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YOUR CAREER

Recession fears: Here’s how to avoid being laid off & what to do if you are  

By Lynne Curry After months of talent wars triggered by the great resignation, the job market has again shifted, with business growth slowing and recession fears looming. Despite low unemployment rates, 3.5% nationally,1 over 60 percent of the 750 CEOs surveyed by the business research firm Conference Board expect a recession in the next 12 to 18 months1. Another 15 percent of surveyed CEOs report their region is already in recession.1 Multiple employers that bet large on a post-pandemic boom have transitioned to layoff status. Re/Max slashed 17% of its national workforce. Peloton, Carvana, Ford and Better have each laid off thousands of employees. Walmart, Wells Fargo, 7-Eleven, Shopify, Netflix, and JPMorgan have all cut large numbers of jobs.3, 4 The number of #OpentoWork banners on LinkedIn profiles have hit… . . . read more.

LAYOFFS

How do we tell our employees we are laying off some of them?

ByLynne Curry As the economy takes a new twist, the talk in many work sectors is turning from staffing shortages to coming layoffs. If this is the case for your medical office, here are some things to think about: Consider alternatives Have you considered all the alternatives your company has to layoffs? Could you reduce hours or salaries for a larger number of employees? If you transition from a five-day workweek to a four-day workweek, you can cut payroll by 20 percent. If you offer employees five weeks of vacation annually, of which two are paid, many of your employees may see this as a perk and that can thin your ranks. Have you asked your employees for cost-cutting ideas? Or, it is too late, and layoffs are your only… . . . read more.


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