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Whopping 38% of Companies Say They’re Likely to Have Layoffs in 2024 For Several Reasons, Survey Shows

via MSNBC
This article was originally published at StateOfUnion.org. Publications approved for syndication have permission to republish this article, such as Microsoft News, Yahoo News, Newsbreak, UltimateNewswire and others. To learn more about syndication opportunities, visit About Us.

The economic impact of Bidenomics is causing concern, with 38% of US companies considering mass layoffs this year.

Layoffs have already affected many major companies, including Nike, Hasbro, Roku, Amazon, and Spotify.

A large number of layoffs occurred in 2023, with 65% of companies reporting layoffs. (Trending: Joe Biden Sets New Presidential Record)

The outlook for 2024 remains bleak, with 38% of companies planning to continue eliminating jobs and 52% considering a hiring freeze.

Additionally, the retail sector is facing significant challenges, with thousands of stores closing and a projected loss of 50,000 retail stores by 2028.

“Business leaders at midsize companies (101 to 1,000 employees) are most likely to believe they will have layoffs (42 percent). In small companies with 100 or fewer employees, 28 percent of business leaders believe their organizations will have layoffs. At large companies (over 1,000 employees), 39 percent believe they will have layoffs,” Resume Builder wrote.

Small and mid-sized companies are most at risk, and reasons for layoffs include the need to reduce costs and anticipation of a recession.

“Especially for small businesses, there are some tried and true methods in regard to avoiding layoffs,” Home Grounds founder and CEO Alex Mastin said.

“It really does begin with thinking outside the box and generating new ideas for revenue, marketing, and reducing overhead costs. For businesses of any size, it may also be helpful to expand job roles for single employees to reduce staffing amounts (and additional salaries).”

“Workers can also make themselves an asset to their company through a willingness to train on multiple functions.”

Overall, Biden’s economic policies are perceived as having negative effects on businesses and workers.

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