Michael Saltzstein on Managing Layoffs and Downsizing

Michael Saltzstein: A Better Approach to Downsizing

s39940.pcdn.co

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.

images.mid-day.com

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.

Comments

Michael Saltzstein on Effective Recruitment Strategies

Michael Saltzstein: Recruitment for the Modern Workforce images.pexels.com Hiring the right people for an organization is not just about filling open positions; it's also about finding the right fit for the job and the company culture. A good recruitment process helps identify and attract candidates who meet the qualifications and align with the values of the company. Effective recruitment and selection involve a thorough evaluation of job applicants to identify those who have the necessary skills and experience to function effectively in their role and can contribute to the overall success of the company. Businesses can increase their chances of finding candidates who are an ideal match for the job and the organization's culture by implementing a comprehensive recruitment process. Michael Saltzstein helps us get the process right. Provide what the candidates look for. With the rise of remote and hybrid work, people want to decide on their work environment and have better...

Three skills all successful leaders develop

Image source: ft.com Michael Saltzstein firmly believes that most of the successful business leaders in the world have similar mindsets. One of these mindsets is the determination to acquire and develop new skills continuously. For this blog, Michael Saltzstein shares three crucial skills, which the most successful entrepreneurs have developed throughout their careers. Hiring and managing effectively : While hiring and managing people are skills that every entrepreneur should have before they even set up their first business, hiring and managing people effectively is a different matter altogether. A company goes through different stages in its existence, and develops many moving parts, knowing how to hire and manage people throughout these stages and in the various departments and teams is a key leadership skill. Image source: news.blr.com Utilizing the latest technology : Almost every business today is driven by technology. On the downside, so many co...

Michael Saltzstein Discusses the Role of HR in Fostering Diversity and Inclusion

Michael Saltzstein: The Critical Role of HR in Fostering Diversity and Inclusion Embracing diversity and inclusion (D&I) within organizations offers both moral satisfaction and a competitive edge. Human Resources (HR) plays a pivotal role in embedding these values into the organizational culture. Michael Saltzstein explores the critical role of HR in promoting D&I, the effective strategies they employ, the benefits realized, and real-world examples of successful implementations. The Importance of Diversity and Inclusion Diversity refers to the presence of differences within a given setting, encompassing race, gender, age, sexual orientation, disability, and more. Inclusion, on the other hand, is about creating an environment where all individuals feel valued and respected and have equal access to opportunities. When diversity and inclusion are effectively fostered, organizations can benefit from a variety of perspectives, which can lead to increased crea...

Michael Saltzstein

Search This Blog