Top reasons for expected layoffs include cost-cutting, employee
performance issues, and artificial intelligence
SEATTLE, July 8, 2024
/PRNewswire-PRWeb/ -- ResumeTemplates.com, the leading platform for
free professional resume templates and examples, has published a
recent survey report investigating how many companies plan to
implement layoffs in the second half of 2024. The report also
provides insights into the reasons behind these layoffs. In June,
ResumeTemplates.com surveyed 934 business leaders in the United States, with 553 respondents
completing the entire survey.
"Macroeconomic factors such as a drop in
consumer sentiment and/or delay in interest rate cuts by the
Federal Reserve could be significant factors in layoff decisions
through the second half of 2024," explains ResumeTemplates'
executive resume writer Andrew
Stoner.
Among all business leaders surveyed, 95 percent report having
layoffs in the first half of 2024. Additionally, 60 percent say it
is likely their company will lay off employees in the second half
of the year. Within this group, 20 percent anticipate laying off 5
percent of their employees, and 13 percent foresee laying off 10
percent. Furthermore, 17 percent predict letting go of 20 percent
of their workforce, 10 percent expect to lay off 30 percent, and 6
percent anticipate dismissing 40 percent. Moreover, 19 percent
believe their company will lay off between 50 and 90 percent of
their staff, while 8 percent expect to dismiss their entire
workforce.
"Macroeconomic factors such as a drop in consumer sentiment
and/or delay in interest rate cuts by the Federal Reserve could be
significant factors in layoff decisions through the second half of
2024," explains ResumeTemplates' executive resume writer
Andrew Stoner. "Consumer sentiment
softened a bit in June. The Federal Reserve has held the interest
rate steady for a year now with progressive rate cuts
expected."
The survey also highlights several factors contributing to
layoffs, including cost-cutting measures, employee performance
issues, and AI taking over workloads. Notably, most respondents
agree that workers with AI experience are less likely to be laid
off. Other contributing factors include company restructuring,
declining market conditions, overstaffing, and other technological
advancements. The most common methods for communicating layoffs are
in-person meetings, emails, and official letters.
The survey, conducted in June
2024, gathered responses from 934 U.S. participants. To
qualify, respondents had to be over 25 years old, have a household
income of at least $75,000, and
possess an education level above high school. Additionally, they
needed to be a business leader (owner/partner,
president/CEO/chairperson, C-level executive, chief financial
officer, chief technology officer, senior manager, director, or HR
manager) and work at a company with over 10 employees. Among the
respondents, 553 who indicated that layoffs were likely in the
second half of the year completed the full survey. To view the
complete report, please visit:
https://www.resumetemplates.com/3-in-5-companies-are-likely-to-have-layoffs-in-the-second-half-of-2024/.
ResumeTemplates.com offers a comprehensive selection of free,
industry-specific resume templates, tailored to meet the needs of
various job seekers. The website also provides extensive resources
to help facilitate the job application process, including expert
advice, resume examples, and tips and tricks for creating impactful
resumes.
Media Contact
PR Team, ResumeTemplates, (800) 719-7459, pr@resumetemplates.com
, ResumeTemplates.com
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SOURCE ResumeTemplates