Michael Saltzstein on Managing Layoffs and Downsizing

Michael Saltzstein: A Better Approach to Downsizing

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The market has shifted in recent years. Corporate downsizing and layoffs are happening across different industries, leaving company leaders struggling to handle this process. Michael Saltzstein compiled a guide to managing corporate downsizing and layoffs.

Strategize your hiring efforts.

The first step in managing downsizing and layoffs is trying to prevent them from happening, and this requires a carefully constructed strategy in your organization's hiring plan. Try to hire conservatively, bringing on only the right people you need to complete the important tasks. When your business expands too quickly, you face a greater chance that you will bring on new people who have to be laid off in the future.

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When filling existing positions or creating new positions, make sure that clear guidelines are in place for each role. Michael Saltzstein points out that performance-tracking measures must also be implemented and assessed regularly. If a position is left vacant, determine whether it's necessary to fill that role or reassign the tasks to other team members.

Consider all the options.

Before you start laying people off, it's important to consider all your options first. For example, you may be able to furlough some staff members or allow them to have a period of unpaid time off. Furloughing your workforce is a way to save money on a short-term basis. You can also offer exit incentives, such as severance packages or other benefits for employees who leave voluntarily.

Avoid legal repercussions.

In the U.S., state and federal laws apply to corporate layoffs and downsizing, so knowing how to do them legally is extremely important. Michael Saltzstein suggests speaking with an experienced lawyer before issuing termination notices to employees.

Michael Saltzstein spearheads global risk services, financial structures, multi-line claims, and strategic planning and enterprise initiatives. For more on Michael and his insights, click this link.

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