Companies have announced plans to cut nearly 700,000 jobs from January to November of this year, according to a report from Challenger, Gray & Christmas. That’s a 115% spike from the same period last year. These layoffs, many of which are for white-collar roles, have led to a job market squeeze, pushing quit rates to pre-pandemic lows.
Talent is one of the largest expenses on a company’s balance sheet, but employers are not ignorant of the consequences of widespread layoffs, such as knowledge loss, heightened anxiety for remaining employees, and even the immediate financial cost of letting people go. As they look to trim financial fat, however, some employers are looking to performance reviews to separate high performers from low performers and identify where to invest time, money, and resources.
.png?w=600)
