Forbes, May 03, 2023, By Dinesh Sheth
Toward the end of 2022 and the beginning of 2023, several large companies laid off thousands of workers, with some of the largest headcount reductions at large companies such as Microsoft, Meta, Twitter and Amazon. Employees at large organizations that grew tremendously over the past few years and are now undergoing massive cost-cutting measures are worried about their job safety. This fear of layoffs and uncertainty can spread to employees at small and medium-sized organizations, even if they have no real reasons to fear for their own job security.
What's Going On With Layoffs?
While the anxiety around layoffs may cause hysteria and concerns over the state of the economy are real, more than 236,000 jobs were added and the unemployment rate remained at historically low levels (3.5%) in March. It is important to note that resignations still outpace layoffs, with people quitting at three times the rate of layoffs. Despite this fact, layoffs and the headlines around major cuts across the tech industry have led to fear in the workplace: A study found that 89% of workers are concerned about their job security and that this fear impacts their productivity, engagement and overall mental health.
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