Highest unemployment in 14 years! Your staff needs to know what it means for them
October saw the highest jump in the U.S. unemployment rate in 14 years. Now, all eyes are on you for answers as to how your company will be affected.
According to the Department of Labor (DOL), the unemployment rate rocketed to 6.5% in October. That’s higher than we’ve seen in over a decade, and people are starting to panic.
Even the most optimistic economic experts are calling this a severe recession.
So what should you do? That depends on how you’re affected.
If you don’t have to make cuts, you should communicate this to your staffers and put their minds at ease. Constantly worrying about job security can really hurt employees’ productivity and well-being.
On the other end of the spectrum, if you have to downsize, how you handle it makes all the difference. Previously, we outlined how your company can make the most of the unfortunate reality of cutting employees.
- Share on
Free Training & Resources
White Papers
Provided by Personify Health
White Papers
Provided by Anaplan
Further Reading
Small business CEOs and CFOs are as worried about inflation, tight credit, banks going under and a looming recession just as bigger compani...
At any given moment, more than half of your employees just don’t care. It’s sobering, right? But the truth has been out t...
Even the best finance pros face times when they have difficult things they don’t want to say to their team, boss or clients. And ...
Because your A/P staff is so good at keeping important bills paid, it unfortunately makes them a prime target for payment fraud email campa...
Studies show employees miss a couple of days of work every year due to stress. Then there are the folks who come into work anyway but are t...
Because of inflation and economic uncertainty, marketing spend is dropping back closer to pre-COVID levels, according to new data from The ...
