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Cost cutting has become a standard operating procedure for many organizations, but there are hidden costs in cutting costs. Culture suffers the most and the cost to a culture might be ireparable.
Keeping employees informed will go a long way towards keeping them engaged. Too much silence leads to rumor and speculation. Better to be transparent and tell it like it is, just keep the message focused on the positive and the future. Your employees will reward you by working harder and getting your organization through these tough times if you keep them focused on creating a brighter future.