Being sacked from your company without prior notice is every employee’s nightmare. Well, this happened to more than 3000 employees of Twitter following Elon Musk’s takeover. Similarly, around 11,000 employees from ‘Meta’ were discharged from their duties to curb the rising expenditure amounting to more than $20 billion. The list goes on...
Sending pink slips is as challenging as receiving one. How can you adapt to such events as a talent manager? Let’s see how.
Clear Communication of Events
When things are going south during a layoff in the client company, they may leave out the critical details from the employees as they don’t want to discourage the team. However, this will do more harm than good. You should know that the employees will anticipate something’s wrong when they’re not informed about the events.
The company leadership must gather the relevant information and be transparent with their employees. This approach makes the transition process smoother for the terminated and existing pool. Consider what they are saying about the situation. It is critical that you maintain two-way communication.
“Okay, now what?” is something employees might think if they are about to be let off from their company. And it’s entirely natural for them to worry about what will happen next. A prominent hiring firm Zippia reported that 61% of adults between 18-34 have layoff anxiety.
Your duty as a talent management firm doesn’t end with hiring capable candidates. If you’re able to provide reasonable outplacement, it will allow the terminated employee to stay on their feet until they find another job that suits them. It also shows that you treat the ex-employee as a human rather than another tool in the shed.
“After a layoff, survivors experienced a 20% decline in job performance.” says a survey by Harvard Business Review.
Layoffs take a massive toll on the emotional and physical health of employees and the company. During such times, it is absurd to expect your team to work more hours or even take on the additional load of the ex-employees. Similarly, forcing employees back into the office to get more work done won’t do much good.
In such situations, understand that the employees are humans too. Reduce overall individual responsibilities so that it does not affect the productivity or morale of the team.
Prepare Candidate List
As companies let off their existing employees (be it for economic or performance issues), they’ll need a new set of candidates sooner or later. With a limited staff, they won’t be able to sustain their profitability in the long run.
This is where talent management firms play a crucial role. Since they already know the company requirements and have access to a broad candidate pool, finding suitable associates will take little time. You can also benefit from their consultation if you plan to rehire the ousted employees later.
Companies need to handle layoffs in a calculated approach to maintain a good balance of operations, especially when economic uncertainty looms around.
Is the current layoff season troubling your company? Can’t find suitable replacements? Feel free to book a meeting if you need professional talent management consultation!