On Thursday afternoon, Bayer announced a large-scale restructuring that will result in 12,000 layoffs, a “significant number” of which will occur in Germany, where the multinational pharmaceutical and life sciences giant is headquartered, according to news reports.

Earlier this week, General Motors also announced that it plans to cut production at several factories in several states and reduce its salaried workforce by 15 percent, or more than 14,000 employees, CNBC reported.

For employers and corporate counsel dealing with significant reductions in force such as these, “the key aspect at the end of the day is effective planning in all of the phases,” said Jonathan Stoler, a New York partner at Sheppard, Mullin, Richter & Hampton.