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Some candidates I`m helping find new jobs are open because their employers lay off staff on all levels of responsibility, and they are the “survivors” who do not feel safe, and have more on their shoulders. Only last week I spoke to 7 candidates in such a situation; both mid-level and high leadership seniority level at tech companies – surprisingly not only at large companies but also at scale-ups. Here is what I frequently hear happening, and what hiring managers could do to avoid them in such situations. Layoffs, while often seen as cost-saving measures, can have significant repercussions for both employees and the organization: 1. Emotional Distress 😢: The person who is laid off suffers the most distress, but the remaining employees also experience emotional strain. The disruption caused by layoffs forces employees to pick up extra responsibilities and form new work relationships, leading to stress and anxiety. 2. Increased Turnover 🔄: Layoffs often trigger additional employees to resign from their jobs. The uncertainty and fear of job instability can prompt talented individuals to seek more stable employment elsewhere. 3. Decreased Customer Loyalty 🙁: When layoffs occur, customer-facing employees may leave, impacting customer relationships. Reduced continuity in customer interactions can lead to decreased loyalty and trust. 4. Negative Impact on Survivors 😔: The employees who remain after layoffs may exhibit less effort and involvement. Decreased commitment and productivity are particularly costly for workplaces that rely on employee motivation and involvement. 5. Loss of Knowledge 📚: Layoffs result in the departure of experienced staff members. The loss of institutional knowledge and expertise can hinder organizational performance. 6. Weakened Engagement 💔: Survivors of layoffs may feel disheartened, leading to decreased engagement. A demoralized workforce is less likely to contribute actively to the company’s success. 7. Lower Innovation 🚫: Layoffs disrupt the creative flow within an organization. Reduced morale and fear of job insecurity can stifle innovation and prevent employees from thinking outside the box. While layoffs may provide short-term cost savings, the long-term consequences can be detrimental. Leaders should consider these factors and adopt a more thought-through and humane approach to workforce change during economic turmoil. 🌟

90% of employers are planning layoffs in 2024, according to a recent survey by Randstad. If you're facing this difficult decision, here are some tips to keep in mind: 1) Treat laid off employees with professionalism and respect, and provide severance if possible. 2) Identify your best performers and those who have a positive impact on your business, and have proactive conversations with them about their career and skill development. 3) Communication is key - keep the lines of communication open with all employees. 4) If you're in hiring mode, this may be an opportunity to pick up some excellent talent. Remember, handling layoffs with empathy and care can help retain your employees and maintain a positive company culture. #layoffs #careers #leadership #management #hiring #CEO #startup #CFO #fractionalCFO #CHRO #humanresources #fractionalexecutive #csuite #hr https://lnkd.in/eVprbM2J

Atlanta Business Chronicle's published an article that more organizations are slated to layoff employees in the back half of 2024. The main reasons are listed below: Employee Performance Cost Cutting Measures AI Company Restructuring Overstaffing Other Tech Advancements What most organizations don't understand is that ADP has the ability to assist in these areas through performance/engagement tools, employee development and leveraging data to adjust KPI's/stabilize operational expenses. Curious to know what my network thinks about these layoff reasons/what they think would be most impactful in helping their company reach it's back half goals. https://lnkd.in/ecXfXADv

Recruiters: Feeling the lack of jobs? In a recent survey by ResumeTemplates, alarming statistics about layoffs in the second half of 2024 have emerged, affecting businesses across the US. 95% of business leaders reported having layoffs in the first half of 2024. 60% of business leaders anticipate layoffs in the second half of 2024 with 44% expecting significant reductions of 30% or more in their workforce. Top reasons for layoffs include: Cost-cutting measures: 60% Employee performance issues: 53% AI taking over workload: 51% Company restructuring: 51% Declining market conditions: 45% Overstaffing: 35% Technological advancements: 31% 76% of business leaders say that workers with AI experience are less likely to face layoffs. This insight underscores the importance of upskilling and reskilling initiatives in our evolving market. At KORE RPO we're dedicated to empowering staffing firms with innovative solutions to navigate these challenges effectively. Let's discuss how we can collaborate to optimize your workforce strategies amidst these dynamic changes. 🔍 What are your thoughts on these findings? How are you preparing your business for the future workforce demands? #Recruitment #Staffing #WorkforceTrends #HumanResources #Layoffs2024

Now that we're into the second half of the year, and many companies have already made considerable cuts and layoffs in the first half of 2024 due to AI and efforts to reduce inefficiencies, many anxious professionals are worrying: What will the second half of 2024 bring? As if the layoffs pandemic couldn't get any worse, 60% of U.S business executives say that their company is likely to have layoffs over the next few months, in the second half of 2024, according to a new ResumeTemplates survey of 934 business leaders. And of this number, nearly half anticipate reducing 30% or more of their total headcount. As if this news couldn't be more surprising, what comes next will totally blow your mind... Read more in my recent Forbes exclusive. https://lnkd.in/gnkD5KUu

Layoffs and mass hiring indeed often coexist within the IT sector, reflecting the dynamic and sometimes volatile nature of the industry. There are several factors that contribute to this phenomenon: Market Fluctuations: IT companies must adapt to market demands and technological advancements. During certain periods, a specific skill set may become less relevant due to market saturation or shifts in technology. Companies may lay off workers with these skills while hiring others with the new, in-demand expertise. Cost Optimization: Companies often look for ways to reduce costs to stay competitive. Laying off higher-paid employees and hiring fresh talent at a lower cost can be a strategy to minimize average salaries and other compensation-related expenses. Performance-based Decisions: Businesses may use performance as a criterion for determining layoffs, retaining top performers, and letting go of those whose skills or productivity may not meet company standards. Restructuring for Strategic Alignment: Sometimes, layoffs are part of a larger corporate restructuring aimed at aligning the company's workforce with its long-term business strategies. During such restructuring, companies might hire talent that is more aligned with the new strategic direction. Infusion of New Ideas: Bringing in new talent can inject fresh perspectives and ideas into an organization, which can be advantageous in a rapidly evolving sector like IT. However, it's important to note that layoff decisions are complex and can have profound effects on employees. While they might make strategic sense from a business standpoint, they also carry the risk of hurting morale and company reputation, and potentially losing institutional knowledge and dedicated employees. It should also be considered that layoffs are not solely the result of financial maneuvering; other factors such as mergers, acquisitions, and shifting business priorities can all necessitate such changes within an organization. Furthermore, layoffs and hiring might not always be directly connected; they can occur independently due to different pressures or opportunities faced by different companies within the sector. #ITSector #Hiring #LayoffinIT INFONET

𝗪𝗵𝘆 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗟𝗮𝘆 𝗢𝗳𝗳 𝗘𝗺𝗽𝗹𝗼𝘆𝗲𝗲𝘀: 𝗔 𝗖𝗹𝗼𝘀𝗲𝗿 𝗟𝗼𝗼𝗸 In recent years, we've seen numerous headlines about companies laying off employees. This is never an easy decision, and it's essential to understand the underlying reasons behind such actions. Here are some key factors that often contribute to layoffs: 𝟭. 𝗘𝗰𝗼𝗻𝗼𝗺𝗶𝗰 𝗗𝗼𝘄𝗻𝘁𝘂𝗿𝗻𝘀: Economic recessions or downturns can lead to reduced revenues, prompting companies to cut costs, including workforce reductions. 𝟮. 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝗶𝗰𝗮𝗹 𝗔𝗱𝘃𝗮𝗻𝗰𝗲𝗺𝗲𝗻𝘁𝘀: As companies adopt new technologies and automate processes, the need for certain roles may decrease, leading to layoffs. 𝟯. 𝗠𝗲𝗿𝗴𝗲𝗿𝘀 𝗮𝗻𝗱 𝗔𝗰𝗾𝘂𝗶𝘀𝗶𝘁𝗶𝗼𝗻𝘀: When companies merge or are acquired, redundancies in job functions often occur, resulting in workforce reductions. 𝟰. 𝗢𝗿𝗴𝗮𝗻𝗶𝘇𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗥𝗲𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗶𝗻𝗴: Companies may restructure to improve efficiency, streamline operations, or shift focus, which can lead to the elimination of certain positions. 𝟱. 𝗣𝗼𝗼𝗿 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲: Consistent financial losses or underperformance can force companies to downsize to stabilize their financial situation. 𝟲. 𝗠𝗮𝗿𝗸𝗲𝘁 𝗖𝗵𝗮𝗻𝗴𝗲𝘀: Shifts in market demand or consumer preferences can render some products or services obsolete, leading to layoffs in those areas. 𝟳. 𝗖𝗼𝘀𝘁-𝗖𝘂𝘁𝘁𝗶𝗻𝗴 𝗠𝗲𝗮𝘀𝘂𝗿𝗲𝘀: To maintain competitiveness or profitability, companies may need to reduce operational costs, which sometimes includes layoffs. 𝟴. 𝗢𝘂𝘁𝘀𝗼𝘂𝗿𝗰𝗶𝗻𝗴 𝗮𝗻𝗱 𝗢𝗳𝗳𝘀𝗵𝗼𝗿𝗶𝗻𝗴: To save costs, some companies move jobs to countries with lower labor costs, resulting in layoffs in the home country. While layoffs are challenging for both employees and employers, understanding the reasons behind them can provide clarity. It also underscores the importance of continuous learning, adaptability, and staying updated with industry trends to enhance job security. What are your thoughts on this? How can companies better manage these transitions to support affected employees? #Layoffs #Business #Career #Economy #Workforce #Adaptability #Technology #MarketTrends

In the face of workforce challenges, one solution shines bright: outplacement. With layoffs affecting over 15.4 million Americans in 2022 and job cuts decreasing by 49% in June 2023, it's clear that outplacements play a pivotal role in smoothing the path through workforce transitions. Let these stats sink in: 👥 218,115 tech employees laid off in 2023. 📊 40% of Americans have faced layoffs. 📅 28% experienced layoffs in the past two years. 🦠 2020 witnessed 41.7 million job losses due to the pandemic. Outplacements offer the lifeline employees need during these challenging times, equipping them to rebound with resilience. For companies, it's a strategic move that ensures a seamless transition while safeguarding your employer brand. In today's ever-evolving job market, outplacements are a win-win proposition – supporting employees to thrive and enabling companies to navigate change gracefully. Ready to explore how outplacements can benefit your organization? Reach out to us today. Let's pave the way to success together! #CareerDevelopmentPartners #Outplacements #WorkforceTransition #CareerSupport

Based on information from Glassdoor, a staggering 86% of job seekers conduct thorough research on company reviews prior to determining whether they should apply for a job. Offering outplacement services demonstrates your commitment to both departing and retained employees, showcasing your genuine concern for their well-being. #humanresources #hr #leadership

Ever Wondered Why Companies Lay Off Employees Before Hiring Again? Let's Dive In! In the dynamic world of business, the decision to lay off employees before hiring again can seem counterintuitive at first glance. However, there are several reasons why companies may choose to take this approach, and it's essential to understand the underlying factors. Here's the scoop: 1. Economic Uncertainty: In times of economic downturn or uncertainty, companies may need to streamline their operations to weather the storm. Layoffs can be a strategic move to reduce costs and ensure the company's survival during challenging times. 2. Strategic Realignment: Companies often undergo strategic realignment or restructuring to adapt to changing market conditions or new business priorities. This may involve shifting resources from one department or project to another, resulting in layoffs in some areas while simultaneously hiring in others. 3. Skillset Misalignment: As industries evolve and technology advances, companies may find themselves in need of employees with different skill sets or expertise. Layoffs may occur in roles that are no longer aligned with the company's strategic direction, while new hires are brought onboard to fill emerging needs. 4. Innovation and Growth: Companies may lay off employees in certain areas to free up resources and invest in innovation or growth opportunities. By reallocating funds and talent to new initiatives, companies can position themselves for long-term success and competitiveness in the market. 5. Talent Optimization: Sometimes, layoffs are part of a broader talent optimization strategy aimed at creating a more agile and efficient workforce. By rightsizing their teams and removing underperforming or redundant roles, companies can create room for top talent to thrive and drive innovation. 6. Transparent Communication is Key: While layoffs can be a challenging and sensitive topic, it's crucial for companies to communicate openly and transparently with their employees and stakeholders. Clear communication about the reasons behind layoffs and the company's future plans can help mitigate uncertainty and build trust within the organization. Ultimately, the decision to lay off employees before hiring again is a complex one that depends on various factors, including economic conditions, strategic priorities, and talent needs. By understanding the rationale behind these decisions, we can gain valuable insights into the dynamics of the business world and the challenges companies face in navigating change. Let's continue the conversation! What are your thoughts on this topic? Share your insights and experiences in the comments below. #BusinessInsights #Leadership #TalentManagement #EconomicTrends #layoffs #hiring #networking #jobs #reach