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Short-term incentive plans, which are typically earned over a one-year period and paid in cash, can keep employees laser focused on the near-term goals of the company.

Many tech companies like Twitter and Meta have made drastic cuts to their workforces to reduce labor costs.

For example: ;For roles where you recruit from the immediate area (e.g., administrative staff, retail managers), you would look at city-specific data.; ;If you’re a healthcare tech company, you might use a “software or software-as-a-service (SaaS)” cut for your engineering team and a “healthcare services” cut for your clinical staff.; ;For positions with transferable skills across business sectors (e.g., accounting roles), you might use an “all industries” cut.; ;Cuts by organization size might be used for HR or operations leaders to ensure the data reflects the role’s scope of responsibility.; To illustrate, when setting a salary range, your market philosophy tells you what cut to open (e.g., software engineers in Seattle), and your compensation philosophy tells you what number to pull from that cut (e.g., the 75th percentile to lead the market).

Microsoft to Lay Off Hundreds in Azure Business Microsoft is cutting hundreds of employees from its Azure cloud business, according to Business Insider.

Last year, the company announced plans to cut 1,400 jobs amid restructurings.

Whole Foods Market Consolidating Business, Cutting Corporate Jobs Whole Foods Market is planning to cut several hundred corporate jobs, the company said, as the grocer reorganizes its structure to simplify operations, the Wall Street Journal reported .

More Tech Layoffs Announced The list of tech layoffs continues to grow as Google and Spotify have both announced cuts to their workforces.

Nokia to Cut Up to 14,000 Jobs Nokia said it would cut up to 14,000 jobs as part of a cost reduction plan following a plunge in third-quarter earnings, CNBC reported .

.; ;Ensure employee resource groups (ERGs), mentoring and sponsorship don’t disappear in cost-cutting rounds because their value isn’t easily captured on a spreadsheet.​; In practice, this means HR reframing what had been known as DEI to instead revolve around critical infrastructure that impacts rewards, performance management, leadership development and workforce planning.