As a small business owner or manager, it's never easy to lay off employees. Unfortunately, economic and unforeseen conditions can make it necessary to make difficult business decisions that impact the livelihoods of your team members.
The pace of employment growth remains near zero for small businesses, with some sectors seeing declines in employment. For example, employment in the leisure and hospitality, professional and business services, and information industries fell month-over-month in June.
With this in mind, it's important to know how to lay off employees with dignity and empathy. Not only will this help your employees through a difficult time, it will also help your business maintain morale. There’s no best or ideal way to let people go, but there are respectful and compassionate ways to go about it.