ResumeBuilder Survey: Over a Third of Business Leaders Anticipate Layoffs in 2024

MJP –

According to a new survey by ResumeBuilder, many company executives expect layoffs within the next 12 months. In 2024, 38% of executives across different industries plan to lay off workers, a sign of rising anxiety about the economy and shifting company dynamics, according to the survey.

Across a variety of industries, including manufacturing, technology, healthcare, and finance, more than a thousand company executives (CEOs and department heads) participated in the ResumeBuilder poll. The present economic condition and opinions on possible changes to the workforce in the next year were the goals of the poll.

Nearly 40% of company executives plan to lay off workers as a strategic measure to deal with issues including economic uncertainty, new technologies, and changing customer needs, according to the most important results.

Causes of Layoffs in the Economy

One of the main reasons given for the expected layoffs is the economic uncertainties. Inflation, interruptions in the supply chain, and geopolitical tensions are some of the challenges confronting the world economy.

Companies are looking at ways to reduce expenses, such as laying off employees because operating costs have gone up and profit margins have gone down due to these causes.

“Many companies are grappling with economic pressures that are beyond their control,” explained John Smith, a senior analyst at Economic Insights…. Layoffs are the last choice for many companies, but they’re essential for those in a precarious financial position.

Innovations in Technology and Robotics

Part of the reason for the expected layoffs is the progress in technology, especially in the areas of automation and artificial intelligence. Organizations are putting more and more faith in technology to simplify processes and boost productivity as they dive headfirst into digital transformation. Certain positions, particularly those amenable to automation, have seen a decline in demand as a consequence of this trend.

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Though technology has many positive effects, it has also rendered some occupations obsolete, according to IT CEO Emily Carter. To make the most of emerging technology, we are always checking in with ourselves to see what kind of staffing we require.

Changing Wants from Buyers

The possibility of layoffs is also affected by customers’ evolving tastes and habits. When consumers’ demands change, businesses typically have to reorganize and reallocate resources to keep up. When businesses adjust to meet the needs of their customers, certain jobs may have to go because they are no longer relevant.

For example, conventional brick-and-mortar retailers have had to reevaluate their workforce needs in light of the dramatic increase in online shopping. The tourism and hospitality industry is also adapting to post-pandemic customer tastes.

Workforce Consequences

It will be difficult for workers and employers alike to deal with the anticipated layoffs in 2024. To keep up with the ever-evolving labor market, workers may need to reskill or acquire new skills, which can lead to employment insecurity. Conversely, companies need to tread carefully through these changes if they want to keep morale and productivity high and be around for the long haul.

During transitions, HR professionals stress the significance of open communication and providing employees with assistance. Layoffs can be less devastating and more helpful for impacted employees if they have access to career counseling, training programs, and redeployment options.

Proximity to Future Events

Leaders in companies are concentrating on finding a middle ground between cutting costs and encouraging innovation and growth as they prepare for possible layoffs in 2024. Even though there will be ongoing technological and economic difficulties, companies that emphasize long-term planning and flexibility will most likely succeed.

For a glimpse into the possibilities and threats that 2024 may bring, the ResumeBuilder study provides a useful snapshot of the present mood among company executives. Businesses will be keeping a careful eye on economic and industry news as the year progresses so that they can make educated labor strategy decisions.

Last but not least, companies must be nimble and quick to react in a dynamic market if they do not want to face the risk of layoffs. Companies may overcome these obstacles and set themselves up for future success by welcoming innovation and helping their employees through changes.