Initial and ongoing unemployment claims

Initial and ongoing unemployment claims - Printable Version

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Initial and ongoing unemployment claims - Mick - 08-20-2020

This week's initial unemployment claims bounced back up to 1,106,000, an increase of 135,000 over the previous week's unemployment gains. So much for the V-shaped rebound. The $600 weekly stimulus check is now gone. I've hired three of my former eight back, most of the others are in full-panic mode.

https://www.dol.gov/ui/data.pdf

RE: Initial and ongoing unemployment claims - OutsiderFan - 08-20-2020

Is there any way to track those who are being forced out of work, but aren't being laid off as much as bought out?

I know there are many companies looking to offer employees buyout offers. If enough take them, layoffs will be avoided. If not enough do, layoffs will happen.

Either way, few of these people will want to be giving up their job. How is this counted in the employment statistics? If you take a buyout package, you can't collect unemployment benefits, but that doesn't mean you want to be unemployed.

Employers want as many taking buyouts as possible, because the more they layoff, the more they have to pay in unemployment contributions.

RE: Initial and ongoing unemployment claims - Goose - 08-20-2020

(08-20-2020, 12:02 PM)OutsiderFan Wrote: Employers want as many taking buyouts as possible, because the more they layoff, the more they have to pay in unemployment contributions.

Doesn't that depend a lot on the cost of the buyout? I would also expect it has as least as much to do with the buyouts being offered to workers who they want to get rid of but who would be hard to justify (for may differing reasons, such as age) being part of a layoff.

RE: Initial and ongoing unemployment claims - Mick - 08-20-2020

(08-20-2020, 12:02 PM)OutsiderFan Wrote: Is there any way to track those who are being forced out of work, but aren't being laid off as much as bought out?

I know there are many companies looking to offer employees buyout offers. If enough take them, layoffs will be avoided. If not enough do, layoffs will happen.

Either way, few of these people will want to be giving up their job. How is this counted in the employment statistics? If you take a buyout package, you can't collect unemployment benefits, but that doesn't mean you want to be unemployed.

Employers want as many taking buyouts as possible, because the more they layoff, the more they have to pay in unemployment contributions.

I doubt that most companies want to offer buyouts. I think the cost of a buyout would be generally more expensive than the increased workmen's comp premium. The more common practice is to furlough those you want back and lay off those you don't.

RE: Initial and ongoing unemployment claims - 82lsju - 08-20-2020

(08-20-2020, 12:24 PM)Mick Wrote: I doubt that most companies want to offer buyouts. I think the cost of a buyout would be generally more expensive than the increased workmen's comp premium. The more common practice is to furlough those you want back and lay off those you don't.

I've also seen people interested in leaving a company either to go elsewhere or retire "volunteer" to be part of layoffs, this will sometimes get you in the layoff pool because if department X needs to layoff 10 people and won't be allowed to hire anyone for a while then they will sometimes take the "volunteer" so they only lose 10 instead of 11 people

RE: Initial and ongoing unemployment claims - Mick - 08-20-2020

(08-20-2020, 12:49 PM)82lsju Wrote:
(08-20-2020, 12:24 PM)Mick Wrote: I doubt that most companies want to offer buyouts. I think the cost of a buyout would be generally more expensive than the increased workmen's comp premium. The more common practice is to furlough those you want back and lay off those you don't.

I've also seen people interested in leaving a company either to go elsewhere or retire "volunteer" to be part of layoffs, this will sometimes get you in the layoff pool because if department X needs to layoff 10 people and won't be allowed to hire anyone for a while then they will sometimes take the "volunteer" so they only lose 10 instead of 11 people

Gut feel, how prevalent do you think that is? I've been managing people for 30 years, with four major layoffs under my belt. It's happened to me one time in all that time.

RE: Initial and ongoing unemployment claims - Goose - 08-20-2020

(08-20-2020, 12:55 PM)Mick Wrote: Gut feel, how prevalent do you think that is? I've been managing people for 30 years, with four major layoffs under my belt. It's happened to me one time in all that time.

FWIW, in my experience it is pretty common. It may depend a bit on the demographics, but the first major layoff I ever had to manage was made up of at least 25% volunteers. They were younger people who just didn't want to stay in the business we were in, knew it, and figured the severance was money they wouldn't get when they eventually quit. Many years later I had two people volunteer for layoffs that weren't going to apply to our part of the company (oops). They were disappointed that they were simply going to have to quit :).