During times of financial crises and depression in the market, one of the most common belt tightening moves for most production lines is decreasing the number of their work force. This is a considerably reasonable business move especially since the dwindling demand for products and services may not need as much man power as when everything is fine and dandy in the industry.
Should there be any doubt as to whether it is wise to lay off some people, here are some specifics that would certainly make you think twice:
- They know your business. Workers, old AND new, who prove to be competitive and either knowledgeable or highly trainable are always an asset. Anyone would agree that not all things are learned form school nor are they perfected in training; the skill is acquired as one does the job on a regular basis. Not to mention the various ‘tricks’ and techniques of the trade that can only be learned when faced with real challenges. You may save even more in keeping your people than in raining new recruits.
- They value their jobs. The crisis is no secret, everyone feels the worth of every penny earned and so you may expect only the best performance from the people who are grateful to still have a means to make ends meet.
- They value your business. Most workers, given a good working environment and a meaningful job, make healthy attachments to the company they work in. This means that they would work as hard as you do to keep the business alive.