Leadership in a downturn requires thoughtful planning with a careful eye toward a company’s long term employment brand. Strategic staffing efforts during a growth market should always include planning for the eventual down markets, with resources, skill and financial capital, reserved for managing layoffs appropriately. Severance benefits should include not just financial remuneration, but career counseling and mental health support. The engagement of remaining team members will be dramatically impacted by how they see their former peers treated. The digital and socialized community comments of terminated employees is like bad news, it has a 10X magnifier over good news. Reserve the time for managers to support those leaving the firm and respond to their grievances. Most importantly don’t think it is over when the former team member is told that they are no longer being paid as part of the team. The journey of building your employment brand is just beginning a months long process that will be very time consuming, and almost as important as how you treat continuing team members.
Thanks to Martin Whittaker and the team at JUST Capital for this timely and well written reminder.