Image via Wikipedia-sourced-out of business With the economic downturn showing no signs of letting up any time in the very near future, worrying about being let go because your company is downsizing is a very real fear. Here are some Tips and Suggestions on what to do to prepare yourself and handle the situation if you are let go, or if your company is in the process of downsizing. 1. Don't let yourself be taken advantage of. Being stretched thin can be stressful on everyone, and if a company is suffering and thinning out workers, more of a workload could fall on you. Doing … [Read more...]
How to Handle Layoffs
Laying off employees is one of the toughest things that you will ever have to do as the owner of a company. It’s never the thing that you wanted to do when you started your business but sometimes you have to make very tough decisions. Here are a few tips that you can use to make sure that your round of layoffs is the right thing to do and handled in the best way. As the owner of the company you must make sure that you have exhausted every possible cutback before firing employees. You can’t make cutbacks that hurt your business, but the honorable thing to do look under every corner to … [Read more...]
Know When It’s Smart to Downsize
How do you know when it is time to downsize your workforce? That’s not always an easy question for business owners to answer. In some cases, you can just see that the future isn’t bright for your industry. If you don’t lay off a few people, then you’ll never have the resources that you need to regroup and find new ways to reach profitability. Most times, though, you can take a reasoned approach to make a decision that will benefit your company. Image by doug88888 via Flickr Examine Your Budget If you haven’t established a budget for your business, then that is the … [Read more...]
Downsizing Can Offer Necessary Benefits for Companies and Employees
In today’s economy, many managers will face the unpleasant task of laying workers off for the sake of the company’s overall health. Downsizing isn’t something that many companies take lightly. Most managers dread telling their employees that they have a limited amount of time left at their jobs. It is, however, an economic reality that managers must face on occasion. Why Downsizing is Necessary Few companies lay off workers just because they want to make higher profits by paying fewer wages. More often than not, that’s an unsustainable way to operate a business. Downsizing, however, … [Read more...]
Dismissing Employees with Compassion
Firing an employee may be one of the most uncomfortable things a boss can go through, but it’s also one of the most important leadership tasks that comes with the territory. Whether you’re firing a difficult employee for lack of performance or are forced to lay off a friendly worker due to cutbacks, the dismissal should be handled with care and compassion. Make sure to have a witness in the room at all times during the dismissal. Remain respectful and polite, even if the employee breaks down or blows up. Calmly state the offense or circumstance that has led to the dismissal and inform … [Read more...]