Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Strategies are put in to place to achieve goals and profit metrics so that the company can retain their staff and minimize the risk of
Strategies are put in to place to achieve goals and profit metrics so that the company can retain their staff and minimize the risk of downsizing. I found it interesting to read that there are options available to firms prior to implementing layoffs. Some options provided were early retirement programs, reducing hours or eliminating overtime, outsourcing or using temporary staff, and ultimately evaluating the HR plan to determine if downsizing is truly the only resort to minimize loss. Retaining employees that provide core competencies can prove to benefit the company because it could provide staff with out losing morale or reducing productivity. Downsizing not only hurts the employees eliminated but also shows consumers that the company is trusted within their market, this is due to the perception that the company is not fairing well financially and so the public may lose trust in the brand. The main take away for me is that the process for HR planning is on going and always changing in order to meet the trends of a successful job market.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started