Overcoming Layoffs

“Bear Stearns expects to take $1.2bn in write-downs, and is set to layoff 650 to cut costs due to the sub-prime crisis”

Bear Stearns reported today in e-financials 29 Nov 2007, it expects to cut (4% of its global workforce) to reduce costs. 20 job losses in London. Chief Executive James Cayne announced ... “As we indicated at the end of last month, we are continuing to rationalise our business, monitor staffing needs and align our infrastructure with current market conditions,” Bear said. It said that it will make strategic hires in growth area

Overcoming Layoffs, how to survive

One of the most difficult tasks as a manager is making layoffs. Those involved in downsizing are often left with feelings of survivor’s guilt, wondering why their jobs were retained while star performers or rising IT executives were let go.
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Layoffs are likely to bring fear and uncertainty to those left behind, meaning you and your remaining staff. Those employees who retained their positions may be doing two jobs, working extra hours, adjusting to the new culture and feeling badly for those who didn’t survive the organizational change ...

“While much emphasis is put on the pain of those who lose their jobs, those remaining experience a wave of emotions,” says Julie McClatchey of Employee & Family Resources (EFR), a company that administers employee assistance programs. “It’s typical to feel both relief and guilt.”

Here are some tips to help you navigate workplace change and help your employees:

* Stay connected. Talk to family, friends and co-workers. Seek professional counseling if needed.

* Practice healthy coping behaviors. Overeating, oversleeping and excessive use of alcohol only provide temporary release, not solutions. Instead try to maintain your usual routine, exercise and get enough sleep.

* Recognize change is inevitable and view it as an opportunity to learn new skills or adapt your career.

* Give the reorganized workplace a chance, but prepare to leave if the new situation isn’t working and the company’s outlook doesn’t improve. And of course, keep your resume updated and network for opportunities.