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The Future. As recession fears still grip business leaders and companies begin replacing workers with AI, we can expect to see more job cuts across industries next year. While this appears to be grim news, the silver lining may be that organizational changes could eliminate unnecessary complexity at the workplace.
Less is more?
38% of business leaders surveyed by ResumeBuilder think layoffs are on the horizon in 2024, and around 50% admit their company will implement a hiring freeze, reports Business Insider.
- Nike announced an up-to-$2 billion cost-cutting initiative that’ll take place over the next three years and entail making job cuts, “increasing automation and use of technology,” and “simplifying our product assortment.”
- Citigroup is reducing “management layers” to speed up company decisions — one of the biggest overhauls the bank has experienced in 20 years.
- Intel will lay off 235 employees at its Folsom campus, ending the year with five rounds of job cuts.
Pink slip blues
While these cuts may help the bottom line, they could prove devastating to those impacted at a sensitive time of year. Here’s hoping companies treat them with dignity, respect, and a generous severance package.
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