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Early signs your company is retrenching
Oct 13, 2024
Francis Chan, an employment lawyer and executive director at Titanium Law Chambers, sheds light on the alarming signs of impending layoffs. He discusses early warning indicators like hiring freezes and cost-cutting measures that hint at financial trouble. The conversation emphasizes the psychological toll of retrenchment on employees and the need for open communication to cultivate trust. Chan also tackles the ethical implications of layoffs, offering advice on negotiating retrenchment packages and managing career transitions amid job insecurity.
31:04
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Quick takeaways
- Signs of retrenchment include hiring freezes and reduced spending, indicating potential financial instability within a company.
- Transparent communication from management about financial health is crucial to maintain employee trust and alleviate job security concerns.
Deep dives
Understanding the Impact of Retrenchments
Retrenchments can affect employees across various age groups, with both younger and mid-career workers expressing significant concerns regarding job security. It is noted that even relatively new hires, such as those only employed for a few months, can find themselves in precarious positions. This highlights a growing trend where no one is truly exempt from the threat of job loss and where companies are employing strategies like hiring freezes, which may indicate deeper financial issues. Employees often realize they might be facing retrenchment when they start to notice behaviors or policies within the company that suggest financial instability.
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