Executive in wait

With the US economy in recession, everyday slew of employees are being laid-off, particularity in the finance sector. Here is my take on how you can monitor for rebound of the economy.

This is a quick list of do’s and don’ts for those in unfortunate position of having to let your teams go :

• Explain why layoff’s are happening. Show numbers. That will atleast show them whats motivating it.
• Don’t blame external factors. Its your job to monitor them.
• Set and communicate a timetable for when they will be carried out. Be specific in plans.
• Have counselors on-site to help employees deal with emotional aspect
• Engage career counselor’s and let your staff know that they will be available
• Do inform them personally. Email/SMS are terrible choices.
• Don’t withhold information any longer than necessary.
• Move swiftly once you announce the plan.
• Take measures to motivate the employees you are keeping. Provide clear details on targets and plans you will achieve by the change.
• Have alumni networks available for people leaving. They can help people make new contacts and find another job.