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Responsible Restructuring by Wayne F Cascio

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3A Baker’s Dozen Myths versus Facts about Downsizing

When confronted with the need to reduce costs, many of the same executives who tout people as “our greatest asset” see those assets as ripe opportunities for cutting costs.

MYTH #1 ∎ Jobs are secure at firms that are doing well financially.

FACT ∎ Preemptive layoffs by large firms are common.

Today’s job cuts are not solely about large, sick companies trying to save themselves, as was often the case in the early 1990s (e.g., IBM, Sears). They are also about healthy companies hoping to reduce costs and boost earnings by reducing head count (e.g., Goldman Sachs, AOL). They are about trying to preempt tough times instead of simply reacting to them. These layoffs are radical, preventive first ...

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