Deciding to terminate an employee is never easy, and it only becomes more difficult and complex when companies need to eliminate multiple employees in their workforce.
Organizations downsize for many reasons, but mass layoffs are most common during times of market volatility or poor financial performance. Whatever the reason, successfully downsizing can be challenging and is rarely risk-free. It can have a lasting impact on an organization and its reputation. However, a strategic and careful approach to downsizing can mitigate potential damage and put a struggling organization on the road to success.
Today we'll explore organizational downsizing, including why organizations downsize, strategic approaches and considerations when downsizing, possible alternatives, and potential legal issues.