We experienced a tremendous amount of economic turbulence in 2024, but at least the employment market was relatively stable.  Unfortunately, that period of relative stability appears to be ending.  The pace of layoffs really seemed to pick up steam at the end of 2023, and the outlook for the coming year is not promising at all.  In fact, a survey that was just conducted by Resume Builder discovered that a whopping 38 percent of U.S. companies anticipate that they will conduct layoffs in 2024…

  • 38% of companies say they are likely to have layoffs in 2024
  • 52% are likely to implement a hiring freeze in 2024
  • Half say anticipation of a recession is a reason for potential layoffs
  • 4 in 10 say layoffs are due to replacing workers with artificial intelligence (AI)
  • 3 in 10 companies reducing or eliminating holiday bonuses this year

If you currently have a job that you highly value, try to hold on to it as tightly as you can.

Because the employment market is starting to shift in a major way.

In recent weeks, so many large U.S. companies have been announcing layoffs…

Nike has announced a $2 billion cutback over the next three years, with an uncertain number of job cuts included. Toy giant Hasbro will cut nearly 20% of its workforce in 2024, according to reports from the Wall Street Journal. Music service Spotify announced a third round of layoffs. A recent email from CEO Daniel Ek says the company plans to cut its workforce by nearly 20%. Roku is going to be limiting new hires, and laying off about 10% of its workforce, while Amazon layoffs are effecting its new gaming division (all 180 jobs there are being eliminated). Citi CEO Jane Fraser announced layoffs in September, and sources have told CNBC that the bank could let go of at least 10% of its workforce, across several business lines. Flexport Logistics plans to cut up to 30% of its employees, and financial services company Charles Schwab is cutting back by 5-6% of its workforce, according to reports from Business Insider.

Unfortunately, this is just the tip of the iceberg.

Many more layoffs are on the way.

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