Discuss how you would handle a retrenchment strategy for a firm.

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Retrenchment strategy usually involves efforts to ensure that costs are minimized, higher profits are achieved, some non-productive processes are shut down and in this process some jobs are also lost. The number of employees working with the organization decreases.
Three very important aspects of a retrenchment strategy are:
Dissolving
Turnaround
Investment in some other product
This can be handed in a number of ways. I would ensure that minimum jobs are lost so that minimum reluctance is achieved; I will move the employees to some other process or would arrange an alternative job for them. Production would not be completely stopped rather it would be reduced so as to ensure that certain loyal customers are being served and some costs would be saved along with the market reputation intact. The news for retrenchment would be floated much before so that employees can take necessary action and the goals of business are achieved in an ethical manner. Genuine reasons for retrenchment would be given so as to ensure there is no ambiguity and people also understand the reasons for such a step. I will monitor the entire process and when things start becoming stable I will again think of scaling things up so as to ensure sustained growth and market share.

Rahul Sunny answered 1 year ago

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