He Asked His Team How to Avoid Layoffs. Their Response Thrilled Him.Before making a tough decision that impacts your team's future, Gravity Payments CEO Dan Price has a simple suggestion: Ask them for advice. It worked for him.
ByStephanie Schomer•Originally published
This story appears in theDecember 2020issue of狗万官方.Subscribe »
The year 2020 was rocky. Millions of people were laid off or furloughed. The pain may continue into the near-term future — but even once our lives stabilize, this won't be the only time aneconomystumbles. Companies will again face this choice: Eliminate a great team that'll be difficult torebuild,or somehow absorb massive financial losses.
Dan Price says there's a third way, and he proved it out this year. The solution, he says, is to act as a team. "Your team is so much smarter than you," Price says. "Mine is. Give power to your people, be honest and democratic. They will find solutions that you can't see."
Continue reading this article — and all of our other premium content with Entrepreneur+
Join the internet’s leading entrepreneur community! With your subscription you’ll get:
- Unlimited access, including premium content
- No ads
- Subscription to狗万官方magazine
- Four free e-books a year
- Subscriber-only events with our experts