7 Things Firms Can Do To Save Costs Apart From Cutting Full-Time Headcount

Here's a note of 7 things firms can do to meaningfully save on costs without cutting back on full-time headcount.

1. Cut back on engaging consultants

2. Reduce the number of temp or interims workers

3. Delay / cancel non-essential IT or other projects

4. Impose a hiring freeze

5. Sell off non-essential / under utilized office buildings

6. Reduce end-of-year bonus pools

7. Cut salaries

This clearly isn't a very promising list, as (2) could create operational problems, (5) would only result in longer-term cost savings, (6) could impact the retention of key staff, and (7) would be difficult to implement.

When all is said and done, you can see why headcount, being by far the biggest single cost at most firms in any case, is the quickest and the most obvious thing to cut when costs come under the microscope.

image: © alanclarkedesign

Have something to tell us about this article?

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...