Redundancies have long had a negative connotation in businesses, especially as a staple of a recession. For example, a paper for the Institute for Employment Studies recounts the need for businesses to search for redundancies and layoff employees. These decisions were made during the recessions in the 1990s and in 2007. However, creating redundancies to survive a slump might be the better option in some cases. This blog will tackle what redundancies are and how you can leverage them to work in your favor.
What are Redundancies?
At MOVE we believe redundancies can be a strategic decision for business owners. It is hiring several employees who have similar skills and where one can easily step in for one another. This allows you to have a stable team even when someone is sick, has an emergency, or has to leave your company. Redundancies can help you survive a slump and provide stability for your team.
The Advantages of Creating Redundancies
Despite the reputation of redundancies in business, this phenomenon can lead to several positive effects for your growing business:
Focusing on Core Business Roles
You can create redundancies when you partner with an outsourcing provider who can easily manage and monitor your redundant employees for you. Once you find a trusted partner, you can focus on your core business activities and roles. This means you will have more time to accomplish high-value tasks to generate revenue.
Boosted Employee Morale
A study published in the International Journal of Economics & Management Sciences points out the low morale that comes with layoffs from redundancy. Conversely, if you strategically create redundancies you are distributing work to more people and providing security for your in-house team.
Flexibility
As businesses navigate the uncertainty brought by recessions, strategic outsourcing emerges as a practical solution for creating redundancies that enhance resilience. According to International Labour Review, redundancies provide adaptability within a company.
The Bottom Line
In conclusion, recessions can bring about many changes that strategic redundancies can help with. Embracing outsourcing can provide the redundancies and stability needed to weather the storm and emerge stronger on the other side. Approach creating redundancies with a reliable team on your side with Managed Outsourced Virtual Employees or MOVE. Contact us for more information.