Finding Alternatives to Layoffs
As the owner of a mature business, no one knows better than you that payroll expenses take up a significant portion of your company’s overhead. During the most recent economic recession, many employers laid off workers as a way as to keep their doors open. However, if you’re facing a business downturn, there may be alternatives to layoffs.
Depending on your business operations, your business environment, and your long-term game plan, you may want to weigh these alternatives. Understanding their pros and cons, as well as their legal implications, is essential to finding the best option for your business needs.