Thinking back to my old business days, knowing that a recession was coming, I would have already had put a freeze on hiring. I would have also asked my department heads, plan for layoffs and get back to me with your list of folks to layoff.
The department heads would go back to their departments and rate all of the employees under them for their worth to the department and to the company as a whole. Once the employees
work worth was rated a review of all the employees salaries would commence.
Once you have the above information, the folks with higher than average wages and rate in the bottom half of the
work worth category, would be identified as layoff opportunities.
Next, I would reconvene a meeting with the department heads to review the potential layoff list to see if we could move any of those employees to rolls in other departments that they would be more successful at.
Last, the layoff list would go to HR and a pink slip day would be determined.
There are other steps in the process from the day HR receives the list and Black Friday arrives but, you get the drift.
If you think this is not happening across American board rooms right now, you are kidding yourself. My point, with the down turn of the economy eminent, layoffs will soon follow. Depending on how stable the company is, these layoffs will start in August and accelerate into late summer and fall. By the end of the year, we will see 7-10%
U6 unemployment rates.
For all the
UP readership I have some business and home life suggestions.
Business:> Become if you already aren't, the most valuable employee at your company. Volunteer for every freaken work
assignment no matter how distasteful.
> Do not grumble about anything.
> Be the first person at work and the last to leave.
> Hand in all assignment before they are asked for.
> Arrive at meetings 5-minunets ahead of the start time and stay after the meeting to tidy up.
> There are others but you get my drift.
Home Life > If you haven't started, buy extra food and other important commodities.
> Sell unnecessary items and then,
> Pay off the damn credit cards.
> If their is a nonworking spouse in the household, it might be a good time for that spouse to go back to work.
> Stockpile $$$$ if you can, for house necessities like, heat, mortgage, electric, insurance, etc. If you can't then
refer back to number two above - Sell your unnecessary crap. Do you really need a boat or that canoe? Do you
need that extra vehicle sitting in the drive way? Do you need [insert item here]?
> Cut back on current expenses NOW, e.g. vacations, cable TV, electric use, going out to dinner, etc.
> Figure out a way to earn money under the table while on unemployment if you are laid off.
> Having a family meeting to discuss what is happening today and the potential for the future is imperative. If
everyone is aware of the present and future, and work together to prepare, there will be less stress on the
household when it happens. By the way, it will happen.
Okay
UP, help out the readers here that have never experienced a recession and all that it brings.
