ResumeTemplates.com, a leading platform for free professional resume templates, recently conducted a comprehensive survey to explore layoff trends for the second half of 2024. This survey, which collected data from 934 U.S. business leaders, reveals the potential scope of layoffs and the factors influencing these decisions. Here’s a detailed look at the survey’s findings and what they mean for the job market in the coming months.
1. Current Layoffs in H1 2024
- 95% of business leaders reported having layoffs in the first half of 2024.
- This high percentage indicates a significant trend in workforce reductions across various sectors.
2. Anticipated Layoffs for H2 2024
- 60% of respondents anticipate that their company will lay off employees in the second half of the year.
- Breakdown of expected layoffs:
- 20% expect to lay off 5% of employees.
- 13% foresee laying off 10% of employees.
- 17% predict 20% layoffs.
- 10% expect to reduce workforce by 30%.
- 6% anticipate 40% layoffs.
- 19% believe that layoffs will be between 50-90% of the workforce.
- 8% foresee layoffs of their entire workforce.
3. Key Factors Influencing Layoffs
- Macroeconomic Factors: Decline in consumer sentiment and delayed interest rate cuts by the Federal Reserve.
- AI and Technology: AI advancements leading to job displacement.
- Cost-Cutting Measures: Companies are focusing on reducing expenses.
- Employee Performance: Performance issues contributing to layoffs.
- Restructuring and Overstaffing: Organizational changes and overstaffing issues.
- Market Conditions: Declining market conditions impacting business decisions.
4. Methods of Communication
- Common methods for communicating layoffs include:
- In-person meetings
- Emails
- Official letters
Andrew Stoner, an executive resume writer at ResumeTemplates.com, notes that “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.” He also highlights that the Federal Reserve’s interest rate policies and consumer sentiment trends will play a crucial role in shaping these decisions.
The survey results from ResumeTemplates.com offer a sobering view of the employment landscape for the latter half of 2024. With a significant portion of business leaders expecting further layoffs, understanding the underlying causes and trends is essential for both employees and employers. Staying informed about these factors can help individuals and businesses prepare for potential changes in the job market.
