Cost-Cutting Strategies: How Are You Tackling Budget Challenges in Your Workplace?

Hi Friends,

Please see the attachment regarding cost-cutting strategies and steps. Keep smiling.

Mahesh K. Prasad

Hi Shilpa,

Please read carefully, all the detailed process has already been provided.

Regards,
Mahesh K Prasad
9820775178

Good post there, as they say, question everything. Look at your expenses. Ask yourself how each expense adds value to your organization. How does it contribute to your bottom line? What are some alternatives? Is there a cheaper/better/faster way of getting something done?

Thanks for sharing it.

Dear Friend,

There are a few more ways of cost-cutting:

- Employees should consume their available leaves so that no leave encashment for the next 12 months or accumulations.

- Multitasking: To rationalize costs, look at manpower. Analyze the job of each individual. Can he/she be given additional responsibility instead of recruiting another person, even if there is a vacancy? This would not only enrich the individual but also reduce the cost of a new hire.

- Further recruitment should be closed.

- The company should try to take on new projects so that excess manpower can be deployed on those projects.

- Collect and pool all of the remaining resources. If the resource isn't being required, determine if some training can make that resource substantially more effective to you! If so, invest in the training and then use the resource for a high leverage project.

- Discourage employees from working beyond office hours. It will help in saving electricity and the cost of evening snacks (if they are being provided at the company's expense). It will help employees with time management. Families of employees would be delighted to have their members back at home. A happy family rubs off on employees, which is very motivating.

Regards,
Yogesh
Mail Id - Cool1yogesh@gmail.com

Thank you for sharing good information on strategy. Your contribution to the CiteHR Community is useful, and I appreciate the same.