Imagine, hypothetically, that you are the head of a massive technology company. You decide one day that you want to layoff, say, 50 percent of the workforce tomorrow while offering employees a severance agreement. What should you know?
My colleagues, Gabe Jiran and Keegan Drenosky, did a whole webinar on the subject last month that
Before I do a recap, I want to share a hopeful tidbit. My friend Tim plays the bagpipes. For the last few years, St. Patrick’s Day (and the weekend) is his favorite time because his band rents a bus and tours pubs across Connecticut.
Suffice to say, there was no pub crawl yesterday.
But after
Monday, March 16th was brutal.
I kept using that word over and over in conversations with employers who are watching their entire business disappear overnight.
Brutal.
Layoffs — at a scale that I think is difficult to comprehend — are sweeping through Connecticut businesses.
Restaurants? Closed (except for takeout or delivery).
Gyms? Closed.
Movie theaters?
In my prior post, I wondered aloud whether there were some rough waters ahead for employers. Apple recently announced that it would not meet it’s earnings estimates in the first quarter of 2019, in part because of soft demand from China. Other companies are expected to announce some similar issues.
Honestly, I’ve had enough conversations
UPDATED:
The cuts to the CHRO keep coming.
Governor Malloy this morning released his plan to reduce the size of government — should a deal with the state labor unions not be struck.
The plan calls for the elimination of the CHRO’s Waterbury Office (page 35) and the elimination of other staff positions. All
The other shoe has dropped. For now.
Governor Malloy late today released his official “Plan B” detailing the layoffs expected as a result of the union concession vote. And it’s ugly.
It calls for a 15 percent staff reduction at the Department of Labor, 30 percent reduction at the Commission on Human Rights and Opportunities,
With rejection of a union concession package now appearing likely in news stories this morning, it seems probable that layoffs are around the corner. Notably, a lawsuit arising from a prior state layoff is still kicking around over eight years later. I discussed this back in October 2010 and noted that the parties had
If you were at the Holiday Inn in Waterbury yesterday, you had the opportunity to see a microcosm of what’s going on in today’s workplaces and economy.
Lining the halls outside the conference rooms to the hotel were hundreds (850, to be exact) of people apply for 40-50 jobs at an indoor water park.
For anyone who watched 60 Minutes last night, you know that there is a great deal of pessimism out there about how quickly this recession will end.
Employers are struggling to control costs and keep layoffs to a minimum. A new, thoughful article by the Wharton school suggests that employers be innovative in their
The headlines this week, particularly to those in Connecticut, sound an ominous tone. Foxwoods announces layoffs of 700. And this morning, a new government report came out showing that employers shed nearly 160,000 jobs.
Where will this all lead? That’s the $1 trillion dollar question that is on everyone’s mind. But in the meantime