What a difference a year makes! Happy Labor Day….I think?
I went back and looked at my Labor Day post from last year (and the prior years before that). I try to keep it employment related for this update. Last year, I was talking about the continued issues with finding staff and what the appropriate way would be to classify them. This year, I am seeing more in the way of layoff announcements.
Just yesterday, Goldman Sachs announced that it was laying off over 1,300 workers (or 3-4% of this workforce). In the release, they couched it by saying this is a normal annual reduction. However, I would venture to guess that more are to come. The employment numbers are trending in the wrong direction and inflation’s impact on the consumer (driver of 2/3rd of the US economy) continues, albeit at a slower pace.
With that being said, as a business owner, you may be thinking about your current workforce and how it matches to the demand levels from your customers. Do you know the appropriate way to let go of a worker in the form of a layoff? If not, check out these helpful articles:
- Employee Layoffs: Important Steps to Consider (adpinfo.com)
- How to Lay Off Employees? 5 Steps to Conduct a Successful Layoff | Careerminds
- How To Lay Off Employees: A Small Business Guide(paymentdepot.com)
I do hope that the unfortunate decision to make layoffs do not happen. However, a business owner’s chief objective is to stay in business.
Other items of interest:
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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