Layoffs are happening all over the tech space. How can leaders ease the burden on affected employees? originally appeared on Quora: the place to acquire and share knowledge, allowing people to learn from others and better understand the world.
Answer by Susan Alban, operating partner at Renegade, the Quora:
Unfortunately, the 2022 “vintage” of layoffs, which began in the spring and accelerated over the summer, looks set to accelerate this fall and likely into 2023. Here’s what services HR and other managers should consider what to do for their departing employees. (“outgoing”):
- Provide a brief, clear and comprehensive FAQ for outgoing.
- Contribute to a fair severance package and Cobra package – the current norm in the VC-backed tach appears to be around 1-3 months, sometimes with extra time for older employees (e.g. 1 additional week for each year of service). Attention employer: ask your legal team about the WARN Act*.
- Speaking of benefits, consider extending any mental health and financial health benefits to leavers for a period of time.
- Create a company alumni group on LinkedIn and/or create a shareable sign-up list for leavers to share their names, LinkedIn profile, and job they’re looking for next. This can be shared with other companies and beyond.
- Consider modifying your equity plan to waive any one-year cliff for options or RSUs, and consider extending the exercise window after option termination (PTEP) of the 90-day standard to something that gives leavers a bit more flexibility in collecting money for fiscal year and corresponding taxes.
- Consider letting leavers keep their laptops. The depreciated device is probably worth a lot more to them than to you.
- Work with your investors and all talented partners to help exits. VCs often maintain a talent database and job boards from elsewhere in their portfolio.
* Disclaimer: I am not a lawyer and this post is general advice, not specific advice. Always consult your own attorney in all employee separations.
That question originally appeared on Quora – the place to acquire and share knowledge, allowing people to learn from others and better understand the world.
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