In partnership with

You Belong Here

Stretch

Over the past few years, we’ve witnessed the wave of “The Great Resignation,” a period where companies were fiercely competing for top talent. Now, we’re navigating the difficult waters of “The Great Layoff” in 2023 and 2024. Whether you’ve personally been impacted or you’ve watched friends and colleagues go through the pain of layoffs, the emotional toll is undeniable. The job market has become intensely competitive, flooded with amazing professionals, and it’s clear that we’ve arrived at another critical moment in today’s talent landscape, where the repercussions of these layoffs are being deeply felt by people everywhere.

For Those Who Remain

While we often talk about those who’ve lost their jobs, it’s just as important to acknowledge the experience of those who remain. With so many cuts happening, those who stay are being asked to shoulder the extra workload left behind by their former teammates, all while being held to the same high expectations. It’s an overwhelming situation for anyone.

The rounds of layoffs have created a climate of anxiety and uncertainty, leaving employees wondering if their jobs will be next. On top of that, many employers are seizing this moment to reassert control they felt they lost during the Great Resignation by rolling out strict Return to Office (RTO) policies, forcing people back into rigid structures and withdrawing the flexibility they once had. This is causing even more people to quietly disengage from their work.

What’s become clear in 2024 is that many organizations are prioritizing profit and control rather than understanding the needs of an increasingly global and mobile workforce. Employees who once felt loyal to their employers are now constantly on the lookout for new opportunities—keeping their résumés polished and ready should the right opportunity present itself.

Playing the Long Game

This short-term approach to talent is risky for employers. The talent market moves in cycles, and eventually, the balance will shift back toward job seekers. Employers that focus on their people today are the ones most likely to retain an engaged, dedicated workforce when that shift happens.

So, how can organizations take the long view? Here are a few ideas to start:

1. Invest in employee development: More than ever, employees want opportunities to grow in their roles. Offer them chances to upskill, whether through leadership development programs, mentorships, or professional development stipends. By meeting them where they are, you’ll build trust and loyalty.

2. Double down on inclusive culture-building: In the wake of recent backlash against diversity, equity, and inclusion (DEI) efforts, now is the time to reinforce a culture where everyone can thrive. Make DEI a priority, backing it with the resources it needs—whether that’s increasing headcount, budgeting for initiatives, or aligning your strategy to support an inclusive environment.

3. Don’t lowball offers: Some employers are taking advantage of the current market by offering low salaries, freezing raises, or cutting back on bonuses. In a time when inflation is hitting everyone hard, don’t be that employer. People notice, and many are already preparing to move on when the market shifts back in their favor.

As someone who’s had the opportunity to work closely with C-Suite leaders, I’ve often seen a disconnect between the urgent priorities of today and the long-term needs of both employees and the company. My advice is always this: Invest in your people, and they’ll return that investment tenfold.

Reflect

1. How can your organization better support its employees in times of uncertainty? What steps could they take to show that they’re thinking about the long-term well-being of its workforce?

2. In your current workplace, do you feel there is a strong commitment to diversity, equity, and inclusion? If not, what specific changes do you think would make a difference?

3. What kind of investment in employees’ professional growth (such as upskilling, mentorship, or development programs) would make them feel more valued at your job? How do you know?

Act

1. Rebuild trust through transparency: Be transparent with employees about organizational decisions, especially during layoffs. Regular, clear communication can alleviate fears and show employees they’re valued, even in challenging circumstances.

2. Rethink RTO: Instead of mandating rigid RTO policies, consider offering flexible work arrangements that allow for a balance between in-office and remote work. Employers should listen to employees' needs and adapt accordingly.

3. Reconsider your compensation philosophy: Resist the temptation to lowball job offers or freeze raises during tough market conditions. Ensure that wages are competitive and that employees are fairly compensated, particularly as inflation impacts daily living costs.

Ready to join our Community Leaders?

Receive Honest News Today

Join over 4 million Americans who start their day with 1440 – your daily digest for unbiased, fact-centric news. From politics to sports, we cover it all by analyzing over 100 sources. Our concise, 5-minute read lands in your inbox each morning at no cost. Experience news without the noise; let 1440 help you make up your own mind. Sign up now and invite your friends and family to be part of the informed.

Sign up today!