The Most Challenging Times: Navigating Layoffs

Watch the YouTube version of this episode HEREAre you a firm owner who is struggling with layoffs? In this episode, Jim and Tyson discuss the difficult layoffs as well as the tough reality of letting people go due to a downturn in business.Jim and Tyson delve into the reasons why layoffs occur. Jim identifies the issue with spreading yourself too thin, in which too many responsibilities are given to too many people, when it doesn't have to be that way. Consolidating where necessary is a good way to keep responsibilities simple and not lead to paying for more employees when less are needed. Layoffs can also occur when a firm owner is thinking too far into the future instead of thinking about what is needed in the moment. For example, many firms experience fast growth. With fast growth comes more clients and therefore more lawyers or support staff. But, firms also experience downturns in work and if this is not documented and that fluctuation is not talked about, it can lead to issues with paying for staff.Listen in to learn more!7:04 Analyzing the factors contributing to the need for layoffs18:42 Discussing the consideration of shifting employees to different roles19:10 Discussion on the considerations and movements within the firmJim's Hack: We aren’t creating enough content! Create more content for marketing your firm. People are not going to get tired of you! Do more! Tyson's Tip: You can work harder and it’s not going to hurt you. Tune in to today’s episode and checkout the full show notes here.