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

Michael Saltzstein: Strategies to Keep Good Employees

Michael Saltzstein: Effective Employee Retention Strategies Employee retention is a key issue for all businesses. In order to avoid excessive spending on replacing employees, it is important to know how to retain workers. What is an employee retention strategy? An employee retention strategy is a plan to reduce employee turnover. It consists of different programs and policies that are designed to make people want to stay with the company, explains Michael Saltzstein. This strategy is important for businesses as a high turnover rate means more money goes to hiring and training new employees. Also, if workers are unsatisfied, they have low morale, which can make some of them unproductive. By implementing effective employee retention strategies, you can save your company some money. Focus on your hiring practices The best way to retain employees is by hiring the best people for the job in the first place, notes Michael Saltzstein. Start your search for candidates with a deta

Michael Saltzstein Discusses Dynamic Leadership

corporatefinanceinstitute.com Learning About Dynamic Leadership with Michael Saltzstein Michael Saltzstein has always believed that leadership is critical in the growth and expansion of a business. Strong direction inspires employees to do their best and produce quality results. Today, Michael Saltzstein talks about the positive effects of dynamic leadership. First, it's important to note that dynamic leadership means questioning everything in the spirit of improvement. Even if processes and systems have been tried and tested, active leaders still look for ways to improve them. They do so even if it means finding holes in these processes and systems. To these leaders, there is always room for improvement. Also, an influential director understands that there is no perfect system, and the improvement process is never truly complete. Dynamic leadership also always includes the rest of the team. Michael Saltzstein notes that passionate leaders seldom use the word "I" when dis

Michael Saltzstein

Search This Blog