Is the U.S. economy trending toward recession? Rumors of a recession are circulating. Many companies are considering, or have already implemented, plans to reduce overall headcount. Inflation fears and rising interest rates are also driving concerns about a recession. Regardless of whether the United States enters into a recession, as formally defined by a broad set of indicators, layoffs remain a part of the economic cycle. Employers may be able to alleviate some of the stress and burden associated with economic downturns by working with state unemployment agencies. State unemployment agencies have created workshare plans to provide a soft landing for employers and employees at the bottom of an economic cycle.
Workshare plans allow employers to enter into agreements with state unemployment agencies to reduce employee hours without laying off employees or disqualifying them from state unemployment compensation benefits to supplement their reduced wages. Approximately half of U.S. states have workshare or shared-work plans.
This arrangement effectively allows employers to take a tempered approach to layoffs and add another option to their responses to economic downturns. This approach may result in a number of benefits for employers. Below are some of the advantages of utilizing a workshare program.
Employers that use workshare programs may find that they have an easier time retaining employees during the economic downturn.
Employers...
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