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Understanding The Wave Of 2024 Layoffs: A Comprehensive Industry Analysis . The year 2024 was marked by a financial paradox. Industry across the board has seen significant job cuts, despite a global growth rate of 3.1 percent. The reasons for these redundancies, their impact on different sectors, and the broader implications for a global workforce are explored in this article. . #promojoyz #joyforcustomersvalueforbusiness #business #economy #employee #industryanalysis #job #layoffs #strategies . Continue reading at...... https://lnkd.in/gFfKJHWn .

Last January, the #jobmarket looked pretty grim. #Layoffs were rife and people were struggling to land #jobs. Thankfully, heading into 2024, the job scene looks a little bit different. Yes, there are still the long-term ramifications of layoffs on employer reputation and employee morale, but #economists project pay increases will increase by just under 4%. Here are five things worth knowing about the state of the job market as we head into 2024 – by the numbers.

In 2023, I made the least amount of money I’ve ever made as a W2 employee. Experienced being laid off for 2.5 months, signed a new lease and moved into a townhome right after the layoff. I experienced how God will protect his own… even from themselves. As well as how he will absolutely provide for his own. In 2023 I did WAYY too much worrying. Just for it all to mess around and WORK OUT FOR MY GOOD! I went from endlessly stressing about how my bills will get paid and tirelessly job searching……to now investing, paying off debt, reducing expenses as well as sourcing, interviewing and advocating for candidates to HIRE. In closing, let’s just say the books for 2024 are looking mighty balanced! Thanking God almighty for allowing me to work for a company that has plants Nationwide. My passion to help people across the COUNTRY secure gainful employment is in full effect! #keepthefaith #keepmovingforward #layoffs2023 #godsplan #perfectalignment #fearnot #nowhiring #nowrecruiting #heretohelp #servantleadership #searchingjob #jobsforyou

Your layoff can be a crisis or an opportunity. I share some sage advice about what to do when a sudden change at work happens. I've been laid off twice in my life when I used to be an employee. I used these tips, and I found work in two weeks. I also picked up side hustle work, realizing employers aren't very good at forecasting growth. Something that happens when the folks running the company have broken money brains. A broken money brain creates a roller coaster of profits and losses. Adds more stress and often tries to hide a financial problem from others until it's upon them. I help individuals and leaders rewire their broken money brains into a thriving money brain. It takes 15 minutes a day for about 90 days. You can send them this article if you know someone or have experienced a layoff. You never know if it may help them get back on track and uncover new opportunities. #layoffs2024 #lawire #opportunityknocks2024 #beamoneypro https://loom.ly/0Iug9-c

You have the power in you to take control of your career and not let your employer dictate your career direction. This comes a week before some large and further lay offs are announced in the #banking sector across the world. Power up yourself. Power your career. #careertransition #downsizing #layoffs #careermanagement #bankingjobs

#EmployeeLayoffLosses When an employee is laid off, they may experience various losses. 1. Income loss: The most immediate impact of a layoff is the loss of income. This can lead to financial instability and difficulty meeting expenses. 2. Benefits loss: Employees may lose access to health insurance, retirement benefits, and other employer-provided benefits, which can have significant financial implications. 3. Career setbacks: Layoffs can disrupt an employee's career trajectory, leading to gaps in employment history and potential challenges in finding a new job. 4. Emotional impact: Layoffs can be emotionally distressing and lead to feelings of loss, rejection, and uncertainty about the future. 5. Skill depreciation: Extended periods of unemployment can result in a decline in skills and knowledge, making it harder for employees to re-enter the workforce. It's important for employers to provide support and resources to employees who have been laid off to help mitigate these losses and facilitate their transition to new opportunities.

#Layoffs have a massive impact on #employeewellbeing. “Uhhhhh, obviously,” you mutter as you doom scroll LI. ☠ But read it again. Yes, being part of a layoff/cost-saving exercise/re-org/re-plan/simplified operating model/rightsizing (or any other ineffective corporate language to inform an employee they are about to be unemployed) is an emotional journey that undoubtedly will have an impact on your wellbeing (both negative and positive, mind you). However, what about the impact on the remaining Employee Wellbeing... As someone who has intimately worked with #Fortune100 companies as they navigate these moments of change pertaining to Employee Wellbeing, there is one area that is almost always under-resourced - helping the employees who remain and the heavy weight of #layoffanxiety and #survivorsguilt that remains. Here are three key learnings: 🎯 1.) You aren’t kidding anyone with corporate rationalization. Honesty and transparency are key - even in countries with strict labor laws. For those who remain, clear and direct communication will reduce the emotional ruminations that could be lingering. ❤️ 2.) If, as a leader, you look around the room and the only people impacted were Individual Contributors - choose your words extremely carefully and lead with empathy. Trust has been diminished, and thus wellbeing has been diminished. By not acknowledging the obvious, you inadvertently deny closure. 🛑 3.) Every employee will respond differently - just because one person has re-engaged with work as if nothing has happened doesn’t mean that’s how EVERYONE will respond. Give space and be present to those who are processing change differently. What else have you learned? Would love to hear from those that have been in a situation like this, as well as those who have helped guide companies during these times. And for those interested, I found this article from BBC written by Josie Cox to be really helpful and insightful!

Bye bye "Great Reshuffle", hello "Great Hunkering-Down". For much of 2021 and 2022 we saw hiring and quit rates outpacing what you'd have expected given the unemployment rate. Based on this morning's Bureau of Labor Statistics data, it now looks like we're moving into the reverse - hiring and quit rates *lower* than you'd expect given the UR. Another way to think about it: during the peak of the Great Reshuffle, hiring and quits were consistent with an unemployment rate around 2%. Now, they're consistent with an unemployment rate at 4% or a little higher. (Current unemployment rate: 3.5%.) This, to me, is the essential feature of "near-immaculate" labor market cooling since late 2021: driven by falling hiring, not by rising layoffs. If anything, in recent months layoffs have declined in importance even as hiring continued to moderate. For more details on the specifics of this morning's JOLTS data, check out my colleague Kory Kantenga, Ph.D.'s post: https://lnkd.in/dVunaKSE

Redundancies are often seen as a quick and easy way to reduce costs and improve profitability in times of economic downturn or competitive pressure. However, they can also have negative consequences for businesses in the long term, such as: 🔻 Loss of talent, skills and knowledge that are hard to replace 🔻 Reduced morale, engagement and productivity among remaining staff 🔻 Increased turnover, absenteeism and stress-related illnesses 🔻 Damaged reputation, customer loyalty and stakeholder trust 🔻 Reduced innovation, creativity and adaptability to changing market conditions Therefore, before resorting to layoffs or redundancies, businesses should consider alternative strategies that can help them survive and thrive in challenging times. Here are five possible options: 1️⃣ Reduce non-essential expenses Businesses can review their budgets and identify areas where they can cut or minimise costs without affecting their core operations or quality standards. For example, they can negotiate better deals with suppliers, reduce travel and entertainment expenses, switch to cheaper or more energy-efficient utilities, or outsource some functions to lower-cost providers. 2️⃣ Implement redundancies or short-time working Businesses can temporarily reduce their workforce or working hours when there is not enough work for them, as long as their employment contracts allow this or they agree with their staff. This can help businesses save on labour costs while retaining their skilled workers for when demand picks up again. However, businesses should be aware of the legal requirements and implications of this option, such as guarantee pay, redundancy pay and employee rights 3️⃣ Offer voluntary schemes Businesses can offer their staff the option to voluntarily leave the organisation or reduce their working hours in exchange for some incentives, such as a lump sum payment, enhanced pension benefits, training opportunities or career counselling. 4️⃣ Redeploy or retrain staff Businesses can move their staff to different roles or departments where there is more work or demand for their skills, or provide them with training or development opportunities to enhance their competencies or learn new ones. 5️⃣ Engage and communicate with staff Businesses can involve their staff in the decision-making process and seek their feedback or suggestions on how to improve the situation or solve the problems. They can also communicate openly and honestly with their staff about the reasons, impacts and outcomes of any changes or actions they take. This can help businesses build trust and cooperation with their staff, reduce uncertainty and anxiety, and foster a positive organisational culture. #redundancies #layoffs #layoffs2023