The year 2023 is proving to be volatile. Even as the economy continues to add jobs overall, fears of a future downturn, persistent inflation and rising interest rates have many companies reevaluating labor expenditures, as stories of layoffs have begun to appear frequently in the news. While dramatic reductions in force (RIFs) are happening in the technology sector, they’re also beginning to happen in media, retail, manufacturing and other industries.
RIFs are governed by a variety of regulations and come with several risks – and they can be difficult for all concerned. For these reasons, it’s essential to plan and execute RIFs with empathy and to take an approach that’s both strategic and mindful of employee welfare.
