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How Layoffs Hurt Companies

Issuing pink slips should not be standard operating procedure

Knowledge at Wharton
Thu, 05/05/2016 - 15:02
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Time was, layoffs were seen as an emergency strategy, the last resort in a downturn or crisis. Today, however, layoffs are a standard tool for doing business. As the economy continues to heal and job indicators improve, a number of firms have announced a fresh wave of layoffs—Nordstrom, Sprint, and American Express among them—citing the need to improve profitability.

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Studies have shown that layoffs don’t generally result in improved profits. And yet, firms continue to keep the pink slips at the ready. Why?

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