Mukteshwar Tak on LinkedIn: #layoff #firing #companies (2024)

⚠️ Layoffs rise to the highest for any February since 2009 ⚠️🔻 #Layoff announcements in February hit their highest level for the month since the global financial crisis🔻 The total of84,638 planned cutsshowed an increase of 3% from January and 9% from the same month a year ago, with technology and finance companies at the forefront🔻 From a historical perspective, this was the worst February since 2009, which saw 186,350 announcements as the worst of the financial crisis was seemingly coming to an end🔻 With a series of high-profile layoff waves, tech leads the way this year in cuts with 28,218, though that number has fallen 55% from the same period a year ago. Layoff announcements at financial firms have risen 56% compared with the first two months of 2023“In truth, companies are also implementing robotics and automation in addition to AI. It’s worth noting that last year alone, AI was directly cited in 4,247 job reductions, suggesting a growing impact on companies’ workforces,” 🔻 The market is moving quite a bit, along with AI. So it would be best to stay alert to latest trends and also be open to new opportunities to gain the next generation of wanted skillsets! https://lnkd.in/gi-Zcq-K

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How Managers Can Do A Better Job Sharing The Bad News About Layoffs "The steady stream of layoffs following the Great Resignation has spilled into 2024 with about 186 tech companies cutting over 49,386 jobs this year, according to Layoffs.fyi. Although the CEO outlook for 2024 remains positive about the deployment of artificial intelligence, business transformations and mitigating expenses, it has come at the cost of the workforce in the United States.Although employers are making relatively smaller cuts this year by staggering them, employees have been impacted across a wide range of sectors, including technology, gaming, finance, retail and media. Despite their optimism, C-suite executives—with pressure from investors—are being cautious and remaining cost-conscious. "#shrm #morriscountyshrm #morriscountynj #hr #humanresources #hrprofessional #humanresourcesprofessional #hrcommunity #layoffs #jobmarket2024 #jobmarket

Layoffs are a harsh reality that many workers face in today’s uncertain economy. According to Forbes, nearly 194,000 U.S. employees lost their jobs in more than 150 major layoffs so far in 20231. The sectors that have been hit the hardest include tech, banks, media and manufacturing, as companies try to cut costs and restructure their operations.Some of the notable examples of layoffs in 2023 are:Qualcomm, the chipmaker, announced that it would lay off 1,260 employees, or 2.5% of its workforce, in December.Sana Biotechnology, a biotech startup that had raised over $1 billion, decided to lay off nearly a third of its employees, or 29% of its workforce, in October.Qualtrics, the experience-management software company, revealed that it would lay off about 780 employees, or 14% of its workforce, in October.Citi, the banking giant, confirmed that it would cut another 2,000 jobs, bringing its total severance costs to $650 million in October.LinkedIn, the professional networking platform, slashed 668 jobs in the second layoff round this year in October.These layoffs have a devastating impact on the workers who lose their jobs, as well as their families and communities. They also create a ripple effect on the economy, as consumer spending and confidence decline. According to Zippia, 40% of Americans have been laid off or terminated from a job at least once, and 48% of Americans have layoff anxiety. Moreover, 28% of Americans have been laid off in the past two years alone.As a career coach and mentor, I have seen firsthand how layoffs can affect people’s mental health and well-being. It can be a traumatic and stressful experience that can lead to depression, anxiety and low self-esteem. That’s why I want to share some tips on how to cope with layoffs and bounce back from them:Acknowledge your emotions. It’s normal to feel angry, sad, scared or shocked after a layoff. Don’t suppress or deny your feelings. Instead, express them in healthy ways, such as talking to someone you trust, writing in a journal or seeking professional help if needed.Take care of yourself. A layoff can take a toll on your physical and mental health. Update your resume and LinkedIn profile. A layoff can be an opportunity to reinvent yourself and pursue new career goals. Ask them for referrals, recommendations or introductions to potential employers.Learn new skills or improve existing ones. A layoff can also be a time to invest in yourself and your professional development. Identify the skills or knowledge gaps that you need to fill or enhance to be more competitive in the job market. Layoffs are not the end of the world. They are just a temporary setback that can be overcome with resilience and determination. Remember that you are not alone in this journey. There are many resources and support systems available to help you cope with layoffs and find new opportunities.I would love to hear from you and offer my assistance. 😊

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The mass layoff to mass walk off pipeline is happening.144,540 workers in US-based tech companies were laid off in 2023, which is almost twice as much as last year. And we’re only five months in!This is why managers and ICs in tech are burning out 11% more than in 2022. Burnout is a symptom of bigger, org-wide issues, mass layoffs being one of them.Employees left after mass layoffs are set up to fail. Workforce is spread thin, performance is tanking, and managers’ hands are tied, which are perfect conditions to create burnout.Layoff conversations are focused on the ones who left, because they have to find new roles and that sucks. But the roles of everyone who stays also need to change drastically––and that’s what I’m curious about.Are there any layoff survivors who want to share their experience? DM me or share in the comments!

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Curious about what layoff data suggests amid several recent layoff announcements from tech and other prominent workplaces appearing in the news? Bureau of Labor Statistics data shows that the monthly layoffs and discharges rate has been hovering near 1% during 2023. Taking a closer look at the information sector — which includes broadcasting, publishing, and some of tech — the layoffs and discharges rate was also low. It was 0.8% in December, just below the 0.9% in November and far below the 1.5% in January 2023.Click the story below to read more about US layoffs. Follow Business Insider for more stories.#layoffs #jobs #economy

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How Managers Can Do A Better Job Sharing The Bad News About Layoffsby Jack KellyForbes The steady stream of layoffs following the Great Resignation has spilled into 2024 with about 186 tech companies cutting over 49,386 jobs this year, according to Layoffs.fyi. Although the CEO outlook for 2024 remains positive about the deployment of artificial intelligence, business transformations and mitigating expenses, it has come at the cost of the workforce in the United States.Although employers are making relatively smaller cuts this year by staggering them, employees have been impacted across a wide range of sectors, including technology, gaming, finance, retail and media. Despite their optimism, C-suite executives—with pressure from investors—are being cautious and remaining cost-conscious.Companies were too ebullient and overhired throughout the pandemic and subsequently faced the consequences once the U.S. economy shifted out of their favor, with rising interest rates. The integration of AI in the workplace has enabled executives to downsize in certain areas and redeploy the savings toward investment into the fast-growing technology.The challenge remains how companies can empathetically and respectfully conduct layoffs during these uncertain times. https://lnkd.in/giU39UWu

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As we exit the year, fewer people are quitting and churn in the labor market has slowed. Despite all the press about layoffs in technology, layoffs and discharges remain at a historical low.#trends #labormarket #teambuilding #technologyjobs https://lnkd.in/ed5PWFKU

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Layoff anxiety, as it's now called, is a real thing. And unfortunately, your staff may be experiencing it right now. With job cuts increasing in numerous industries, and a lot of companies announcing plans for layoffs, it’s no surprise that employees are nervous.As a leader, there’s a lot you can do to tame those fears and improve morale, plus mitigate the negative impact on performance and productivity. More in this week’s blog.https://lnkd.in/eazij6Xw#blog #mentalhealth #leadership #analytics #future #morale #performance #layoffsupport #layoffs

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Unlike Last Year’s Large-Scale Layoffs, 2024 Sees Small And Steady Job Cuts—Here’s Who’s Laying Off.This new trending is starting from 2024 thru 2030 towards 2035; also means the next decade will likely see retrenchments more than resignations, but the staff turnover might remain largely similar.Today, resignation figures can vary across demographics, industrial sectors and job types. For younger ones, up to 20%, tough jobs, perhaps more. Usually, most should hover around 5% yearly, if including retirement of older workers.With Artificial Intelligence and Robotics coming online, this staff turnover percentage of 5%, we would likely see higher portion due to Disrupted by Technology. While, there is no data collected specifically related to this trending; in time, retrenchment should be a permanent feature as Industry 5.0 of Machine Intelligence trends.What do you think 🌿

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While it's understandable to feel anxious about the current state of the job market, there's still reason for cautious optimism. For many companies, the increased layoffs are more about rebalancing their organization after a period of significant growth. Now's the time to look more at the type of jobs exiting the workforce and how companies will adapt their strategies moving forward. We should be vigilant, looking at the trends beneath the larger numbers to truly understand what is happening. While volatility may persist for the foreseeable future, let's embrace this intriguing time as an opportunity to stay informed and prepared for what lies ahead. What are your thoughts on the current state of the job market? I'd love to hear your insights and strategies for navigating these uncertain times. Share your views in the comments below! https://lnkd.in/eFJVAGA2 #JobMarketTrends #StayInformed #BusinessLeadership

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