Every time the phone rings these days it seems it is another company needing assistance on how to downsize. The old adage of feet have dollars attached is definitely being utilized now. We have offered a few alternatives to actually terminating employees if you can:
1. Look at asking for volunteers to go to part time status for a period of time
2. Have your management team take a day a week or month without pay
3. Have your management team and/or employees take a week off without pay. If you spread this over several pay periods, it makes the financial hit less.
4. Ask employees and management to take a reduction in pay. A good idea is if you are going to ask for a 15% reduction - try to take 5% of that and tell the employees you will reinvest it in building the business. Creating new marketing strategies, etc. This adds a positive to a negative