The breadth of these effects explains how post-layoff underperformance happens — and how it can be missed, since the impacts are dispersed throughout the firm in activities and functions that might not appear at first to relate to layoffs. There are many important reasons for restructuring and workforce reductions, including ownership changes through divestitures and M&A activity, efficiency improvements, down market conditions and financial challenges, and geographic and market changes.
: “Far from cutting-edge, these layoffs mark a revival of long-discredited corporate strategies. If the trend continues, history suggests these tech leaders will leave their companies severely crippled, at best.” Dave Cote, who engineered the turnaround of Honeywell in the 2000s used furloughs rather than layoffs to reduce costs during the Great Recession. Cote’s intact workforce enabled him to continue product development, earning Honeywell a three-year total stock return between 2009 and 2012 of 75% — more than 20 points higher than GE, his nearest competitor. Cote didn’t hesitate to use mass layoffs when exiting underperforming businesses.
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