Before Announcing Deep Layoffs, Read This

Many business owners are considering layoffs to ensure they make it through the COVID-19 crisis — and a recent survey found that a vast majority of corporate leaders are considering some sort of financial action as a result of the pandemic.

To be sure, a cost-cutting reflex is understandable. Leaders are obligated to make responsible decisions to keep their companies afloat. But those who manage the economic effects of this crisis in a clear and compassionate way create more value for their companies and will come out of this pandemic stronger than ever before.

So before announcing deep layoffs, we recommend that you consider these five measures first.

1. Communicate openly
2. Share the pain
3. Crowdsource ideas with employees
4. Review all options
5. Have "Ice in the Belly"

Read more:  The Coronavirus Crisis Doesn’t Have to Lead to Layoffs