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Cutting costs? Ask your employees for help

Post COVID-19, smart leaders will tap into their employees’ knowledge of the organisation before making important restructuring decisions.

Cutting costs is a priority for nearly all businesses as the impact of the COVID-19 pandemic bites. But, writing for Harvard Business Review, Patrick Daoust and Paul Simon say compiling economic forecasts and benchmarking data from only a small number of executives won’t give you a clear and detailed picture of what’s really going on within your organisation.

Delve into the day-to-day work of teams across the company and, with their help, you’ll pinpoint potential savings with far greater accuracy than would otherwise be possible. “When leaders take this bottom-up approach, we have found they not only cut costs significantly but also realise their goals more rapidly because managers and employees are motivated to help. Changes are then also more likely to stick.”

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Credits:
Source Article: In a Downturn, Include Your Employees in Cost-Cutting Decisions
Author(s): Patrick Daoust and Paul Simon
Publisher: Harvard Business Review