Glimpse into Finance crystal ball shows bleak picture
Effects of the credit crunch are already being forecast, as many finance execs plan to take drastic measures to control costs next year.
The most common measures include increased payroll cuts and decreased operating costs.
According to recent survey at a national conference, 56% of CFOs said they would be forced to cut payroll in 2009.
Fifty-seven percent of the respondents also predicted knocking operating costs down by more than 5%.
Will these measures help? Not in the short-term. Half of the survey participants believe the upcoming year will result in a decline in company revenue.
The key to surviving in this type of climate is retaining your top talent and keeping them motivated and productive. As we reported previously, there are practical, proven ways to get the most out of your staff.
If you’re one of the many companies cutting payroll, you’ll probably need to do more with less.
And if you have to make cuts, remember, the remaining staffers are likely to be rattled. Allow them ample time and opportunity to voice their concerns. Downsizing needs to be handled delicately, or you can end up losing some of your top performers.
- Share on
Free Training & Resources
Webinars
Provided by Insightsoftware
Webinars
Provided by SkyStem
Further Reading
Influential people who have positive attitudes can help others around them think more positively. The opposite is also true. Negative pe...
Missed payroll is more than a cash flow problem – it’s a federal wage violation. A Newport Beach construction contractor learned th...
The feds are making an example of companies that don’t keep records of electronic communications. Even the numbers-crunchers arenR...
You just can’t always tell from an interview if certain applicants may require more praise and (ahem) hand-holding than other job can...
If a poll of attendees of a recent IOFM webinar is any indication, it’s going to be a very busy Form 1099 reporting season in 2024 fo...
In today’s finance world, being flexible is supposedly the most valuable workplace asset. Research proves it: 94% of employees say...
