Webinar Recap| Alternatives to Layoffs

Inflection Point: Responding to COVID-19 An inflection point is defined as “a time of significant change in a situation; a turning point.” Due to COVID-19, startups all over the world are facing tough choices and how they handle this global inflection point will determine their future viability. Through this content series, LTSE will provide new startup founders with tools, resources, and guidance on how to navigate the unprecedented environment.

The COVID-19 pandemic is wreaking havoc on startups with layoffs being announced at companies across the board. The current climate is pushing leadership to make tough choices; how do you fight hard to keep your team, morale, high, and cut back on the right things to sustain the uncertainty?

We’ve partnered up with The Plug, a digital news publication that provides in-depth reporting and analysis on the Black innovation economy, to bring you expert insights from Connery Consulting — a boutique HR consulting firm, where we discussed alternatives to layoffs.

If you missed our webinar, you can watch the recap here:

Key Takeaways:

• Spend time delving into the make-up of your workforce including duties, responsibilities and business impact — this information will be critical in your ultimate decision making.
• Discuss trade-offs with your workforce (perks, benefits, programs, etc.) and make clear that concessions will happen across the board in order to preserve the business and, ultimately, jobs.
• Communicate regularly with your employees during uncertain times. Be transparent about the situation, be aware of employee morale and be fair in the choices you make. Don’t do this alone.

Learn more about alternatives to layoffs here.