When economic pressures rise, layoffs seem like a quick way to cut costs. But what if reducing your workforce actually damages your bottom line?
When economic pressures rise, layoffs seem like a quick way to cut costs. But what if reducing your workforce actually damages your bottom line?
Immediate payroll savings can be outweighed by hidden costs—declining morale, reduced productivity and the expense of rehiring when business rebounds. Remaining employees often experience increased stress, leading to burnout and disengagement, which weakens overall efficiency and innovation.
A recent Entrepreneur from Legacy+ co-founder Craig Kielburger explains why layoffs aren’t always the best financial solution. Companies that prioritize long-term workforce stability often outperform those that rely on job cuts. Strategies like internal restructuring, upskilling employees and improving operational efficiency can help businesses stay resilient without losing talent.
Businesses that invest in employees foster stronger workplace cultures and long-term profitability. Before considering layoffs, explore alternative ways to navigate financial challenges.
Read more here at Why Laying Off Employees Is Not Good for Your Bottom Line.
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