staff retrenchment

Business Strategist, David Ofosu-Dorte, has advised business owners to hold off reducing staff even as businesses battle challenges due to the prevailing harsh economic conditions. According to him, while he agrees retrenchment is an easier solution to address the cash crunch, business owners must rather explore cutting administrative costs and increasing productivity instead. He noted that laying off staff will merely add to the social problems the country is facing and would not necessarily improve business. “I will look at the number, and I gave you percentages, if my percentage of remuneration or staff cost is above 35% of my…