Good article, edited:
Layoffs should be the last resort, not a knee-jerk reaction to please shareholders.
A great CEO will first attempt cost-cutting measures and involve the entire workforce.
Involve employees to develop strategies.
Share information. Leaders should not run and hide in the board room. If the leaders are not out front communicating, employees will create answers to their own questions. And certainly do not force the employees to read news about their very own company in the media. Leaders are better off sharing information and often.
Great leaders start cost cutting with themselves. Leaders should lead by example and that means cutting their own salaries and benefits if that’s what is needed. Don’t ask employees to do something you are unwilling to do yourself. Suspend bonus payments for executives. This will send the message this is a team effort.*
What are other alternatives to layoffs?
Voluntary retirements.
Allow normal attrition to slim down workforce.
Reduction in hours for non-exempt employees.
Offer unpaid leave. There could be employees who would like some time-off to handle some personal matters, further their education, etc.
Offer reduced-salary sabbaticals with benefits.
Impose a hiring freeze.
Quickly work with under-performing employees. If they do not improve, respectfully part ways.
Cancel business travel, especially with the current accessibility of video conferencing.
Great companies outperform their competition, attract and retain the best talent, enjoy greater cooperation among team members, and experience high levels of customer satisfaction and employee innovation.