I worked for several years in gmi(gross margin improvement), basically cost cutting. People are cheap. In general most workers are 60k-100k total compensation. The best ways were 1. Cut time per product made, make it quicker to make your product so you can make more. 2. Decrease downtime, both periodic maintenance and unexpected issues 3. In house vs outsource stuff. You need some plastic piece, it might be cheaper to outsource if you don't have the machines and expertise to do it well. 4. Increase yield and monitor yield.

None of this involves cutting jobs. Most will give higher return in savings than cutting jobs.

For example we had a process that had a 87% yield. We got new fixtures for about $50k. Yield went to 99%. Saved just under a million per year. Same jobs, no one was let go. The only downside to the workers was by increasing yield, with similar quantity required, there was less need for overtime and some people like that for the extra money. But also additional savings for company which we were not allowed to claim credit for.

People over estimate the cost of workers in total cost of product.