In a recent article, Korn Ferry lays out advice for companies aiming for change. Some of the firm’s tips for those at the helm:
- Start sooner rather than later; companies do not want to be the last to “throttle back.”
- Do not ask departments to cut costs equally. Instead, work with each team’s nuanced needs.
- Communicate what you anticipate is causing the shift. On the surface, many organizations’ finances seem fine, which can confuse employees.
- Explain the “big picture,” and clearly explain why this moment can bring it into focus.
- Do not linger during the layoff process, and move with empathy.
At Becker's 4th Annual CEO + CFO Roundtable, taking place November 2–5 in Chicago, more than 1,500 hospital and health system executives tackle decisions that determine whether organizations thrive or merely survive: protecting margins under cost pressure, choosing where to grow, renegotiating payer relationships, stabilizing the workforce and proving real ROI on technology. This is where leaders work through them together, face-to-face. Apply for complimentary registration now.