- Determine what people assets are critical for you to keep? List why they are critical.
- Determine who could “afford” a salary cut including you and family members in the business.
- Determine who could undertake more responsibility.
- Identify who are your definite keepers.
- Make a plan so that you know if you had to cut 10 percent of your workforce, what your severance policy would be.
- Plan how you would you treat departing people so as to engender trust, respect, and loyalty of those remaining.
- Plan how would you implement a people “cut”.
Information from Ed Hess, Professor of Business Administration, Darden School of Business, University of Virginia.
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