Working Paper
Reducing Labor Costs: Choosing the Right Approach
CEOs are increasingly saying that their companies' human capital is its most important asset. It is also obvious that it is many companies' largest business expense. Because they are a large business expense, salaries and benefits are a logical place to cost cut. Thus it is not surprising that in response to the current recession many companies have laid off thousands of employees. But, wait a minute, aren't mass layoffs inconsistent with the idea that human capital is an organization's most important asset? I believe that they may or not be; it depends upon the nature of an organization's talent management strategy and whether there are better approaches to reducing labor costs.
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