How the right tool can help your business during layoff?

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How the right tool can help your business during layoff?

A layoff is a crucial phase for any business organization. Many reasons can force organizations to downsize it through layoffs. It can be done due to economic declines, mergers, cost-cutting, etc. Successfully implementing a layoff is one of the greatest accomplishments an organization can have. The covid-19 pandemic has taken a toll on economic condition of the country. When there is less income in the business, it is an important step to lay off the employees under such circumstances. However, deciding which employees should be laid off is an important step. Sometimes, such information is unavailable with the employer, under such circumstance, it becomes very important to exclude only those who are less productive. Before laying off employees, an employer has to consider selection criteria very carefully. Laying off better and more productive employees can cost the firm in the long run. An employer also has to ensure that it’s not violating an existing agreement or collaborative agreement with any employee. A few typical and common selection criteria are:
    1. Seniority
    2. Merit
    3. Performance
    4. Employee status
    5. Attendance history
    6. Served tenure
A layoff has to be a transparent process to maintain trust between employers and employees. For all of this to be conducted successfully, an employer needs to have a well-maintained database of their employee’s details and work details. FabHr HRMS software is the key here. It is highly accurate and reliable and stores all your information thoroughly. It also helps you to transmit information with your employees if and when required.