Entrepreneur Plus - Short White
For Subscribers

This Program is Vital for Limiting Backlash When You Have to Lay People OffNo business owner likes to do it, but sometimes layoffs are the only option.

ByJolene Risch

Opinions expressed by Entrepreneur contributors are their own.

RUNSTUDIO | Getty Images

Business owners around the world are reeling from the financial stress of the global health crisis, which has resulted in mass layoffs and furloughs. Luckily, according to theBureau of Labor Statistics,the layoffs and furloughs have slowed and almost returned to the pre-crisis rate. But even with things turning around, it's difficult to predict when you might need to be prepared to lay off some of your team members. That's why it's important to have a plan in place with an outplacement program.

Related:Five Science-Backed Tips To Ace That Job Interview

Continue reading this article — and all of our other premium content with Entrepreneur+

Join the internet’s leading entrepreneur community! With your subscription you’ll get:

  • Unlimited access, including premium content
  • No ads
  • Subscription to狗万官方magazine
  • Four free e-books a year
  • Subscriber-only events with our experts

Editor's Pick

Related Topics

Money & Finance

Want to Become a Millionaire? Follow Warren Buffett's 4 Rules.

企业家是不能过度指狗万官方望太多a company exit for their eventual 'win.' Do this instead.

Leadership

4 Key Indicators It's Time for You to Hire Your First Employees and Stop Doing Everything Alone

Deciding on the perfect timing to make the shift from solopreneur to team leader can be challenging, but there are certain signs of whether you are prepared or not to take the plunge and recruit staff. Take a look and see if you've reached these milestones and if you should start thinking about hiring outside help.

Living

How to Start a 'Million Dollar' Morning Routine

Restructure your morning with a few simple steps that may help to amplify your energy.

Making a Change

Why Jack Canfield's 'Chicken Soup for the Soul' Series Was Originally Rejected

It's not enough to have a dream - you need the motivation to stick it out and achieve it.

Business Ideas

55 Small Business Ideas to Start in 2023

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2023.

Business Solutions

Learn to Program an AI Chatbot for Your Business in This $30 Course

Get back-to-school savings on this AI coding course.