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Vocabulary for communicating cost cutting measures

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To improve the financial health of an organisation, many times companies have to resort to cost cutting measures. These are initiatives that aim at reducing expenses of the company via measures, such as lowering salaries of employees, downsizing on office stationary, conserving natural resources or even consolidating office spaces. The steps to reduce operational cost of any business unit depend on the type of work and the economic situations. It is difficult to communicate cost-cutting measures to employees as more often than not you will face a flak or opposition. How you communicate will decide the response that you get from your audience – an understanding eye or agitation. Today, let us look at how you can wisely choose your words while communicating cost-cutting measures.


Vocab Guide

Here is a list of words that indicate cost-cutting.
1. Cut-back
2. Save
3. Economize
4. Cut corners
5. Pinch pennies
6. Tighten one’s belt
7. Retrench
8. Curtail
9. Downsizing
10. Skimp

Now, let us look at a few common phrases that you can use to communicate cost-cutting measures.
- In this difficult economic crisis, we are trying to weather the storm by cutting the operational cost.
This is a perfect example on how you can communicate with your employees in a crisis situation. You need to put forth your plans on how the company plans to deal with the situation and what employees can expect in the near course. A better informed employee will willingly accept the cuts but with some you will have to handle the communication carefully. Hence, communication plays a vital role.
- The company has hit a rock bottom in its sales and hence, there is no other way but to layoff the non-performing staff.
This aptly communicates that the financial situation is bad and the company cannot go any lower as that may call for a shut down.
- The project is heading towards failure, let’s cut our losses before it’s too late
In short, you are communicating that the project in question is not doing too well and it is better not to take it forward and conclude it here only.

In Conclusion
To communicate cost-cutting measures is a difficult task, but not for fluent communicators. You need to stay calm and choose your words wisely as such situations may give way to conflicts and stress. Practice your spoken English skills before you approach such a situation. For more help on vocabulary and to improve your spoken English skills, you can join our online English learning course.

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-By Shailja Varma

 

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