Layoffs can be part of running a small business. Some tips for owners on handling them

FILE - In this March 27, 2020, file photo, a man walks past the Cafe Du Monde restaurant, which was closed but has since reopened, in the French Quarter of New Orleans. U.S.-based employers announced 64,789 cuts in April, down 28% from 90,309 cuts announced in March, according to a report by global outplacement and business and executive coaching firm Challenger, Gray & Christmas, Inc. –

“The labor market remains tight. But as labor costs continue to rise, companies will be slower to hire, and we expect further cuts will be needed," he said."This low April figure may be the calm before the storm."First, make sure you're complying with regulations related to layoffs. The federal WARN act, or the Worker Adjustment and Retraining Notification Act, requires a 60-day notice about a planned closing or mass layoffs.

Next, craft a layoff plan. Choose a date for the layoffs and a date for notification. Send a notification to employees privately, and avoid doing more than one round of layoffs if possible.

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Layoffs can be part of running a small business. Some tips for owners on handling themWith stubborn inflation and higher costs, layoffs at small businesses are sometimes a necessity.
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