What's wrong with bloat? Isn't profitability the goal, not efficiency? If it's best achieved by having more resources so you continue to be profitable when one resource is unavailable, then have more resources. This is as true of hard drives and fire exits as it is of employees.

Expanding on a point by brational, see Tom Demarco's book Slack: Getting Past Burnout, Busywork, and the Myth of Total Efficiency. It makes the argument that if your goal is long-term profitability, you must have some excess capacity in human resources at all times. http://amzn.com/B004SOVC2Y

How are you defining efficiency? Do you think it smart to have all of your staff 100% working at all times? What happens when new work comes?