A recent study by the Chartered Institute of Personnel & Development concluded that making job cuts should be the last resort in the current economic downturn, after revealing that the cost of laying off an employee could be more than £16,000.
Against this another study revealed that 69% of Financial Directors feel under pressure from board colleagues to find more ways to cut costs. With Britain now officially in recession, how does a business keep costs in check to maintain a healthy bottom line without necessarily making redundancies?