The word ‘downsizing’ is often accompanied by a cloud of negative connotations, but it is rarely the result of poor employee performance or leadership mismanagement. Instead, downsizing usually results from other factors like an economic slowdown, overcrowded market, plant closure, or manufacturing outsourcing. Downsizing is simply part of running a business, just like managing rapid growth, which means that leadership must plan, manage, and execute it correctly.
At the most basic level, managing downsizing requires four steps: developing selection criteria, determining how much notice to give, providing outplacement support to employees that have been let go (where applicable), and protecting employee productivity and morale among retained workers. These activities are typically considered part of HR’s purview, but downsizing has implications that trickle down into other areas of the business. There are numerous bookkeeping implications during downsizing as well.
How many vacations should business owners take?
If you have to ask, you are not taking enough.
Americans are taking fewer (and shorter) vacations overall and this trend is magnified at the top of organizations. Business owners are less likely to take much needed vacation time than lower level staff, especially at small businesses and startups. In fact, only half of small business owners plan to take a vacation in the next year and of those, 26% will just take a few days off.
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