The twin crises of a pandemic and a plunging market have pummeled a lot of businesses — many have already started laying off employees, and many more will need to soon. It's never a pleasant situation for anyone, but there are ways to mitigate both the financial and the psychological fallout.
Although layoffs aren't new, some experts are offering advice especially tailored to the current environment.
Zillow founder Spencer Rascoff has a detailed plan for reducing layoff pain, based on his own experience:
However, before you even get to that place, consider some alternatives:
A recent article in Harvard Business Review magazine gives some additional advice for making difficult decisions:
We hope you can weather the storm without losing staff, but if it becomes essential, be sure to make decisions with a great deal of thought and care.
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