Overview
In response to recent market conditions, employers are making difficult workforce decisions, including reducing employee headcount, eliminating departments, hiring consultants or implementing hiring freezes. Being able to navigate these events can help employers mitigate risk and prepare their workforces for the path forward.
During this webinar, our Employment and Business Restructuring Practice Groups explored best practices and strategic management for navigating large-scale personnel decisions.
Top takeaways included:
- Understand your obligations. As layoffs continue into 2024, employers should be reminded they may have various obligations under both federal and state laws before terminations can begin.
- Embrace a human-centric approach. Terminations are as much about legal compliance as they are about people management. Compassion and a steady hand can go a long way.
- Be ready to mitigate the unexpected. Early analysis and contingency planning are important for minimizing liability in a restructuring context. Certain liabilities have the potential to implicate directors and officers personally, so cash conservation and accounting for wage claims are critical for companies experiencing distress.
More in our Managing Your Workforce During Market Volatility series:
View the recordings and key takeaways from past webinars in our Managing Your Workforce During Market Volatility series, which takes a deep dive into issues related to reductions in force, separations, leaves of absence, accommodations and more.
