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.
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