What are some recommendations for handling downsizing strategies?
They refer to the scope or direction an organization intends to take in the long run. Strategies focus on identifying a business's strengths and solving its weakness to gain a competitive advantage over its competitors. Various types of strategies implemented in the market include operational, corporate, and business strategies.
Answer and Explanation:
Various recommendations can help manage downsizing strategies. First is the salary reduction used to mitigate financial pressure to aid the company to achieve stabilization. Second is the overtime pay cut to reduce the institution's expenses in the short run. Third, it's to temporarily shut down the facility, with a continuation in the administrative roles enabling a company to regroup and derive a suitable way forward. Fourth, it's mandatory vacations, which are unpaid to reduce the number of active employees in the institution. And finally, it's the hiring freeze, which prevents a company from hiring employees due to a shortage of finance in the organization.
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fromChapter 3 / Lesson 6
A business may employ different business strategies (or plans) to achieve its organizational goals. Define a business strategy and learn about its different types, including cost, differentiation, and focus strategies.