logo

Strategies for Reducing Expenses in Business Operations

   

Added on  2019-12-17

9 Pages1831 Words189 ViewsType: 189
FinanceLeadership Management
 | 
 | 
 | 
COST REDUCTION
Strategies for Reducing Expenses in Business Operations_1

Table of ContentsLabor cost reduction....................................................................................................................3Operating cost reduction..............................................................................................................5Capital expenses reduction..........................................................................................................7REFERENCES................................................................................................................................92
Strategies for Reducing Expenses in Business Operations_2

Labor cost reduction1.Review of the level of compensation- The salaries and wages of all the employeesworking in the same industry like oil and gas need to be reduced at a certain level.2.Revision of objectives- The oil and gas industry operates as per the changes takes placesin the outside entity needs to incorporate changes in their goals.3.Reduction of job cost- The unnecessary costs involved in an entity will get reduces bydemoting unwanted personnel on temporary basis.4.Changes in working hours- The overall changes in normal working hours will decreasethe daily personnel cost by shifting on weekly and monthly basis.5.Improving skills of existing employees- The skills and knowledge of employeecurrently working in the factory will be improved to reduce personnel cost of appointingnew employee.6.Reduce employee turnover- The current employees are motivated in an enterprise inorder to decrease the overall cost of personnel.7.Revision of plans-The company operations related to the recruitment, selection,employment and training are improved to retain all employees at their current position.8.Performance appraisal- Employees are promoted by providing recognition in form ofpromotion from lower to the higher position will decrease additional cost.9.Cross train employees- Training are provided by executives to the lower subordinateswill reduce the overall cost to be incurred by an entity.10.Setting of work priorities- The systematic work goal are decided in a day to be met bythe existing employees within a given time frame will decrease the need of moreemployees.11.Expert visit- The training cost incurred by an entity will be reduced by inviting industryexperts to teach all the workers.12.Reducing payroll expenses- The expenses are specially handled by HR manager byappointing for temporary basis.13.Schedule of holidays- The schedule has been prepared by informing all importantholidays to be taken by employee without affecting the work.3
Strategies for Reducing Expenses in Business Operations_3

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
The History of Steel in Baltimore
|3
|705
|32

Issues in Financial Management
|9
|2102
|33

Professional Communication Sample Assignment
|9
|1956
|84

Queensland Real Estate Licence Course Income and Expenses
|4
|533
|306