Ray A. Smith

speaker
910 appearances 20 recordings 1 series first heard Jun 2018 last heard Nov 2024

Ray A. Smith’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Quiet Cutting: Workers Are Being Reassigned Instead of Let Go · 1 Sep 2023 podcast
It's a range of emotions. voice-verified
The people that I talked to said they had everything from relief that at least they weren't laid off and they still had a job to anger. voice-verified
They were just angry that they had no say in where they were going and what they were being told to do, basically told to do or else. voice-verified
It basically means alerting an employee that their old role has been eliminated and that they will now be moved into a different role. voice-verified
one that's not of their choosing. voice-verified
And if they don't take the reassignment, they don't have any option but to leave. voice-verified
They don't have any say in it except to whether they are taking the assignment or they are declining it. voice-verified
And if they're declining it, they don't have another job offered. voice-verified
It's not something new. voice-verified
Involuntary reassignments have been a way for companies to move people, for instance, to growing parts of the business from slower growing parts of the business. voice-verified
It's happening now in large part because of the uncertain economy and businesses are really trying to cut costs. voice-verified
And if they turn to layoffs, they have to pay severance costs. voice-verified
So that's a big expense. voice-verified
It can be thousands of dollars per person. voice-verified
And so reassigning people is a way to save on having to pay those severance costs. voice-verified
Businesses are also trying to retain people as well if they're putting them in other spots because it costs them more to hire somebody and train them and onboard them. voice-verified
Some of this is due to the changing labor market as well. voice-verified
The job market is still relatively tight, but not as tight as it was a year or two ago. voice-verified
And so for some of these employees, they're staying put because they really are nervous that they won't be able to find a new job as quickly. voice-verified
And companies know this. voice-verified
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