Hi ,

Welcome to the January issue of our monthly redundancy and outplacement newsletter for HR professionals. This month we review the latest redundancy statistics, trends, and impacts as organisations continue to adapt to economic shifts.

Redundancy Rates on the Rise

Redundancies ticked up 18% in Q4 2023 compared to the same period last year, according to recent data from the Office for National Statistics. Mass layoffs (involving 50+ employees) were up 12% in December. Key drivers include inflationary pressures, supply chain volatility, and economic uncertainty heading into 2024. However, redundancies remain below pandemic highs.

The Ripple Effects of Redundancies

While necessary at times, redundancies can negatively impact company culture, productivity, and retention if not handled carefully. Remaining employees may experience reduced morale, motivation, and loyalty after rounds of job cuts. Rebuilding engagement and optimism in 2024 will be crucial. Consider proactive communication, stay interviews, and transparency around company direction.

Outplacement Helps Navigate Exits

As redundancies rise, the use of outplacement services is growing. Outplacement helps transition exiting staff through counselling, career coaching, skills development, and placement assistance. It also protects your employer brand and satisfies the duty of care. Make sure exiting staff feel supported. Contact us to learn more about our outplacement solutions.

2023 Has Taught Us:

• Advance communication is key when redundancies are imminent
• Offering outplacement shows employees they matter, even when leaving
• Companies that neglect culture and morale damage productivity long-term

As the landscape continues evolving in 2024, we're here to help you support your people. Let us know if you have any questions and we look forward to connecting next month!

Best regards,

Steve Nicholls| Managing Director | Executive Connexions Ltd.

Outplacement & Executive Career Transition Coaching

steve@executiveconnexions.com | P: +44 (0) 7508 018470 | www.executiveconnexions.com

Registered Office: 20-22 Wenlock Road, London, N1 7GU, UK

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