Survey Reveals a Weakening Labor Market

Jan 15, 2024 | Macro Insights, No Bull Economics

Weak Labor Market Post Thumbnail

ResumeBuilder.com’s survey of 906 business leaders with 10+ employees in December 2023 revealed that 38% are likely to initiate layoffs & 52% are likely to implement a hiring freeze in 2024. Further, according to the survey, 65% of business leaders say they already laid off employees during 2023 & 25% of that group laid off 30%+ of their workforce. 

Key points from ResumeBuilder.com survey of 906 business leaders at organizations with 10+ employees

38% of companies expect 2024 layoffs & 22% of this group expects to let go 30%+ of its workforce.

  • 39% of business leaders in large companies (>1000 employees) expect layoffs.
  • 42% of business leaders at midsize companies (101 to 1,000 employees) expect layoffs.
  • 28% of business leaders in small companies (<100 employees) expect layoffs

2024 Layoff Survey

Business leaders from industries surveyed with >50 respondents say layoffs are likely at the following rates:

  • Construction (66%)
  • Software (65%)
  • Information (44%)
  • Retail (44%)
  • Finance and insurance (38%)
  • Education (34%)
  • Health care and social assistance (28%)

  • Drivers of expected 2024 layoffs: cost reduction (69%); anticipation of upcoming recession (51%); desire to increase profits (42%); and replacing workers with AI (39%).
2024 Layoff Reasoning Survey Results

  • Good advice on how to avoid layoffs: think outside the box & generate new ideas for revenue, marketing, & overhead cost reduction; expand job roles of existing employees to reduce staffing requirements; and encourage willing workers to train on multiple functions.

Source: 4 in 10 Companies Anticipate Layoffs in 2024 – ResumeBuilder.com

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