By: Shawna Simcik
As the ICC team returned to the office on January 3, 2023, we were already aware of several companies and layoff notifications to occur during the first week in January. Layoffs made the news frequently in the latter half of 2022; regrettably, the trend has remained strong. Josh Bersin recently noted in HR Executive that companies are seeing slower growth or even revenue downturns due to inflation, ongoing supply chain issues, and limited investment capital. To counter these issues, businesses look to reduce staffing and related costs to rebalance incoming and outgoing cash.
Although companies making these layoff announcements are making news headlines – it is important to note that the rates in 2022 were actually low from a historical perspective. It's critical to put this news into perspective and not panic.
Josh Bersin recently noted in HR Executive that companies are seeing slower growth or even revenue downturns due to inflation, ongoing supply chain issues, and limited investment capital.
Here are a few suggestions whether you are the employer or the employee faced with these challenging situations in the new year.
For The Employer
It can seem like a foolish choice to add more money to the severance expense when the reason for layoffs is due to declining revenue. But, the short-term wins and long-term gains can far outweigh the costs of offering compassionate outplacement services.
If you are facing an upcoming layoff, ICC’s website has additional resources to support you during this time of change, including a layoff guidebook and an easy-to-follow reduction-in-force checklist. Let ICC support you during this challenging time.
ICC's website has additional resources to support you during this time of change, including a layoff guidebook and an easy-to-follow reduction-in-force checklist.
For The Employee
Call it what you want – being laid off or downsized – losing your job hurts. You may be asking yourself, “why me?" The good news is that you are not alone and are neither the first nor the last to go through this experience. It happens to good people like you – every day. Reach out to your outplacement partner and find others who want to help you – including ICC!
Further, whether you were anticipating this event or not, panic often accompanies the moment job loss occurs. Stay calm! You are bound to feel a little anxious and scared. Let yourself have those feelings – they are normal and expected. Don't start rationalizing, canceling subscriptions, or pulling your child from the swim team.
Take time to determine what, if any, cutbacks you need and how these will affect the family. The fact is this can be a very tricky time in your life. Don't retreat into yourself. This is still an employee marketplace, and with the right job search skills, you will find a new opportunity in no time at all.
Do you want to learn more about ICC’s Outplacement Programs? Give us a call or email at 855-865-4400 or email@example.com