Board guidance in layoffs

RETRENCHMENTS, at any time, are difficult moments in a company's journey that warrant in-depth consideration at the board level. As the pandemic takes its toll on businesses, retrenchments across the different sectors have surged in recent months.

While retrenchments are operational actions under the purview of management, it is important that boards ensure they are done right, as they impact long-term organisational health and their future success. Boards should guide companies to focus on the broader picture, as well as monitor and evaluate the impact of laying off employees.

Preserving the company's DNA