I get that economic downturns are inevitable and the cause of great angst for companies and their employees. What I ask myself in the midst of the layoffs we read about (https://on.wsj.com/40MNuXW) are what measures these and other business CEOs and Owners have taken in advance of opting to lay off employees.
Have they and their senior staff taken sizable pay cuts and eliminated bonuses to ease the company’s financial strain? At what rate have these companies introduced new, innovative products and/or services to gain market share and stem potential losses due to a market slowdown? Has company performance (past and present) been maximized (profits, operating income, productivity, customer retention, collaboration, and innovation) thanks to inspiring leaders that have fostered an environment of highly engaged employees? Do they even have their hand on the pulse of employee engagement to know what unengaged and disengaged staff are costing their companies in lost talent, declining revenue per employee, decreased customer loyalty…and more.
I would encourage company leaders to explore these questions and take a hard look at themselves prior to eliminating positions that they once deemed necessary…and now no longer do.