GD Resources’ Post

As business owners, how do you prevent drastic layoffs and retain employees? Share your thoughts...

📢 Layoffs kill #culture and diminish operational capacity. Are you looking for a different way to raise #profitability and enterprise value? #AIQ drives #technology expense reductions that can generate tens or hundreds of millions of dollars of savings, impacting your balance sheet without the negative effects of #layoffs. https://lnkd.in/etjA9wpN #financialbenefits #itmanagement #costefficiency #revenuegrowth #EV #EBITDA #EnterpriseValue

Laying Off Workers: A Necessary Evil or a Missed Opportunity for Loyalty and Growth? More layoffs, Tesla has joined the trend of companies implementing layoffs, citing the typical rationale that such measures are necessary to stabilize and prepare for future growth. This reasoning, while common, often leaves one wondering about the alternatives. Rarely do we hear about the efforts companies might have put forth to retain their staff in hard times. During the COVID-19 pandemic, I witnessed a client navigate through these choppy waters differently. Instead of layoffs, they implemented a series of strategic adjustments: reducing office space to cut rent, implementing pay cuts starting with senior staff, negotiating delayed rent payments, and finally taking out a loan to keep everyone employed. The results were telling. The employees, feeling valued and secure, doubled down on their efforts. They became more innovative in cutting costs and enhancing services, which included developing new online programs for students. Remarkably, this client saw a growth of seven times their size two years post-COVID. This example may come from a small to medium enterprise (SME), but it highlights a critical point: putting workers first isn't just good ethics; it's good business. As companies like Tesla and others make tough decisions, one must ponder—could fostering loyalty and dedication through adversity be the key to unlocking even greater potential in our organizations? What strategies has your company employed to navigate economic challenges while keeping the workforce intact? #Leadership #BusinessStrategy #EmployeeLoyalty #CorporateCulture #Tesla #Layoffs #GrowthMindset Read the memo Elon Musk sent Tesla staff announcing that the company is laying off more than 10% of the workforce https://lnkd.in/gypGi7Rm

In 2024, widespread economic uncertainty led to many companies implementing layoffs as a cost-cutting measure. Industries such as hospitality, travel, and retail were particularly hard hit, forcing companies to streamline their operations. Despite efforts to minimize impact, the layoffs underscored the challenges faced by businesses navigating volatile market conditions. Attention now turns to Tesla. #tesla #economy #layoffs https://lnkd.in/gXrGxxrV

***Tesla's Layoff Streak Continues: Workers Fear No End in Sight.*** Key Facts: -Tesla's relentless layoffs entered their fourth week, with another wave of cuts hitting employees on Sunday. -Dismayed workers took to LinkedIn, expressing anxiety over the continuous job losses and uncertain future. -The cuts began in April with Elon Musk's announcement to slash over 10% of Tesla's workforce, citing "duplication of roles." -No department seems safe: the ongoing reductions have impacted recruiters, marketing, and the Supercharging team. -This instability comes alongside recent executive departures, further fueling internal concerns. -Tesla's recent lower-than-expected delivery numbers suggest the layoffs may be tied to slowing demand for its vehicles. The Human Impact: "We need closure," a current Tesla employee reveals, highlighting the widespread fear amongst those still employed. -Each wave of layoffs creates a fresh surge of panic, leading many to seek jobs elsewhere actively. What's Next? Musk's recent directive to be "absolutely hardcore about headcount" implies these cuts are far from over. The reasons behind this relentless restructuring remain unclear, leaving employees, investors, and the industry on edge. #automotiveengineering #manufacturingengineering #engineering #automotivemanufacuring #manufacturing

Tesla is facing a class-action complaint for something that is pretty easily avoidable: sending notices of upcoming layoffs in compliance with state and federal law. In the compliant, the named Plaintiff alleges the car manufacturer laid off approximately 14,000 employees--or 10% of its workforce--and failed to provide the impacted employees with the proper notice required under both federal and California law. Under the Worker Adjustment and Retraining Notification Act (the WARN Act), employers must provide 60-day written notice of a plant closure or a mass layoff. The WARN act applies in the following circumstances: 🎆 Mass layoffs. This applies to layoffs of 500 or more employees or when 33% of the total workforce. 🎆 Temporary or permanent plant closures. 🎆 90-day lookback/lookahead that requires notice when layoffs occur during a 30-day period fails to meet the minimum requirements for a mass layoff or plant closing, but the number of employment losses for two or more groups of workers—each of which is fewer than the minimum number required to trigger notice—reaches the minimum level for a mass layoff or plant closing during any 90-day window. There are some exceptions to providing notice (typically unforeseeable instances) and certain employees who are not required to be included in the count, but those are fact-specific organizations. Failure to adhere to the federal WARN Act includes 60 days' backpay, a $500 daily fee to the local government where the violation occurred; and attorneys' fees. In this case, the Plaintiff asserts Tesla provided impacted employees a few days' notice. The Complaint was filed last week. We will see if Tesla attempts to invoke an exception or if it will otherwise explain its decision to not give notice. In any event, don't less this happen to you! Your friendly employment counsel will help you navigate federal and state requirements related to layoffs. Don't have local counsel, I respectfully encourage you to call me and my colleagues at Pierson Ferdinand LLP #employmentlaw #WARN #Tesla #humanresources #hr #workforcemanagement

In light of recent events, it's essential to address a concerning trend within our industry: the mislabeling of layoffs as "restructuring." Recent announcements from companies like Daraz and Tesla highlight the unfortunate reality that skilled employees are being let go under the guise of restructuring. These individuals, who have contributed significantly to their companies, are suddenly finding themselves without employment. As professionals, it's crucial that we advocate for transparency and fairness in corporate practices. The term "restructuring" should not be used to mask decisions that impact livelihoods and careers. Let's stand together to ensure that companies uphold their responsibilities to their employees and communities. Transparency and honesty should be at the forefront of every organization's values. #Transparency #CorporateResponsibility #Fairness #Layoffs #Restructuring #daraz

The recent news of Tesla's mass layoffs within their electric vehicle charging division raises significant HR concerns about effective workforce management and organisational change. While strategic shifts are common in business, the reported details surrounding these terminations highlight potential areas for improvement: 🤔 Communication Breakdown - Reports suggest a lack of clear communication from leadership regarding the team's future. Employees reportedly went into a crucial meeting expecting expansion plans, only to face significant job cuts. Open and transparent communication can build trust and mitigate employee anxiety during periods of change. 🤔 Sudden Restructuring - The abrupt disbanding of a 500-person team, particularly without a clear transition plan, can be disruptive and demoralising. HR best practices suggest exploring alternative solutions like redeployment within the company or severance packages with outplacement support to help affected employees transition smoothly. 🤔 Impact on External Relationships - Losing experienced team members could negatively affect established relationships with suppliers and utilities. Building trust and expertise takes time, and sudden changes can jeopardise ongoing projects and future collaborations. Maintaining strong external relationships is essential for sustained business success. These reported events raise important questions for HR professionals across industries: How can companies ensure effective communication during strategic shifts? What are best practices for managing large-scale workforce reductions while supporting employee well-being? #HR #WorkforceManagement #ChangeManagement Disclaimer: This post is based on news reports and does not claim to represent insider knowledge of the situation at Tesla!

"Over a month into Chief Executive Officer Elon Musk’s plans to slash at least 10% of the company’s workforce, he’s still not done. This means anxious employees wake up each day to check their messages, wondering if they still have a job. The rolling job cuts are likely to extend through at least June, according to people familiar with the matter, who weren’t authorized to speak publicly about the layoffs. ... Musk has yet to give staff an 'all clear' indication that the job cuts are over, leading co-workers to darkly joke with one another about anxiety and insomnia. One current employee described the atmosphere as akin to Squid Game, the hit television series in which characters facing financial hardship fight for their lives playing deadly children’s contests. The waves of dismissals, which already have hit thousands across departments including sales, human resources and virtually the entire Supercharger division, are expected to gut significant parts of Tesla, which started the year with more than 140,000 employees. Musk has pushed for a 20% reduction in headcount, Bloomberg reported last month." Kara Carlson and Dana Hull with assistance from Edward Ludlow, Tesla to Make Job Cuts Through June, Leaving Workers in Limbo—One worker likened the state of the company to ‘Squid Game,’ the TV series where contestants fight for survival, 𝘉𝘭𝘰𝘰𝘮𝘣𝘦𝘳𝘨, 20 May 2024, https://lnkd.in/geN4uhrU

#VantageOnFirstpost Tesla Lay-Offs Spark Outrage, "Insensitive" Termination Emails Go Viral | Vantage with Palki Sharma Automaker Tesla has been laying off 10% of its global workforce since mid-April. The company is witnessing its worst performance in years. The layoffs were expected, but how they are being conducted is unusual. Now, Tesla's "insensitive" termination emails have gone viral. Tesla is sparking outrage over impersonal layoff notices. Former employees are taking to social media and talking about "brutal" termination. But this is not just about Tesla. Mass layoffs have become the new normal. In 2024 so far, more than 600,000 employees have been fired globally. Many workers are being laid off online via emails, phone calls and zoom calls. Companies claim online methods are efficient during layoffs. But firing people over emails can be unnecessary and cruel. So how can companies fire people in a more humane way. And should they? Palki Sharma tells you. --- Tesla | Lay off | Elon Musk | EV Market | Firstpost | World News | Vantage | Palki Sharma #tesla #layoffs #elonmusk #evmarket #firstpost #vantageonfirstpost #palkisharma #worldnews