This means employees who dodge the ax will have more responsibilities in 2023 than they do now and have to deal with the fear of an uncertain future as they wonder if they are next.
Company leaders must take aggressive action to minimize disruption and loss of confidence in the organization and its culture.
- Listen to what your employees are saying.
- Be transparent about the status of the economy, industry, and company.
- Don’t retaliate for honest feedback, no matter how much you “disagree”. Remember, it is their truth and it is your job to acknowledge that and work on bringing them back to prelayoff beliefs.
- Frontline management usually bear the brunt of the feedback and have had the most interaction with both the laid-off employees and the remaining ones. This makes them an invaluable resource to gauge the impact of decisions made. Do not leave them to fend for themselves! HR and Top management need to be closer than usual to these managers during the entire process. It will pay off in spades.
- Management must answer the “What’s in it for me” (WIIFM) question that all remaining employees will have. Most realize that they will have to pick up the pieces and take on more responsibility, but they are also wondering if they too should leave, some will start actively interviewing. You can reduce this by answering WIIFM.
- Active retention plans should be implemented for key employees
- Don’t let the fear of being sued stop you from doing the right thing. Business is all about determining risk and making a decision. If your actions can help an affected employee or positively impact a remaining employee, review with your attorney and make an informed decision.
No one is sure which way the economy will go in 2023, but if you want to have the most chances at success, you must protect and nurture your long-term culture.
