Cutting workforce costs wisely
Three approaches for strategic workforce cost cutting to improve resilience during times of disruption
When faced with disruption — especially the kind that can impact revenue and economic viability — the first thought for most organizations may be to cut costs. And with workforce being a big component of these costs, it can sometimes feel like the easier option might be to implement across-the-board cuts or hiring freezes to curb spending. But these oversimplified strategies can hurt more than they help.
Instead, a more holistic, data-driven strategy using reliable workforce benchmarks can help drive a thoughtful cost-cutting plan that is more precise and enables businesses to achieve a more productive and resilient workforce.
Read Cutting workforce costs wisely to learn:
- How workforce benchmarks can help you prepare for cost-cutting by asking the right questions
- Data-driven strategies for cutting workforce costs wisely when it comes to team sizes, group representation and organizational structure
- The importance of quality HR data and how a benchmarking tool like Saratoga, a PwC product, can help you obtain and measure that data
By comparing metrics to industry peers and assessing the impact of metrics on the organization as a whole, businesses can create a more precise, data-focused cost-cutting plan that maintains the strength and diversity of their workforce. HR benchmarking can help organizations find the right balance — with less risk of the organization losing its footing during times of disruption.
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