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Layoffs last 24hours: How Budget Cuts Are Impacting the Future of Ross Valley Charter

Layoffs last 24hours: How Budget Cuts Are Impacting the Future of Ross Valley Charter

  Numerous tech and finance firms have announced layoffs this year. Digital media company BDG, parent of Elite Daily and Bustle, announced it had cut 8% of its staff. Make sure that information about layoffs is communicated timely, tailored to employees' positions and needs, with special consideration given for those requiring special accommodations such as alternative formats or having language interpreters present. How Long Does a Layoff Last? Layoffs come at both an obvious cost to companies as well as hidden ones, with long-term implications that go well beyond replacing employees lost to termination. Anxiety, insecurity, loss of morale and survivor guilt as well as decreased productivity may all impact company performance negatively and make recruiting new talent harder than before. Furthermore, negative publicity caused by mass layoffs can harm their reputation further down the road, making retaining staff more challenging as well. Longer-term expenses often outweigh any short-term savings gained through layoffs. According to research, companies that conduct layoffs underperform for nearly three years longer than companies who don't, not due to financial loss but instead because of intangible costs that have long-term impacts. Recent mass layoffs at Facebook, Linkedin and other major companies have been especially distressful to employees. Some cuts were announced publicly and without prior warning - making the experience especially unnerving for many workers affected by them. It's essential for those impacted by such events to know their rights as soon as possible. Employees have a right to severance pay, including 16 weeks' worth of salary and health care coverage. Furthermore, an extra payout may apply if their job was terminated in bad faith or if the company shuts down. If you are unclear of your rights, speak with either your company's human resources team or an attorney. Furthermore, review state employment laws which often offer more specific protections than federal ones. Consider whether or not a layoff will be permanent. If it's permanent, you will likely be competing against other employees for another position; while temporary layoffs might offer opportunities if you can prove you remain engaged with your company and can do the job effectively. Finally, speak to your company's benefits team to discover if any severance packages or support programs exist that could assist with transition. Also be sure to reach out to union representatives if applicable if necessary. Why Are Layoffs Happening? Though unemployment remains low, companies continue to reduce staff due to shifting economies and stock markets that have experienced fluctuations. Tech companies in particular face increasing competition that have already begun cutting employees. Career Minds' writers note that layoff decisions often depend on various factors, including your job function, length of service with the company and whether or not your role can be performed by automation or another employee. If you are concerned about being laid off, speaking to your supervisor may help provide solutions for doing your work more efficiently and effectively. Financial crises or restructuring of businesses may also necessitate layoffs, so it is crucial that all companies establish a budget so they are prepared in case this type of event arises. If you are an employee concerned about potential layoffs at your company, it's crucial that you speak to your supervisor as soon as possible. No matter the cause for their decision-making, those in charge should ensure they deliver news in an open and honest way to all staff members affected by it - including being sensitive and patient when answering queries from those upset by or confused by it. Mass layoffs can come as a shock. Navigating separation agreements, severance packages and unemployment benefits when you have just lost your job can be challenging; furthermore, these changes may have far-reaching ramifications on other areas of life, including keeping up with bills or managing health insurance during this period. Layoffs may be used by companies as a way of eliminating employees they no longer require, such as older than 65 workers or those who have filed sexual harassment complaints. If you're concerned that you might be laid off, it is a good idea to read over both union contracts and HR manuals to gain more clarity into this process. What Can Employees Do? Managers should aim to avoid layoffs whenever possible due to financial pressures on their companies, instead looking for alternative means of cost cutting like trimming office utility bills and travel costs or placing a hiring freeze for an interim period - this won't cost as much and may help save the business money in the long run. managers should ensure they effectively communicate with employees if layoffs are planned, such as by providing written resources with information regarding options and resources to affected employees in a timely fashion geared to their situation. In particular, managers must address special requirements, such as language interpreters or alternative formats of materials for distribution. Layoff employees should receive an explanation regarding how their current and future vacation, sick leave and compensatory time balances will be affected. It is also essential to address limits on accrued leave that can be paid out when workers are laid off (professional staff cannot receive more than 240 hours of vacation leave when laid off). Furthermore, it's advisable for them to review their benefits summary so they understand how changes may impact them. Companies facing layoffs should also make sure that they conduct them ethically; certain countries require companies to present an economic or social justification before proceeding with layoffs. Unfortunately, these measures are not enough to stop all layoffs; some businesses rely on layoffs as a strategy to save themselves from bankruptcy. Research by Deepak Datta at the University of Texas Arlington shows that companies experiencing layoffs often experience decreases in stock prices and overall profitability following these events, which hurt not only workers who lose their jobs but also those remaining behind and customers of these businesses. Furthermore, researchers from University of Wisconsin-Madison and University of North Carolina discovered that companies experiencing layoffs reported reduced levels of innovation within their companies following such an event. What Can Managers Do? Reducing employees' hours can have serious repercussions for morale and workplace culture. Customer satisfaction may decline significantly and damage a company's reputation. While short-term productivity might increase due to overtime work from remaining staffers, according to researchers this often comes at the cost of quality and innovation. As a manager, you can play a crucial role in helping to avoid layoffs or reductions in hours for your department by communicating early and clearly with staff. This involves providing timely information that meets staff members' needs while being sensitive to workforce dynamics - for instance if your team faces reduced hours provide them with an overview of its potential impacts (for instance how this change may impact their time off balance or offer bumping options for classified non-union employees and contract covered employees). Avoid layoffs by considering alternatives to cutting hourly employee wages. For instance, managers and other salaried employees could take on more of the hourly workers' workload as an efficient cost-cutting measure without needing to reduce pay rates. This approach allows your organization to stay profitable without incurring unnecessary expenditure. Finally, one way you can prevent layoffs is by not placing too much emphasis on performance metrics. Too often businesses use performance as an excuse for justifying layoffs - but this tactic often backfires; for example, in 2002 Johnny Hellgren and Magnus Sverke conducted research that demonstrated survivors of layoffs experienced 41% decreases in job satisfaction and 36% declines in organizational commitment levels after being laid off. Rather than cutting salaries directly, offering severance packages with financial incentives like cash or equity shares may provide more humane solutions to help retain valuable employees while meeting your business needs. Furthermore, you could provide your staff with information regarding COVID-19 loan assistance and other small business support resources available to them outside the public sector. Finally, should layoffs become necessary, make sure an HR consultant is on board to help manage and prepare for them before beginning this process.

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