A recently released job report by the technology sector Challenger, Gray & Christmas shows companies announced 76,835 job cuts in November, which is a 276% increase compared to October. Several companies have contributed to this number, including Amazon, Apple, Twitter, and Meta.
CNN has also recently announced ahead that employees could expect a large number of layoffs. While the media company chose to give a decent heads-up, other companies like Twitter have been criticized for its handling of layoffs.
As a business owner, the current job market climate is likely causing you to deal with on-edge employees and your own realization that you may have to announce a layoff at some point. So, how do you handle the two issues?
According to CNBC, employees are probably reacting to frequent headlines of layoffs by engaging in what’s known as “career cushioning.” This means they are tweaking their resumes, reaching out to their network, and working on learning new skills. While the practice of “career cushioning” is not a bad thing, it can cause a decrease in productivity in the office. Employees are so focused on an exit plan they completely forget about their current job.
Experts suggest one effective way to calm employees is to be clear about if or when you expect to lay off employees.
After determining how, the next dilemma is when to announce a layoff. Insider reports, HR experts believe CNN’s decision to give employees a heads up about layoffs showed compassion as well as transparency. The advance notice gives employees time to emotionally prepare. This is helpful to avoid negative reviews when it’s time to start hiring or rehiring in the future.
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