News of job cuts and layoffs have been dominating the headlines for weeks now. As the trend continues, some sectors such as airlines across the world have already announced these cuts.
One of the first ones to do that was AirbusOpens a new window , cutting 15,000 jobs globally. United AirlinesOpens a new window announced last week that 36,000 employees are likely to be furloughed this fall. The federal CARES ACT provided billions of dollars as bailout funds to the airline industry. Also, it barred companies that took these funds from cutting out jobs, reducing pay rates, or involuntarily furloughing workings. However, this is applicable only until October 1.
Now there is news of Credit Suisse Group AGOpens a new window evaluating job cuts. This is expected to be the likely implication of revised product offerings that the organization is planning, such as different savings plans so that it can reach its profit targets. Since physical visits to banks have reduced due to the COVID-19 pandemic and online operations have picked up, there is a possibility of reducing the number of domestic branches. Some other departments of the bank may be merged into a single department, such as risk and compliance, putting some employees out of jobs.
The environment is such that organizations may not be able to control the layoffs and furloughs. But they can help their employees keep up with the changing nature of work nonetheless.
How Can Organizations Support Employees at This Time?
Can jobs be reassessed and changed to make them more relevant to the current context and future requirements? Can organizations use workforce metrics to decide the skill levels of the existing workforce and how to utilize them? Can they tie up with other organizations to pick up employees who have recently been laid off? There are some ways this is possible.
1. Reassessing and redesigning jobs and business processes
The post-pandemic world will demand a whole new set of skills for a very different set of jobs. Both jobs and skills needed are continually evolving, and both need to be reassessed. Credit Suisse identified that branch operations-related jobs might not be relevant in the future. It might then need to redesign these jobs to focus on digital operations, which will continue to rise. This is one area, but all organizations are likely to have many such areas as well as entire business processes that can be realigned.
Redesigning jobs may require automation and digitization to make work more seamless. This will include creating a support structure around virtual or remote workingOpens a new window . Many organizations have not been open to virtual teams and remote workers in the past. But this practice has already undergone paradigm shift as many contemplate on how to keep employees safe while maintaining business continuity. Setting up the right technology for virtual work could reduce layoffs and enable more employees to remain relevant to the changing workplace.
2. Identification of technology to reskill employees
Where possible, cross-trainingOpens a new window employees is a good approach to use, as it will prepare more and more of the talent pool to take on newer roles. HR will need to proactively discuss this with employees and plan for it with business leaders. In addition, finding the right technology to reskill employees is essential. This is a growing need for many organizations that want to explore alternatives to layoffs and then the subsequent cost of rehiring talent when the economy improves.
For example, Eightfold.ai recently added Project MarketplaceOpens a new window to its existing learning platform. Project Marketplace provides an entire gamut of elements that empower employees in career management. Through this platform, current skills can be assessed, career progression options explored, and employees can also participate in learning programs to upgrade themselves. Employees find themselves in charge of their learning and developmentOpens a new window with adequate organizational support. Specific learning content is also easily accessible for organizations through EdCast’s AI-based learningOpens a new window experience platform. Some reports indicate a significant global skills shortageOpens a new window . Using technology to assess skill gaps and then using it to meet the learning needs are the next steps.
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3. Outplacement support
Many employees might need outplacement supportOpens a new window since it is likely that at the end of the furlough period, they might be laid off. Organizations can help their employees by identifying service providers in the area of outplacement technology and enable employees to explore options during this period. This is a realistic process that can help furloughed employees to plan their future better.
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4. Financial and budget planning advice
In the case of furloughed workers, being unpaid during this phase is a big challenge for employees. So, providing them information on how to plan financially for the months ahead will be very helpful. Most employees will struggle to understand how this can be done in a planned manner. Getting expert advisors to conduct online sessions with them will ensure that they are more confident about managing this sudden drop in income.
While organizations may still have to lay off employees and furlough others, these measures can help employees leave with a better experience of the workplace and reduce the stress of finding new work in a crisis. Some of these measures can also help reduce the need for job cuts altogether, saving employees their jobs and helping the organization keep up with changing times.