What Would You Say You Do Here – Layoffs and RIFs
Hello Everyone:
Companies are in the business of trying to get ahead of changes in their markets. Unfortunately, when economic conditions don’t look as promising, layoffs, staff reductions, reductions in force or whatever the latest term that is used become an all too common phenomenon.
If you look at the latest reports, the job market is still solid. However, everyday there are new announcements about coming layoffs. It started in the tech industry moved to the financial service firms and is slowly making its way into manufacturing. Companies that over-hired or may not be as financially sound are the first to employ such cost saving tactics.
So, what does this mean for you as a business owner? Are layoffs the way to go? Below are some interesting insights on this unfortunate, but very real cost control tool, why it happens and how companies approach it:
- Here’s how to know if your company’s layoff policy is a ‘good’ one (cnbc.com)
- Tech layoffs bleed into 2023. Why companies are firing workers (usatoday.com)
- How Layoffs Hurt Companies – Knowledge at Wharton (upenn.edu)
- 13 Reasons for Layoffs Within an Organization | Indeed.com
- A Scripted Layoff (shrm.org)
If you’re a business owner and need to reduce your workforce, it’s important to have a plan in place and be as clear as possible with its communication. On flipside, I would not suggest you use Office Space as your model.
Other items of interest:
- Transforming and Elevating Your Finance Function Webinar (RKL CPA 2/1/23; 11am-12pm)
- Cybersecurity: a C-Suite Priority | Stambaugh Ness (2/21/23; 2pm-3pm)
As always, please don’t hesitate to email myself (jsanders@mpl-law.com), Andy Miller (amiller@mpl-law.com), Christian Miller (cmiller@mpl-law.com), Erik Spurlin (espurlin@mpl-law.com), Brad Leber (bleber@mpl-law.com) or anyone in our office with questions or comments.
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