- March 13, 2023
- Posted by: Author Anoma
“ Acknowledge the purpose for which you are appreciating them. This will help the employee realize the impact of their work.”
Layoffs are difficult for everyone involved. It is especially difficult for those who are about to get the pink slip because it may not be a true reflection of their actual performance. It is also difficult for the employer, particularly in a start-up or small-medium business environment with a close-knit team. However, layoffs are sometimes unavoidable.
The global pandemic, rapidly rising inflation, the Ukraine conflict, volatile markets, and VCs tightening their funding purses are just a few of the prominent storms that businesses are struggling to weather.
According to reports, over 38K job cuts have occurred in the United States in YTD 2022 alone. This is only in the IT and technology sectors. The Successful Startups – Anoma Tech perilous situation can be reversed, but it will take some time. Meanwhile, in order to survive this tidal wave, business owners must reconsider their approach and focus on certain innovative strategies and tools in order to stay afloat and, hopefully, thrive.
“ Make them feel special with some meaningful words of appreciation. Here, you can also add a personal note for the employee as well.”
Recruit a young workforce and keep them engaged
Employee motivation was mentioned by as the top challenge faced by business owners during a market slowdown by more than 50% of respondents in surveys. Layoffs came in second place with only 21%. This is encouraging because employers are more than twice as interested in keeping their teams engaged and only resort to layoffs when all other options have been exhausted.
The trade-off between people-centered and business-centered decisions
While both are highly relevant and important to your business, most leaders agree that making people-centric decisions is more complicated and requires a higher level of sensitivity. The Successful Startups – Anoma Tech can also include the complexities of various human emotions. When you need to make difficult cost-cutting decisions (and people costs are usually the highest in any organization), examine your organizational structure to identify the bulges and overheads.
Rethink your retention strategies
Consider Pickyourtrail, a travel startup that has successfully navigated the waters of the travel and tourism industry, one of the hardest hit during the pandemic. Furthermore, the industry is ()famous for its high employee turnover rates. Pick your trail, on the other hand, has retained a large and valuable portion of its talent pool, which is paying off big now that the world has opened for travel and tourism.
“ An employee’s hard work is the fuel to great company culture. Thanks for adding extra miles to ours. ’’
We may be at the foothill of the Great Layoff after the Great Resignation of 2020–2021. While the times are difficult, all is not lost. A fantastic comeback is also possible. The Successful Startups – Anoma Tech understand that people are what set them apart from the competition and propel their company forward. An idea or business plan is only as good as the people who put it into action.
Interesting? Read more at www.anoma.io