- #1: Look at spending. …
- #2: Reduce overtime or work hours for non-exempt employees. …
- #3: Furloughs. …
- #4: Job sharing. …
- #5: Transfers. …
- #6: Unpaid time off. …
- #7: Pay cuts. …
- #8: Solicit business-improvement suggestions from employees.
Recent News and Discussions About How To Cut Payroll Costs Without Layoffs
16 Smart Ways To Trim Expenses Without Layoffs – Forbes
https://www.forbes.com/sites/forbesbusinesscouncil/2020/05/21/16-smart-ways-to-trim-expenses-without-layoffs/
May 21, 2020 — 1. Seek To Automate Or Outsource First · 2. Take A Personal Pay Cut · 3. Temporarily Reduce Pay Or Hours · 4. Conduct A Thorough Expense Audit · 5.
How to Trim Payroll Without Layoffs – Entrepreneur
https://www.entrepreneur.com/article/207402
Jul 14, 2010 — Keep employees working. · Explore alternatives. · Ask for volunteers. · Offer other incentives. · Install shorter work weeks. · Reduce pay.
Cut Payroll Costs with Transparency, Fairness, and Compassion
https://hbswk.hbs.edu/item/cut-payroll-costs-with-transparency-fairness-and-compassion
Dec 3, 2020 — In addition to salary cuts , firms announced other initiatives to reduce payroll expenses without letting employees go.
5 Ways To Cut Business Expenses To Avoid Layoffs
https://blog.capterra.com/ways-to-cut-business-expenses-to-avoid-layoffs/
Jan 14, 2022 — Lower utility costs · Go remote · Reduce hours · Institute a hiring freeze and upskill existing employees · Temporarily freeze pay raises and …
8 Ways to Reduce Costs & Avoid Laying Off Your Staff
https://www.searchenginejournal.com/reduce-costs-avoid-staff-layoffs/363340/
Apr 23, 2020 — 8 Ways to Reduce Costs & Avoid Laying Off Your Staff · 2. Spring Cleaning! Start By Department · 3. Ask Third-Party Tools for a Discount · 4. Cut …
Avoiding Layoffs: 7 Alternative Cost-Cutting Strategies
https://www.thebalancecareers.com/before-you-do-a-workforce-reduction-1918589
Jan 8, 2021 — Alternative Cost – Cutting Strategies to a Workforce Reduction · Consider These 7 Options Before You Choose Employee Layoffs · Before You Consider a …
50 Alternatives to Layoffs – Medium
https://medium.com/@ljcpress/50-alternatives-to-layoffs-841dee9202dc
Jun 30, 2017 — Slim Down the Operating Margin: Instead of getting rid of half your workforce, allow yourself to narrow your operating margin. It’s just like …
How to Cut Payroll Costs Without Layoffs – Bloomberg.com
https://www.bloomberg.com/news/articles/2009-04-02/how-to-cut-payroll-costs-without-layoffs
Apr 2, 2009 — In tough times, you can’t help scrutinizing your biggest expense. But it is possible to reduce wage costs without laying off employees.
7 Ways to Reduce Labor Costs Without any Layoffs
Dec 30, 2021 — 7 Ways to Reduce Labor Costs Without any Layoffs · 1. Review Compensation · 2. Cross-Train Staff · 3. Avoid Overtime · 4. Hire Part-Time Workers · 5.
How To Cut Costs Without Laying Off Employees and Costing …
How To Cut Costs Without Laying Off Employees and Costing Jobs
May 22, 2020 — If you can’t avoid a layoff , make a deep cut and let the bottom 10 to 15 percent go. This practice was preferred by Jack Welch, who passed away …
Frequently Asked Questions
How do I cut payroll costs?
- Pay employees according to time worked, not time scheduled. When you calculate how much to pay your employees, do you use their scheduled hours? …
- Manage overtime. …
- Minimize overstaffing. …
- Track expense reimbursements. …
- Lower payroll taxes. …
- Automate payroll with an HRIS.
What can be done instead of layoffs?
What are three alternatives layoffs?
- Cut Extra Employee Expenses. Take a close look at how much you’re currently spending on employee bonuses, raises and overtime. …
- Reduce Wages or Benefits. …
- Scale Back Production. …
- Renegotiate Vendor and Supplier Contracts. …
- Become More Efficient.
What can companies do to avoid layoffs?
- Put Promotions and Raises on Hold.
- Consider Executive Compensation Adjustments.
- Reduce Employee Hours.
- If Necessary, Furlough Employees.
- Evaluate Your Company’s Top Performers.
- If Possible, Pay People Now.