The conference paper deals with the Amoco sweeping plan to boost profits and expand operations in US. The company refocused its oil exploration strategy and sought a cultural transformation within the organization in addition to cutting payroll. The paper offers background to help understanding why corporate downsizing has become a popular and perhaps necessary management strategy using the collective experience of many U.S. companies to examine how downsizing has occurred and its human and financial consequences. The paper offers several approaches to workforce management, which address the need to increase employee productivity and corporate profits while minimizing the human and financial costs of layoffs. 40 refs.