Layoffs can be costly both to companies and to the employees whose lives they disrupt. But a handful of companies have managed to go decades without laying anyone off—even during such tumultuous times as the Great Recession and the Covid-19 pandemic.

We took a look at the common traits a few of these companies share, and how they’ve been able to prevent layoffs:

They treat employees well: Publix has been on Fortune’s Best Companies to Work For list for 26 years and Nugget for 17 years. Nugget offers premium-free insurance for full and part-timers, while Publix staff who work 10 hours a week or more can receive tuition reimbursements.

Lincoln Electric’s employees agree to an usual deal known as the Guaranteed Continuous Employment Plan: In exchange for a promise not to be laid off for lack of business, they must be willing to be paid by the piece and work fewer or more than 40 hours a week as demand dictates. At the end of the year, they’re paid a bonus based on company performance, which often totals 50% or more of their base pay.

They take care of staff during hard times: At the beginning of the pandemic, Torani leadership discussed what cuts they could make in lieu of layoffs if revenue fell. Nugget began hiring at the start of the pandemic to help people who lost jobs, the Davis Enterprise reported, and was one of the first US employers to offer “thank you” bonuses for working during Covid.

Click through for more on how these companies have avoided layoffs.—CV

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Target revised its full-year guidance downward after a disappointing second quarter, the retailer’s CFO, Michael Fiddelke, said during the company’s Q2 earnings call on August 16. Its revenue and sales both dropped 4.9% in Q2 2023, and same-store sales were down 5.4%. The company revised its adjusted earnings per share guidance for the year to $7–$8, down from $7.75–$8.75.

Chairman and CEO Brian Cornell cited lower consumer demand for discretionary items as one reason for the sales slump. While categories like food and beverages and essentials grew, chief growth officer Christina Hennington said discretionary categories like apparel, home goods, and hardlines declined. Beauty products were also a growth category; the Ulta ministores within some Target stores performed well.

Backlash to Target’s Pride merchandise, as well as dissatisfaction with the store’s response, also played a role in the weak performance. Same-store sales slipped in May and June, Cornell said, but recovered in July, when Pride Month ended.

Click here to keep reading about Target’s headwinds.—CV

Jon Apter is chief financial officer at Accordion, a financial and technology consulting firm focused on private equity.

How do you think the CFO role has changed over the past five to 10 years in the private equity space?

Private equity firms are now much more willing to invest in portfolio company CFOs—and the finance function in general—than they were 10 years ago. Back then, you could have a CFO and two or three people—usually an accounts receivable clerk and an accounts payable clerk—as your entire finance department. Now, companies are willing to invest in highly qualified people, and highly compensate them for their efforts, because they see the value in a well-oiled finance function. This is a reversal from the earlier thinking that viewed everyone and every new hire in finance as an added cost, and not as a potential driver of transformative value.

What advice do you have for future CFOs?

Know that you may sometimes need to be the dissenting voice in conversations with senior leaders who are eager to dive headfirst into new initiatives and plans without considering the larger financial picture. Also know that the job responsibilities and requirements of a CFO are always evolving. If you’re taking on a CFO role because you’re looking for stability, you’re in for a rude awakening. CFOs are constantly thinking about their business and ways to improve it.

To hear about the role of the PE CFO, click here.—CV

Today’s top finance reads.

Stat: 90%. That’s how much total inflation was made up of shelter costs last month. Experts are expecting that number to fall in the coming months. (CNN Business)

Quote: “This was long a matter of, if not when. These trends have been building for a long time. Modelo has been on a rise and Bud Light’s been on a decline as we’ve seen overall shifts in the beer market in the last 10 years.”—Bart Watson, Brewers Association chief economist, on Modelo overtaking Bud Light as the most popular beer in America. Modelo attributes a long-term strategy for taking the top spot that would have happened without Bud Light’s recent slump. (CNBC)

Read: Revamping the PCAOB is tough sledding and not everyone is onboard. (the Wall Street Journal)

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