Manager Mock Interview
Practice 32 Manager interview questions covering leadership, team dynamics, and strategic decision-making.
Question 12 of 32
Tell me about a cost-cutting initiative you created at your last position. Was it effective?
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Ryan Brown created and launched MockQuestions in 2008.
Many management roles also require budgetary responsibilities, and the interviewer would like to know that you take finance-related responsibilities seriously. Maybe you actively look for ways to save your employer money. Perhaps you achieved cost-savings in the past by streamlining a process, minimizing the need to hire by doubling up on tasks, or procuring the best price from vendors. Be sure to include a tangible result, success, or achievement, when giving your reply.
Ryan Brown created and launched MockQuestions in 2008.
"In my current position, I changed vendors for a few products and supplies because they were offering a better price. With some, I negotiated better interest rates and asked our service providers to be more competitive. In the first year of joining Company ABC, my cost-saving actions saved them just under 60K."
Rachelle Enns is an interview coach and job search expert. She works with candidates to perform their best in employment, medical, and post-secondary admission interviews.
"While working for Company XYZ, I worked very hard to wear many hats so that my employer did not have to hire out certain tasks. For example, I offered to manage the social media accounts because I am good with that. As the Assistant Manager, it wasn't in my job description, but I knew I could do it, so I offered."
Rachelle Enns is an interview coach and job search expert. She works with candidates to perform their best in employment, medical, and post-secondary admission interviews.
"I saved my previous company nearly 1M over two years by sourcing a new production partner from China. They offered the same great product at a much more competitive price and also offered drop-shipping on a number of products. I love to seek out new opportunities to present cost-savings to my employer."
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Anonymous Answer
I had a rep that was using more travel budget than any other person on my team, and it was determined that she was not booking through our travel center. After speaking with her, I learned that she didn't like to stay at chain hotels, and her airline bookings were scheduled for off-hours that dramatically increased pricing. When I showed her how much more money she was spending than the rest of the team and how much time she could save by delegating her travel plans. This effectively cut costs by more than 50% the next quarter, and it was never a problem again!
Rachelle's Feedback
This example shows your keen eye for detail and the fact that you have a thumb on the beat of everything around you (what your team is doing). Great solution!
Anonymous Answer
Hard negotiation with the vendors, low-cost design and engineering approaches, and in some cases, instead of cost-cutting bringing more revenues to the company, which is equivalent to cost-cutting.
Marcie's Feedback
These are all great ways to cut costs. Were you effective at doing that? Can you talk more about how exactly you implemented these initiatives and what the results were? Being more specific will make your answer stronger.
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