The article discusses the misconception that efficiency improvements in companies automatically lead to job cuts. It emphasizes that cutting jobs can paradoxically decrease efficiency by losing valuable talent. Amidst economic challenges, businesses need to rethink efficiency by starting with clear objectives. Instead of focusing solely on cost-reduction through layoffs, companies should utilize data and modern technologies like AI to enhance productivity without compromising workforce quality. Effective efficiency strategies should address the unique challenges of each organization, encouraging long-term, sustainable growth rather than short-term savings through downsizing.
Efficiency means different things to different businesses, after all. One furniture manufacturer might have a goal to produce as many chairs as possible, while another decides to focus on quality over quantity.
In fact, they could lead to exactly the opposite: loss of high performers or critical talent.
Laying off 10% of your employees might yield short-term savings, but in the long run, it's exceedingly hard to cut your way to better results.
Getting more with less requires thinking differently and using data differently, with a little help from AI.
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