Rumors of possible layoffs can rattle employees and impact productivity, even if they aren’t true. Here’s how managers can respond.
Earlier this year, companies were scrambling to hire enough employees to fill open positions. Now, with concerns that a recession may be near, many of these same organizations are considering staff layoffs.
Companies in the financial technology and cryptocurrency sectors are rescinding employment offers, and some organizations, including Tesla, JPMorgan Chase, Netflix, Peloton, Redfin, Re/Max, Shopify and Coinbase, have announced plans to reduce their workforces.
Experts are expecting layoffs to bleed into other industries. In fact, a PwC survey of 722 U.S. executives in August found that 50 percent of respondents were planning staff reductions.
“Headlines can cause anxiety in the workforce as people see, in real time, cost increases and layoffs,” says Bjorn Reynolds, CEO of Safeguard Global, a payroll platform based in Austin, Texas. Although companies are continuing to add talent each month, employees may become increasingly concerned if they keep hearing and reading about a possible recession, he notes.
Rumors of potential layoffs tend to rattle employees and can impact productivity, even if they aren’t true. Almost 80 percent of U.S. workers fear they will lose their jobs if there’s a recession, according to a June survey of more than 1,000 employees conducted by staffing firm Insight Global. A separate June survey of more than 1,000...
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