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Layoffs, layoffs everywhere but no layoffs to be justified”
Downsizing is sometimes necessary for the company’s success, but indiscriminate layoffs can have negative impacts, on employees and the organization as a whole. Sudden termination without prior notice and without a chance to say goodbye to long-time colleagues can be a devastating blow to the affected employees, who may have served the company for over 20 years. In hindsight, mass firings can harm the company’s profitability, brand image, stock prices, and reputation.
In the current scenario where giant companies like Google, Spotify, Meta, Amazon and the list goes on and on, are mass firing their employees with no such justification. In that case, rightsizing with the help of AI could be the one thing companies should induce during and after the hiring process.
Artificial intelligence or AI can help employers and employees with crucial decision-making around layoffs and could emerge as the rightsizing tool for several companies.
Here’s how Artificial intelligence will work to analyze the overall worth of an employee in the company and assist in mature decision-making without creating the mayhem of mass firing or layoffs.
AI-driven performance forecast.
Managers have no choice who to keep or who to say goodbye to when it comes to mass layoffs. But if the same managers armed with AI tools and data-driven expertise, they could easily make wise decisions without killing morale during the process.
AI-aided Objective performance evaluation that covers feedback process transformation, response tracking, measurement, KPIs, evaluation metrics and performance data mining can help managers in unmatched decision-making during layoffs. Dwarf-AI executes the same parameters to decide upon firings and empowers other companies with the core models through the capabilities of AI, machine learning, computer vision, data and automation to make the customised KPIs and metrics to evaluate employee performance.
It’s time to abandon the subjective decisions that can hinder a business’s growth on a large scale.
Upskilling Workforce with AI
In times of downsizing pressure, managers tend to make short-sighted decisions. Retaining crucial talent for immediate business needs is understandable, but if used universally it may prevent future success. AI can assess an organisation’s skill set, predict market demands, and highlight skill gaps for informed decision-making. Dwarf AI can offer “talent intelligence” by combining staff skills, market trends, and organisational needs to make data-driven talent decisions. This enables top leaders to consider the talent needs of the entire organisation, not just individual departments.
Stop the Talent from just letting “GO”.
When layoffs occur, remaining employees often take on multiple tasks and new roles. AI can aid in identifying staff for reskilling and recommend how to expand or change their roles. Dwarf AI can make HR models which collect workforce data such as skills, certifications, performance, and projects to identify the best opportunities for reskilling. They may even provide personalised training recommendations and modules to help reskill staff effectively.
Eliminating “Doglaapan” (bias ) from the workplace
During good times, organisations tend to prioritise equality, but in times of layoffs, this may become challenging. To ensure fair and objective decisions aligned with equality goals and diversity commitments, AI can assist. Dwarf AI can design an “Adverse Impact Analysis solution” that analyzes data across departments and alerts HR and legal teams of any potential bias in the pool of employees considered for layoffs.
Saying AI-driven “Goodbye”
For employees facing layoffs, AI can also provide support. Transitional assistance for departing employees is not only ethical but also protects the organization from a negative reputation both externally and internally. AI can assist in identifying suitable job roles and companies for furloughed employees, and provide training for them to secure new employment. Dwarf AI models compare employee skills with millions of others and recommend career moves and learning paths using real-time labour market data, all with AI. AI from companies like BlueJ Legal can even calculate the best severance pay to offer, taking into account factors such as age, role, service length, and litigation case law.
Business leaders must prepare for possible rising layoffs, and it’s their responsibility to adapt and keep the “balls in everyone’s court” to make thoughtful decisions around layoffs. It’s high time to address, the impact of layoffs and explores new ways of approaching them, similar to how the entire employee journey has transformed.