Retrenchment Horror Stories #1

10/12/2020, By Gabrielle Loh

Retrenchment horror stories series #1: I was working in a regional startup some years ago and things were not looking rosy with little revenue, increasing debt, and little interest from investors.

A decision was made by the C-suite to put the majority of the team on 1 month's unpaid leave for them to search for new jobs whilst a skeleton team remained to continue with operations. A morning meeting was scheduled for the CEO to make the announcement. Unfortunately, the CEO failed to turn up and left the remaining C-suite and directors to pick up the pieces and break the news to an already angry team of regional staff who questioned the business decisions and CEO's absence.

One takeaway: Muster the courage to deliver bad news, especially if the decision was made by you and even if it will make people angry or upset.

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