Ah, if only I weren't too keenly aware of many, many, many companies that never took these steps and simply piled up more and more and more duties and responsibilities without any support or compensation increases at all.
{The following quote is part of the Retrenchment Strategies Determination and Implementation Section... out of Hunger & Wheelen "Essentials of Strategic Management", 2007, p.142}
Guidelines for downsizing:
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Invest in the remaining employees. Because most "survivors" in a corporate downsizing probably will be doing different tasks after the change, firms need to draft new job specifications, performance standards, appraisal techniques, and compensation packages. Additional training will be needed to ensure that everyone has the proper skills to deal with expanded jobs and responsibilities.