Term Paper on "Layoffs and an Organization"
Term Paper 6 pages (2004 words) Sources: 6
[EXCERPT] . . . .
After the MeetingAfter the meeting the first thing that should take place is the documentation of all the necessary paperwork. A HR professional should be consulted if the paperwork needed is unclear.
Another best practice is to talk to your team about the process, the reasoning, and the implications for them (within the limits of confidentiality) and in some cases, they will fully understand the decision (Ashkenas, 2013). In other cases, the organizational members may not understand, but they should be directed back to organizational objectives regardless. If other employees are angered by the situation, it may be necessary to have an outside consultant counsel the staff to try to improve morale so that it does not affect the performance of the organization too severely. Due to the loss, the company may be affected by a general loss of morale, an increased workload due to a position being vacated, and an uncertainty about their future roles with the company. Each issue should be addressed so that the employees are clear about how the changes will affect them and their jobs.
Compensation Package
In many cases a compensation package during a layoff, also known as a severance package, is generally set at one to two weeks per year worked by most companies (Yuille, N.d.). However, these amounts can also be negotiated depending on the circumstances. Therefore, it is recommended to be in a position to negotiate during the meeting by knowing beforehand the range of severance packages that you are able or approved to offer.
Sample Disbursement of Compensation for an Employee with an Eight-Year Tenure
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Severance Package Offered
3 Weeks to Accept Package
16 Weeks' worth of salary -- 8 Weeks benefits
2 weeks per year worked
Week 1
Pay the employee the remainder of salary due for working
Week 2 through 9
Pay the employee their typical wages and allow them to keep benefits
Week 10
Pay them the remainder of the severance package and discontinue benefits
References
Ashkenas, R. (2013, March 11). If You Have To Fire An Employee -- Here's How To Do It Right. Retrieved from Forbes: http://www.forbes.com/sites/ronashkenas/2013/03/11/if-you-have-to-fire-an-employee-heres-how-to-do-it-right/
Boitnott, J. (2015, January 6). How to Fire an Employee So You Don't Get Sued. Retrieved from Entrepreneur: http://www.entrepreneur.com/article/241429
DelPo, A. (N.d.). What to Say When You Fire an Employee. Retrieved from Nolo: http://www.nolo.com/legal-encyclopedia/what-to-say-fire-employee-36140.html
Liu, Z., Ge, Y., & Chen, H. (N.d.). The analysis of game and search between employer and employee under fear of unemployment in financial crisis. Retrieved September 12, 2012, from http://www.scirp.org/proceeding/PaperInformation.aspx?paperID=12548&bookID=1278&bookTypeID=2
Murray, B. (2002, April). Psychologists help companies traverse the minefields of layoffs. Retrieved from American Psychological Association: http://www.apa.org/monitor/apr02/layoffs.aspx
Sinclair, R., Sears, L., Probst, T., & Zajack, M. (2010). A Multilevel Model of Economic Stress and Employee Well-Being. Contemporary Occupational Health Psychology, 1.
Yuille, B. (N.d.). The Layoff Payoff: A Severance Package. Retrieved from Investopedia: http://www.investopedia.com/articles/pf/08/negotiating-severance-agreements.asp READ MORE
How to Reference "Layoffs and an Organization" Term Paper in a Bibliography
“Layoffs and an Organization.” A1-TermPaper.com, 2015, https://www.a1-termpaper.com/topics/essay/fire-someone/7448454. Accessed 5 Oct 2024.
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