Why is there a Sudden Surge in Global Layoffs?
A recent poll of human resource leaders across Canada, the United States, the United Kingdom, Australia and France has shown that 77% of these organizations were either currently undergoing or considering layoffs in their workplace. 56% of these organizations confirmed that layoffs have taken place within the last 12 months. The sheer number of companies undergoing or considering layoffs represents a significant increase from the norm and a unique shift not seen over the past two decades.
What Are the Top Reasons Behind Companies’ Layoff Considerations?
The difference in the job market right now is not necessarily just the number of companies that are considering layoffs, but rather the fact that there are a number of companies who are considering layoffs for the very first time right now. The top five reasons these companies are considering layoffs right now include (1) over-expanding in previous years, (2) a need to reduce costs, (3) a broad organizational restructuring, (4) poor company performance, and (5) a corporate merger resulting in duplicate work.
These trends represent a troubling outlook, especially given the mass layoffs that have taken place recently, particularly in the tech industry. Many employees are feeling burned out as a result of stress surrounding job security and increased workloads stemming from layoffs happening around them and the resulting smaller workforces to carry the load.
Guidance for Those Affected by Recent Layoffs
If you are an employee who has been let go as a part of this latest trend of global layoffs, we recommend that you seek legal counsel to better understand your right to a fair severance package. We at Whitten & Lublin are happy to provide insight and advice into your specific circumstances. If you are looking for employment lawyers and would like more information about what Whitten & Lublin can do for you, please contact us online or by phone at (416) 640-2667 today.
Author – Nasyr Asmi