Reducing a firm’s headcount so as to trim the company’s labor costs can be accomplished via downsizing, layoffs, attrition and hiring freezes, by offering employees early retirement and buyout incentives or leaves without pay, creating flexible work arrangements for them, redeploying employees, reducing their work hours and/or pay so that all employees share the pain of a cutback but no one loses his or her job, and relying on temporary and contract workers.