Layoffs 2023 Reasons: Overhiring Behind Job Cuts; Over 71 Percent Employees Worried About Potential Layoffs Due to Market Inflation, States Report
Mumbai, April 13: More than 71 per cent of people surveyed are worried about potential layoffs due to market inflation, while 36 per cent believe over-hiring is the reason for attrition, a report said on Thursday. According to a report by HR solutions provider Genius Consultants, 30 per cent of the respondents said that cost-cutting is the reason behind the layoffs, and 23 per cent blamed the mass economic downfall as being the reason.
The report – Layoffs to Gauge the Present Work and Mental Scenario of Organisations and Employees – is based on a survey of 1,537 executives across sectors, including banking and finance, construction and engineering, eEducation, FMCG and hospitality. Layoffs, Hiring Slowdown: Nearly Half of Employees Don’t Plan To Switch Jobs in 2023, Says Report.
As per the survey, organisations are struggling to balance their workforce with the available resources and are facing financial challenges or looking to improve their profitability by reducing expenses.
Only 11 per cent of respondents believe that technological advancements and less dependency on manual labour are reasons for layoffs. The report also revealed that 57 per cent of participants are concerned about their job security in their organisation based on the current layoff scenario.
As much as 83 per cent of respondents have confirmed that they are planning on switching jobs to avoid uncertainties amid layoffs. Around 5 per cent of participants have even shared that they are planning to move to independent business to avoid this corporate turmoil. Layoffs at Ernst & Young: EY To Cut 3,000 Jobs or 5% of Its Workforce in US Due to ‘Overcapacity’, Says Report.
“The report clearly indicates that the current scenario of layoffs is causing a great deal of concern and anxiety among employees. Organisations need to have better workforce planning and management strategies, as well as sound communication and transparency with their employees to avoid such situations,” Genius Consultants CMD R P Yadav said.
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