Honeywell marked the success in the last six years where the CEO, Dave Cote, and his team made the significant contribution to lead the standing in the market. But after the recession of 2008 they encounter with a new challenge to mitigate the effect of the Great Recession.
As the CEO and his team want to retain the standing, they accomplished after their huge efforts in transforming an ailing Honeywell. They need to explore the ways to cut the spending in each operation of the business, as the demand has fallen significantly.
To reduce the workforce, they have the choices either to employ layoffs or to provide the unpaid leaves to their employees, with freezing the recruitment process. They might consider to change the employees and executive compensation programs and other incentives. However, each of the alternatives could divert the company’s momentum, thus it requires a great deal of concentration to implement these changes.
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