Cut the cost of PSF staff creatively in a recession

An interesting excerpt from Stephen Shapiro’s blog:

6 Ways Innovation Can Recession-Proof Your Business

“Sometimes you only want temporary measures to help you ride out tough times. I worked at Accenture, the large international management consulting firm, for 15 years. During my time there we went through three recessions. Each time the pattern was the same: the economy tanks, customers reduce spending on consulting, Accenture lays off employees, the economy picks up, Accenture scrambles to hire talent. During the 2001 dot-com bubble burst, they used a different approach. Instead of handing out pink slips, they offered a leave of absence for a period of time. The employee on sabbatical would get 20% of their salary (plus benefits) and would be assured a job upon their return. This helped match supply with demand, while keeping morale relatively high. Sometimes a creative solution can help you smooth the ups and downs of the economy.”

 

 

Ideally, any staff who do (want to) come back will return armed with new ideas, insights and experiences - as well as an added respect for your firm’s creative and longer-term perspective.