As the world grapples with navigating post-pandemic impacts and economic uncertainty, many companies are turning to layoffs as a means of cost-cutting. In the tech industry, in particular, layoffs have been on the rise lately with more tech employees laid off in the first three months of 2023 than in all of 2022 [1]. While layoffs can be required to support organizational sustainability, they can have a significant impact on employee wellbeing. Measuring employee wellbeing post-layoff can help companies rebound quicker and build a stronger, more resilient workforce. We know what you’re probably thinking… measuring employee wellbeing following a layoff sounds unnecessary. You may be thinking that you already know employee engagement is suffering and employees are struggling. But do you have the data you need to drive the actions needed to rebound engagement and retention? Do you have insights on what is driving burnout and how to curb it?

Measuring employee wellbeing following a layoff is critical for several reasons. It provides companies with valuable insights into how employees are coping with the layoffs. A layoff can be a traumatic experience for employees, leading to feelings of stress, anxiety, and depression. Research has shown that employees who experience job loss are more likely to experience mental health issues such as depression and anxiety. [2] By measuring employee wellbeing post-layoff, companies can identify any employees who may need additional support from their manager or may need connection to employer wellbeing benefits.

Secondly, measuring employee wellbeing can help companies identify any underlying issues that may have contributed to the layoffs. For example, if employees express concerns about poor communication or a lack of transparency from management, this feedback can be used to improve communication and build trust with employees in the future. Studies have shown that employee feedback can help organizations identify issues and take action to address them. [3]

Finally, measuring employee wellbeing can help companies rebound quicker by retaining their top talent. Research has shown that employees who feel valued and supported by their employer are more likely to stay with the company long-term. [4] By measuring employee wellbeing post-layoff and taking action to address any concerns or issues, companies can show their employees that they are committed to their wellbeing and that they value their contributions to the organization.

At wellbeingX™, we understand the importance of measuring employee wellbeing post-layoff. Our solution goes beyond Likert scales and uses natural language processing to analyze open-ended verbatim responses. This allows us to capture deep feedback that can help companies take action and improve employee wellbeing. With our ability to segment and understand employee feedback, companies can identify trends and take targeted action to address any issues or concerns.

Measuring employee wellbeing following a layoff is critical for companies who want to build a resilient, engaged workforce. By providing employees with a platform to share their thoughts and feelings, companies can demonstrate their commitment to employee wellbeing and build a culture of openness and trust. With wellbeingX™ solution, companies can gain deep insights into employee wellbeing and take targeted action to address any concerns, retaining top talent and positioning themselves for future success.

References:

[1] Prism Reports. (April 3, 2023). Tech Layoffs Disproportionately Affect Marginalized Communities.
URL: https://prismreports.org/2023/04/03/tech-layoffs-marginalized-communities/

[2] The Lancet Psychiatry. (2015). Job loss and depression.
Retrieved from https://www.thelancet.com/journals/lanpsy/article/PIIS2215-0366(15)00232-1/fulltext

[3] Harvard Business Review. (2016). What Managers Should Know About Employee Feedback.
Retrieved from https://hbr.org/2016/07/what-managers-should-know-about-employee-feedback

[4] Forbes. (2018). How Employee Engagement Affects Productivity And Your Bottom Line.
Retrieved from https://www.forbes.com/sites/brentgleeson/2018/03/18/how-employee-engagement-affects-productivity-and-your-bottom-line/?sh=3225cd5e7877