Downsizing can have adverse long-term consequences that some companies never recover from. According to Harvard Business Review, downsizing firms .. Read more were twice as likely to declare bankruptcy as firms that did not downsize. Losing employees with valuable institutional knowledge might have created many operational gaps as well. Your existing credit department may be struggling to manage increased workloads and stress, trying to do more with less, bringing down the overall team productivity. They may have also lost trust in management which inevitably results in less engagement and loyalty.
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