COMMERCE 4BM3 Lecture Notes - Lecture 5: Outsourcing, W. M. Keck Observatory, Labor Management Relations Act Of 1947
25 Nov 2018
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Labour surplus, labour shortage, temporary (necessary and desirable for short period of time), permanent (unnecessary and definitely undesirable for long period of time) Temporary layoffs (groups of people) layoff is not a permanent termination, layoffs are likely probably temporary. Early retirement programs (take a package, continuation of benefits or lump sum to incentivise) Hiring freeze (also stops promotion within the organization because no one can fill lower roles) Permanent pay cut (may also affect pension contributions) Retraining/transfers (shortage in one department and surplus in another department this may be a good option) You need a strategy and then you need activities. Redesigning their work (what"s most important, how can we do the work more efficiently?) Improve efficiency, productivity, competitiveness to affect: size of workforce, cost of workforce, workforce processes. Declining profit, need to reduce operating costs (especially if publicly traded. Bottom line is that it"s easier to cut costs than increase revenues)
