Stealth Layoffs Latest Trend

We keep hearing the news about the economy being bad.

For certain sectors, the news isn’t very good for certain professionals connected to the banking, housing and mortgage industries. You know things aren’t good when the term “stealth layoff” starts coming into usage after regular layoffs have become part of the industry’s daily news.

From the ABA Journal:

One strategy is the stealth layoff, the columnist known as “The Snark” writes for the Daily Report in an article reprinted by the New York Lawyer.

“With a stealth layoff, the firm doesn’t necessarily fire you,” Snark writes. “Rather, they essentially let you know that they plan to can you in the next three months-but as a ‘professional courtesy,’ they will give you a few months to find ‘other career alternatives.’ “

The columnist also details that the traditional method of culling the herd is still in play these days:

Or law firms may engage in “classic canning” of associates, scrutinizing their work with unprecedented care.

“So your failure to proofread that draft one last time before you sent it to the client-resulting in two typos-will now lead to your demise for ‘lack of attention to detail,’ ” Snark writes.

Be very afraid if your business is slowing down. And, keep focused on your work so you don’t get accused of “lack of attention to detail.”

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