BENCHMARK YOUR COSTS
Aug 20, 2020 Florent Hainaut #Business

Cost reduction: How to motivate your employees in times of crisis?

Do you think that when companies announce cost-cutting plans, they have them under control? 🔥🔥🔥

 

 

I see too many companies seeing cost reduction as a mere budgetary exercise where plans are played out and decided at the highest levels of the company, at management and executive level. 🏢
 
In a survey I conducted in 2018 among the TOP 500 companies in Belgium, only 17% of companies achieved the cost reduction targets they had set themselves. 📉
 
One of the problems is communication. The collaborators must become ambassadors for your plan. For this, it is very important that the plan makes sense to them. What are your ambitions and goals? 🚀
 
If cost optimization is used to finance your ambitions and the growth of your company, your employees will be able to take ownership of this plan. 📝
 
 
Really communicate about progress, delays, numbers, results to keep them involved and motivated throughout the journey. 🎯
 
And most importantly, when you reach the end of your journey, celebrate and thank all your colleagues because it is your success and theirs. 🥂
 
Champagne for everyone! 🍾
 
 
The Cost-Killer Minute in 7 episodes 🔥 :