State of the Economy & Workplace Layoffs

State of the Economy & Workplace Layoffs

Are Widespread Workplace Layoffs in Canada Set to Continue in 2023?

Recent polls of human resources leaders across Canada have shown that the widespread layoffs in the workplace seen over the past year appear likely to continue towards the end of 2023. This past year saw significant cuts in the tech industry in particular, but these effects are projected to be felt across most industries now as economists are forecasting a recession in the coming months. The number of companies undergoing or considering layoffs represents a notable increase from the norm and a shift not seen in recent memory.

With a recession looming, many companies are looking at cuts to their workforce as a way to reduce costs. Some of the other most common reasons that companies are considering layoffs include (1) over-expanding in previous years, (2) a broad organizational restructuring, (3) poor company performance, and (4) a corporate merger resulting in duplicate work.

In response, many employees are feeling burned out as a result of stress surrounding job security and increased workloads stemming from layoffs that have been happening around them over the last year and the resulting smaller workforces to carry the load. Unfortunately, this stress does not seem to be going away given that prognosticators are cautioning that more layoffs in most industries seem to be coming in Q4 of 2023 and into the new year.

If your company is laying off employees and you find yourself in this unfortunate situation where you have been terminated without cause, your first step should be to have your severance package assessed by an experienced employment lawyer to ensure it is fair. The amount of severance pay will vary depending on various factors. With mass layoffs (greater than 50 people), severance pay can be even greater.

Why Consult Whitten & Lublin for Insight and Advice on Severance Packages?

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