Podcast
Play an AI-generated podcast conversation about this lesson
Download our mobile app to listen on the go
Get App
Questions and Answers
What does downsizing involve?
What does downsizing involve?
- Increasing the number of management levels
- Hiring more freelancers
- Reducing the number of employees (correct)
- Reshuffling job roles
What is the main reason behind Modco restructuring to become flatter and leaner?
What is the main reason behind Modco restructuring to become flatter and leaner?
- To reduce profits
- To decrease efficiency
- To increase costs
- To reduce costs and increase efficiency and profits (correct)
How did Modco handle the downsizing situation?
How did Modco handle the downsizing situation?
- By offering permanent contracts to freelancers
- By increasing the number of management levels
- By promoting all employees
- By outsourcing jobs and reducing management levels (correct)
What does 'restructure' mean, as used in the context of Modco?
What does 'restructure' mean, as used in the context of Modco?
Signup and view all the answers
What is a freelancer?
What is a freelancer?
Signup and view all the answers
What was a common outcome for many managers at Modco after the downsizing?
What was a common outcome for many managers at Modco after the downsizing?
Signup and view all the answers
Flashcards are hidden until you start studying
Study Notes
The Career Ladder: A Job for Life
- Traditionally, people worked for the same organization from entry to retirement age
- Career paths were clear, with opportunities for promotion to more senior jobs with greater responsibility
- Demotions were unlikely, and employees could leave the company by resigning or providing notice
Changes in the Career Ladder: A Job for Now
- Modco has downsized and restructured, reducing management levels from five to three
- Many managers have lost their jobs, and the company has become flatter and leaner
- The goal of restructuring was to reduce costs, increase efficiency, and boost profits
Outsourcing and Freelancers
- Modco has outsourced many jobs previously done by in-house staff, such as office cleaning, transportation, and customer payment collection
- Outsourcing allows Modco to focus on its core business activities
- The company uses freelancers, independent workers who may work for multiple companies, and employs people on short-term temporary contracts
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
