Letting People Go

One of the most difficult things for an Entrepreneur to do is letting people go, especially ones hired in the initial stages of the company.

The slow-down in the economy, budget cuts, tight cash flow situations and so on require Entrepreneurs to take drastic measures for the survival of the company. In this situation, the employees that are retained are ones who are multi-faceted and can handle varied responsibilities. Long term employees, though good performers, have to be let go to consolidate jobs and streamline the organization.

Entrepreneurs need to make reduction-in-force decisions based on the continuing needs of the company rather than past loyalty and emotion.

Spock, in the Star Trek series, has a famous line, “.. for the benefit of the many, a few have to suffer.” Entrepreneurs should heed to that thought.

Ravi Patel

 

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