The biotech industry is known to be one of the most dynamic and innovative sectors in the world but also a landscape that involves risks and uncertainty. The COVID-19 hangover, regulatory changes, market fluctuations, and stiff competition are just some of the factors affecting, not only emerging biotech, but also some of the established players. As a result, many firms are dealing with rounds of layoffs and restructuring to adapt to the changing environment and survive with Fierce Biotech's 2023 Layoff tracker matching 2022's whole-year total by August alone.
Layoffs can be stressful and difficult for both employers and employees. Employers have to make tough decisions about who to keep and who to let go, while employees have to deal with the loss of income, security, and identity. However, turbulent times can also make way for new opportunities for growth and development for both parties, if handled properly.
In this piece, we will explore some of the best practices and advice for dealing with this awkward possibility, from both the employer and the employee perspective.
The Employer : How to Conduct Layoffs and Restructuring Effectively
Layoffs and restructuring are inevitable in any industry, but especially in biotech, where innovation and experimentation are essential. However, how you conduct layoffs and restructuring can make a big difference in how your company performs in the long run. Here are some of the key steps you should take to ensure a smooth and successful transition:
Plan ahead. Before announcing layoffs or restructuring, there should be a clear vision of your company's goals, strategy, and budget. You should also assess your current workforce and identify the skills, roles, and functions that are essential for your future success. This will help you determine who to retain and who to let go, as well as how to reorganize your teams and departments.
Communicate clearly. Communication is crucial during layoffs and restructuring, as it can affect the morale, productivity, and loyalty of your remaining employees. You should communicate your reasons for the changes, your expectations for the future, and your appreciation for your employees' contributions. You should also provide timely and accurate information about the process, such as the timeline, criteria, benefits, and support available for those who are laid off.
Be fair and respectful. Layoffs and restructuring can be traumatic for those impacted, please treat them with dignity and respect. You should avoid making any sudden or arbitrary decisions, and instead follow a transparent and consistent process. You should also offer adequate severance packages, outplacement services, references, and other assistance to help them transition to their next career path.
Support your remaining employees. Layoffs and restructuring can also have a negative impact on the remaining employees, who may feel anxious, guilty and demotivated. You should provide them with any support, feedback, recognition, and training to help them cope with the changes and adjust to their new roles and responsibilities. You should also foster a positive and collaborative culture that encourages innovation, learning, and teamwork.
The Employee : How to deal with the risk of Layoffs
Layoffs and restructuring can be devastating for employees who lose their jobs or have to adapt to new situations. But there is always a silver lining with the right mindset. If approached with the right frame of mind this can be seen as an opportunity for personal and professional growth. Here are some of the ways you can deal with layoffs and restructuring positively:
Coming to terms. Layoffs and restructuring can trigger a range of emotions, such as shock, anger, sadness, fear, or relief. These are normal reactions to a major life change, so you should not suppress or deny them. Take your time to digest the news and acknowledge your feelings. Express these feelings in healthy ways, such as talking to someone you trust, writing in a journal, or engaging in physical activities.
Seek support. Layoffs and restructuring can be isolating and overwhelming, so you should not go through them alone. You should seek support from your family, friends, colleagues, mentors, or professional counsellors who can offer you emotional, practical, or financial assistance. You can also join online or offline communities of people who are going through similar experiences or have similar interests or goals.
Explore your options. Layoffs and restructuring can open up new possibilities for your career development that you may not have considered before. You should explore your options by assessing your skills, interests, values, and goals. You should also research the market trends, opportunities, and challenges in your field or other fields that interest you. You can use online platforms such as LinkedIn or Indeed to find job openings or networking events that match your profile.
Update your resume and get connected. Layoffs and restructuring can be a opportune time to update your resume with your latest achievements, skills, and qualifications. Make sure your resume and LinkedIn profile (if you use it) are up to date, highlighting key skills and experiences. Get networking as well - LinkedIn is a great tool for this as well as of course forging good relationships with a specialist recruiter in your particular discipline. Partnering with a well-connected and reliable recruiter (such as me!) can help you to tap into the job market in a different way to firing off applications and hoping for the best.
Whichever side of the fence, employer of employee, layoffs are something that no one relishes. Taking a compassionate, calm and ordered approach to the situation should go someway to making the process more bearable and allow for positive changes to come out the other end.