Is it possible to prevent a business closing or mass layoff? Sometimes it is, especially if the company is aware of early warning signs and is receptive to exploring options that may help. While intervention may not save all jobs, it may save some and may help to prevent future layoffs. See a list of common warning signs that often precede business closings and layoffs.
While taking action is not a one size fits all type of thing, there is scheme that is generally followed:
STEP 1: Examine internal business operations and external forces that affect business operations.
STEP 2: Identify problem areas.
STEP 3: Develop and implement solutions, such as:
- making a change in leadership
- engaging in financial restructuring
- modernizing / upgrading equipment or software
- converting to new products and/or markets
- expanding skills of the existing workforce
- improving recruitment and retention of talent
- transferring of ownership
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- Assistance to Employees
- Job Loss Due to Foreign Trade
- Health Insurance Considerations
- Environmental Considerations