Involuntary terminations, layoffs, and reductions in force – OH MY! While we've explored strategies for Avoiding Layoffs, it's not always feasible, particularly in an era shaped by generative AI and organizational restructuring driven by evolving consumer demands. Taking a moment to focus on the tech industry, 2023 earned the title "Year of Efficiency" as 1,186 tech companies let go of a staggering 262,582 employees, as reported by the tracking website layoffs.fyi. As we step into 2024, the trend persists, with nearly 60 tech companies already laying off over 7,700 workers (refer to the Figure). This pattern extends beyond tech, with manufacturing, hospitality, and retail experiencing the same.
When the decision is made to let folks go, there are many things to consider. However the separation event is termed, letting employees go is a process that should be undertaken with care, balancing the legal and human implications. Treating departing employees with empathy and respect not only upholds the company's values but also contributes to maintaining a positive work culture during an otherwise frightening time. A proper offboarding procedure, which acknowledges the individual's contributions, clearly explains the situation, and outlines the next steps, can significantly ease the impact of the transition. But that only goes so far.
Add some ACTION. Engaging a third-party career development service for departing employees is more than just an excellent gesture, it is a statement, and is highly effective at preserving both company culture and professional relationships. Providing assistance with these services demonstrates a commitment to the departing employee’s ongoing success and reflects positively on the company's commitment to employee well-being both internally and externally.
Did you know Leath HR Group has a Career Transition Program? Our program goes beyond traditional career development services as we offer a single package that includes resume and cover letter preparation, personalized coaching with interviewing and salary negotiation tips, industry-specific insights, social media makeovers including LinkedIn best practices, development of a job search strategy, and networking opportunities. We understand that each employee's journey is unique, and our comprehensive program is designed to empower individuals during this time of uncertainty. By partnering with Leath HR Group, companies not only demonstrate their dedication to employees' success but also provide them with the tools and guidance needed for a smooth and successful transition. Contact us - we can help you help your people: [email protected]
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