costs in Your Business

Download PDF

cut costsSalaries and wages are one of the largest costs of every company, and are often the most difficult to control. But changing compensation is touchy for those who are affected, so it is important to handle the changes with compassion, truth, and firmness.

One way to do this is to identify your key employees and get their commitment to your plans before you implement them. Companies that reduce compensation or fire employees without considering other methods to increase productivity or reduce costs invariably suffer from poor morale, indifferent customer relations, and further declines in sales, potentially falling into a downward spiral from which there is no recovery.

The following tips will lead you through a difficult, though necessary process to ensure your company is positioned to survive and thrive in any economic environment.

Read more . . .

Mike Lewis | August 14, 2013 in Entreprenuers, MoneyCrashers, Small Business

Tags:

Comment

You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.