As economists and news outlets inform us daily, a recession is coming – with some asserting it is already here. For many companies this signals a major change to what has been a very tight labor market.
Employers are well aware that during the economy’s recovery from the COVID-19 pandemic, the ability to hire and retain talent has been a challenge. Compensation increases, signing bonuses, and retention bonuses became commonplace in an effort to attract talent where there were more open positions than applicants to fill them. However, as the threat of recession looms, forward looking employers should prepare for a change in course regarding labor challenges. Contracting markets will force many organizations – who just recently could not find enough employees – to downsize their workforces. Taking steps now to prepare for the possibility of future reductions will help lower risk for companies.
There are a few key steps that employers can take now to prepare for the shift from not being able to fill open roles to facing the potential downsizing of workforces. Understanding the nuances of the WARN Act, proper documentation of performance issues, and other reduction in force (RIF) planning measures will ease the transition and reduce risk.
The Worker Adjustment and Retraining Notification Act (WARN Act) is a federal law which requires employers to provide 60 days’ notice of an impending mass layoffs and plant closures....
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