Few of us have been able to escape the unwanted, but necessary, cost-cutting initiatives of our employers during the past three years of the recession. In the interest of self preservation, we have combed through each line item of the corporate budget looking for hidden treasures to help sustain us until consumer demand returns.
In addition to reducing the true costs of our goods and services, we have also turned to cost avoidance initiatives to help shore up the bottom line by delaying a multitude of expenditures, such as upgrading machinery, hiring new employees, and training efforts. This short-sited approach is great in the near term, but in the rush to save one dollar today, we often times fail to fully consider the long-term implications.