Tis the Layoff Season
By Dom Loffredo
As I write this article there is most likely a large company getting ready to send out another mass layoff email. In the past few months, companies like Meta (formerly Facebook), Twitter, Zillow, Peloton and many others have conducted mass layoffs, several even have had MULTIPLE rounds of layoffs. Although anyone reading this works for a small law firm that most likely won’t suffer billions in lost revenue in 2023, the actions mentioned above still can have a significant impact on your practice.
Heading into the new year with the economy in question, many people have begun to fear what their future of employment looks like. Even though you are no Zillow who hired people based on believing the housing boom would never end, your staff are most likely watching the news and getting concerned if there will be cutbacks, stagnancy or even closings in the coming year. Now more than ever, make sure that you are communicating to your staff your plan for the next 3-12 months. Just hearing that you have a plan will provide them with some reassurance.
On the other hand, there is another opportunity that this “fear” season provides to you as a small business. It is this; the opportunity to solidify a reliable and positive culture throughout your office. Although this may be an uncommon takeaway, I have proof –discussions with two of Julie’s staff who have been with her through the 08 crash and the 2020 pandemic. Common thoughts on why Julie succeeded throughout these extremely challenging times for other businesses? Julie’s determination to keep building and developing her firm. Both staff shared that Julie’s ability to push forward gave staff confidence in their boss. By Julie moving forward with innovation, the staff felt comfortable in this simple fact: in a time of doubt, they have an employer who they trust to push the company forward regardless of circumstance. It may sound cheesy and small, but it matters! Having that trust sets the groundwork for a culture and office environment of reliability and consistency, using one that makes people want to stay!
Regardless of where you are today, the coming months will be a pivotal time for you to set the standard at your office. Don’t let the negativity of the news dampen engagement within your office. Create a plan, communicate that plan, and stick to it! Even through difficult times, our team at MDS is here to help you through it –whether that be marketing, hiring, staff retention or building systems at your office! Make sure to proactively schedule your annual and monthly coaching calls with us at the new year quickly approaches.