Thoughts on Q3 and Q4 Trends
By James Hawley, NextPath CEO
No one told the job market we’re in a recession…
We are seeing some soft areas for hiring, but overall, there are still far more jobs than skilled people that are looking. In fact, we’ve seen an uptick in hiring across our clients with August and September about 65% up on new jobs compared to June and July.
What I expect is a choppy Q4 with some companies growing while others are pulling back. Will be important for candidates to do their homework on a company before accepting a role to ensure stability through a downturn.
Things To Consider Before A Layoff
Letting people go should never be taken lightly. It’s someone’s livelihood at risk, and that job allows them to put food on their family’s table and a roof over their head. Losing a job, especially unexpectedly, can have catastrophic consequences for people. We’ve seen companies too easily following their peers by announcing layoffs without doing everything possible to retain those people. Here are 5 things a company should do BEFORE they decide to eliminate someone’s job.
- CUT EXPENSES – there is always fat in a business that easily can get cut first. During growth years like we’ve had companies spend a lot and that builds up quickly. Often these numbers add up quickly. Get aggressive and cut here first.
- REDUCE ADD ON COMP – put a hold on 401k matching or other variable bonuses that you can find. Employees will understand and appreciate you are trying to save jobs.
- LEADERS TAKE PAY CUTS – the senior leadership often are the highest paid and can afford a temporary pay cut easier than their staff.
- TALK TO YOUR TEAM – Have a conversation with your team and lay it out. Let them be part of the solution to try to keep their team together. They might offer ideas you hadn’t thought of. Perhaps they all take a % cut temporarily which can save their teams jobs. This can help galvanize a team and bond them to come out on the other side even stronger together.
- REDUCING HOURS – Turn full time roles into part time to allow that person to keep their job. They may choose to leave, but it is easier to tighten the belt at home with pay cut than zero income with being unemployed. If this is temporary, then you retain that trained up worker versus having to start over later when you hire again.
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