Layoff Situation in economics problems
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Develop a small plan for the following scenario/not extensive.
You are the production manager at a circuit board factory. After a series of economic problems, you are forced to consider laying off 120 employees. Since demand is expected to pick up again within the next 12 months, you would also like to explore alternative plans that would avoid a layoff. The factory has 1200 employees.
What factors should be considered?
What information would be useful and how can the information be obtained?
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Solution Summary
The solution discusses managing layoff during downward economic situations.
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HR Lay off Prevention Plan
Alternatives
1. Offer Voluntary Retirement Scheme (VRS) or Early Retirement Scheme to old age people, who are close to retirement.
2. Forced shutdown of the plant for few days in a month. This will reduce the operational cost.
3. Ask people to avail their leave and thus the organization can save cost due to accounting rules.
4. Offer 30% - 40% salary to low performers and ask them to work only for 15 days. This will ensure that the organization does not loose high performers and the productivity is also not affected either in the short or long run. Low performers may be provided an option to work elsewhere for the rest of the time. This will ensure that people are not layed off and also they can earn their living by ...
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