Handling The Dreaded Task Of Layoff

Handling The Dreaded Task Of Layoff

Technology improvements, financial downturns, and business model shifts – these are all common challenges that may prompt you to consider laying off employees.No one wants to go through layoffs. But, it happens, and in a lot of cases, it is necessary for the survival of a business.

Here are 5 tips to consider when laying off an employee.

1. Let Employees Know Where They Stand

An employee should not be surprised that he or she is being fired. Rather than simply commanding folks to pack their things and leave, respectful employers explain the reasons behind the layoffs. Whether the employee is not performing up to the standard or does not fit within their team, you need to be clear about the problems.

Provide precise details about issues such as customer complaints, improper behavior during meetings, missed deadlines or failure to meet sales targets. Meet the employee and give them examples of problems regarding performance or behavior.

2. Go One-On-One

Notify the employees of the decision in private before the word is out. They should be told respectfully, behind closed doors. Allow them to take the news and figure out what they are going to do with it before they have to face their co-workers.

3. Allow For Goodbyes

Standard layoff policy seems to require terminated workers to leave the building immediately, but that is often not necessary. In most cases, it is recommended that folks be permitted a chance to say goodbye to coworkers. And there is absolutely no need, under normal circumstances, to have someone escorted to the door by a security guard or supervisor.

Keep in mind that terminated workers are recent employees, not ordinary citizens. When possible, it is even better to let workers transfer their responsibilities in an orderly way, perhaps training others who will take over their former jobs.

4. Ease The Transition

Ease workers’ transition to other employment. For example provide resources to help laid-off workers find jobs, register for unemployment benefits or return to school.

By providing outplacement services, you are helping folks in your community and generating goodwill with the people being let go and those remaining. 

5. Remember The Remaining Workers

With fewer employees, it is more crucial than ever to maintain productivity and keep your company running. That is why you cannot neglect the workers who are left behind–often with high levels of concern about their job security and new tasks they may be asked to undertake.

Mention clearly about job duties and expectations, especially if workers will be asked to take on tasks earlier handled by others. Furthermore, talk about each employee’s performance and what led to decisions about who to keep and who to let go. These discussions help people understand what they can do to keep their jobs. And if there is a chance there will be future layoffs, it is fair to let employees know you will continually evaluate the situation. 

Recession Can Be A Boon

Recession Can Be A Boon

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Entrepreneurs are mostly afraid to spend money or invest in their business during economic downtime or recession. It should be understood that even recession can be an ideal time to invest in your business and expand it.

Such a time can offer ample opportunities for innovative and creative businessmen. Most people choose to be inactive in such dire times and hope that things get better. But a successful businessman will prepare his business for growth when the economy turns around. 

Given below are some ways by which you can remain active during a recession

Study Your Finances 

Carefully study your financial statements and balance sheet. Try to see if your business is on survival mode and if you have any additional capital that can be used for expansion or other operational activities.                                Study your credit statements and agreements and see if there is room for negotiation and repayment flexibility. Check your credit terms with your suppliers and see that everything is effective.

Improve Operational Efficiency 

This is one of the best times to improve the overall operational efficiency of the company. Start by eliminating unnecessary processes and expenses. Be sure that your processes are effective and deliver the expected results. Avoid overproduction and using under-trained employees. Ensure that your product quality is not compromised.        Almost all businesses will be affected by a recession. This offers great opportunities for you to acquire products and supplies at a lower price from sellers. You can also invest in equipment and technology that will help is optimizing your production. 

Invest in external business consultancies and experts who will help you in spotting and identifying areas in which you can be more efficient. Such professionals can also help in identifying the strengths and weaknesses of your company and how you can enhance and overcome them respectively. 

Expand To New Markets

During an economic downturn, competition diminishes. It becomes an ideal time for exploring new markets. Assess your market and explore your options. You can consider a potential partnership with other companies to enter into new markets. 

Another way to expand your market is to launch a new product or improving existing products. Keep up with your customers’ needs and provide them with the needed products and services. Make sure that you do better than your competition. 

Encourage Teamwork 

Include your employees during discussions and encourage your team to generate new ideas that will help boost your company. Employees might provide a different outlook or insight into the market changes and needs. 

Always keep a positive outlook even during tough times. It is difficult to invest during unsure times but with proper research, your investment will prove to be fruitful down the line.

The Virtue Of Being Honest In The Workplace

The Virtue Of Being Honest In The Workplace

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Honesty is a fundamental aspect of a business because it establishes the tone for the sort of work culture that you want to build, provides consistency in workplace behavior, and creates loyalty and trust in customers and prospects.

Managing a business that takes pride in being moral and socially responsible is a challenge, and many businesses end up cutting a few corners in the name of profit. But, it is nearly impossible for a business to develop trust if honesty is not a guiding policy in how the company handles every phase of its work process. 

In the business world, there is sometimes a mindset that small lies are acceptable if they are well-intentioned or push you toward a goal. It is a mentality where ‘the ends justify the means’, and it is a common mentality that people have. However, lying in the workplace can generate a lot of negative effects.

Here are some ways that dishonesty can do to hurt you and your company:

It erodes the trust your employees have in you. 

For a leader to be efficient, employees must trust that the leaders are fit to lead. When you hide the truth or tell a lie, you show to your employees that the truth doesn’t matter to you. That increases the likelihood that they’ll lie to you and one another.

It can affect your ability to get clients and investors.

 Some people are good at sensing dishonesty. If you run into a business associate who is good at spotting dishonesty, they might take your lack of honesty as a sign that they should not do business with you.

Dishonesty triggers a stress response in the body.

 This stress response stops us from staying in the present. When stress hormones are released, they stimulate our “fight or flight” response. Necessary resources are taken away from functions that are considered to be non-essential. That includes the neocortex of the brain, which controls all high-level, logical thinking. Hence, we can say, dishonesty makes you less intelligent at that moment, and thus unable to make good decisions. And that can hurt you in almost every area of your business.

On the brighter side,

Here are some ways that honesty can help you and your company:

It Establishes Your Work Culture

Honesty is one of the most effective ways to establish a work culture that will propel your company to long-term success. Work culture is all about the values and beliefs that motivate everything your company does, from how it delivers its products to the way it treats customers. As a manager, the importance you place on honesty can create the kind of work culture in which your employees feel empowered.

It Creates Consistent Workplace Behavior

When you plan a culture built on honesty, you also help encourage better workplace behavior and activity that is constant regardless of outside influences. In other words, your employees will work with a consistent code of ethics regardless of the conditions.

It Builds Trust With Your Customers

Businesses spend years building loyalty and trust with their customers, and a key way of building that trust is honesty. When customers see that a business does things the honest way and cares about producing a quality product or service, they tend to reward that business.

Selecting the Right Candidate – Do College Degrees Matter?

Selecting the Right Candidate – Do College Degrees Matter?

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We are often asked to go to school and to focus on our studies. With a degree we can get a job and only then can we prosper in life. This age-old wisdom has rung throughout the years, but how much merit does it have now? Does success at college or university guarantee a great edge in the workforce after graduation? Should you consider the college degree when selecting a candidate?

Here are 4 reasons why a college degree should not matter when selecting a candidate-

The degree is a requirement for the competitive workforce; the topic is trivial.

It used to be relevant and unique for someone to have a degree, and now it just stands as a requirement in the workforce. While your job will most likely require a degree, it probably will not matter what field it is in. According to current research, 62% of recent college grads are working in jobs that require a degree, yet only 27% of college grads are working in a job that even relates to their major.

The real world does not care about your degree as much as your work ethic and character.

Their experience, be it on the job or off the job, is what should be noticed.

Candidates with interesting internships, candidates who have been involved in student organizations and volunteer should be noticed. The involvement shows what they are passionate about. These lines on their resume are so much more powerful than their major because they tell us that the candidate is motivated, passionate, and dedicated.

Think soft skills, not major topics.

The candidate should be capable to learn quickly, fit into the workplace environment, and be responsive to the task at hand. For these reasons, 93% of employers believe that critical thinking, communication, and problem-solving skills are more valuable than a job candidate’s undergraduate field of study. Furthermore, 95% of employers are looking for candidates whose abilities translate into innovation, as many of the jobs being filled today come with challenges that are more complicated than in the past.

Are they aligned with their purpose?

Purpose gives you unique energy. If they have major in a field they are interested in, they will give it the energy, attention, and passion that convert into success.

It has been proven that a happy brain is engaged, motivated, and productive. In other words, our happiness drives our success.

We have all observed the genius intern with the perfect resume who couldn’t make it to the office on time. The one who spoke six languages but teamwork was not one of them. The intern from the never-heard-of-it college who hustled harder than anyone else on the team and flew up the ladder with a blink.

Hence, a degree does not necessarily mean the candidate will be good. Likewise not having a degree does not mean the candidate will not be good.

Team Building – Improve Internal Communication

Team Building – Improve Internal Communication

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Good communication is an important part of leadership and teamwork. Efficient communication will help in team building and employee retention. Becoming a good communicator will require patience, effort and trust.

Since good communication is a fundamental requirement for any business, it is highly important that entrepreneurs and managers focus on improving employee communication within the organization.

Here are a few tips on how you can improve internal communication:

Communicate from the start

It is important to create an environment where employees feel engaged and committed to your vision. Make sure to introduce new members to the team and to entrust them to a mentor who will provide them with the necessary information. Check on them frequently in the beginning.

Conduct regular meetings with employees at least once a day. Discuss how they are completing tasks and clarify any questions.

Have one-on-one meetings to discuss reports, projects and solve problems.

Always listen

Most people believe that communication is simply talking. But communication is a two way process. You must learn to listen to effectively communicate.

Listen to your employees and understand their goals and vision. Integrate their vision into the overall vision of the company.

Listening also helps in diffusing conflicts and prevents miscommunication.

Proper Feedback

Providing effective feedback is important when managing a team. Most employees require feedback to feel encouraged or to properly understand if they are on the right track.

Make sure that your offer both formal and informal feedback on a regular basis. Weekly or daily meetings are a good time to recognize employees for their contributions and achievements.

During formal reviews discuss the performance of the employee and address the action of the employee. It is also an opportunity to understand the employee’s needs. Ask if they require any training or are interested in taking on more responsibility.

Communicate any change

Change can be stressful time for anyone. Be open about any change happening in the business. Whether it’s a change in product, procedure or management, be sure to keep employees in the loop.

Explain the reasons for the change and its necessity. Be honest and straightforward with your employees. Openly communicating such changes will help employees in coping up with the situation.

Imbibe a communal feeling  

Proper communication will induce a sense of community within the employees. Organize company events where employees can meet and spend time together. Celebrate birthdays, weddings and personal achievements. Create opportunities for informal conversations.