The New York State Department of Labor (“NYS DOL”) issued updated regulations under the New York State Worker Adjustment and Retraining Notification (WARN) Act (“the Act”), which requires covered employers to provide 90 days’ advance notice in the event of plant closings, mass layoffs, relocations, or reductions in work hours. The updated regulations, which took
reduction in force
[Podcast]: Reduction in Force (RIFs) Trends in the Financial Services Industry
By Patrick Lamparello & Steven Hurd on
In this episode of the Proskauer Brief, partners Steven Hurd and Patrick Lamparello discuss recent trends in reductions in force (RIFs) in financial services and some of the main reasons employers are engaging in them. These include automation of jobs or other technological developments, cost reductions, investor preferences, employee redistributions, and even Brexit has been a reason for downsizing. So be sure to tune in as we discuss best practices an employer can engage in to carry out a RIF as well as practical alternatives an employer can consider to a reduction in force.