According to a new study, a lot of layoffs will occur in 2024. This could happen at almost half of all companies.
That is the most recent data from a Resume Builder poll, which this month got answers from more than 900 businesses. The professional website Resume Builder makes it easy for people to make resumes in just a few steps.
Four out of ten companies surveyed said they were likely to lay off workers in 2024. This has made people even more worried that a recession is on the way. This year, more than half of businesses said they were going to stop hiring people until 2024.
When asked why the companies were letting people go, half said it was because they thought there would be a slump. A little less than half of those surveyed said they were going to lay off workers and hire AI to do the job instead.
It is said that Google is planning to let go of 30,000 people in its ad sales departments to make room for AI ad tech.
In 2023, 65% of business leaders said their companies had already fired people, and 25% said they had fired 30% or more of their staff.
AI Layoffs Arriving Soon
If, on the other hand, AI can easily do your job, you might want to start worrying.
Almost 40% of business leaders said they are letting people go because AI is taking their jobs.
“Because AI continues to be a reason for layoffs, take time to learn how to leverage AI in your position and which AI programs might impact your work the most,” said Toothacre. “Find out about them and become the person people go to.” You want to be the kind of worker that your boss can’t imagine the business not having.
Steven Chizen, an employment lawyer in California, said that cuts are usually caused by a mix of business needs, job redundancy, and poor performance. There are, however, things you can do that will make it less likely that you will leave your job.
It’s important for workers to always ask themselves, ‘How can I make myself indispensable?’ Then, when the expected layoff comes, they will be further down the list of workers who could be affected. Newsweek talked to Chizen.
Even though the job market isn’t likely to be solid in 2024, Chizen said that workers will still need to network and put out feelers in case they are fired.
It’s also a good idea to update your LinkedIn page as soon as possible. Skills-based training to make you more employable will also help workers get through the next year, which is likely to be uncertain. Skills like AI, social media, and analytics are in high demand.
Many Americans don’t have savings, says Michal Strahilevitz, director of the Elfenworks Center for Responsible Business and professor at St. Mary’s College of California. This means that people who get fired will likely have to depend on their savings.
“Although we are all told to have enough savings as a cushion in case things like this happen, very few people have such a cushion,” said Strahilevitz in Newsweek.
Recent data from the Federal Reserve shows that the average amount of money Americans have saved is $5,300. That much money can run out quickly in a month or two, though, when you add up the costs of rent, food, and childcare.
People who get hired back after being laid off are likely to also experience bad things.
“Even those who are not laid off may find their workload increasing, as often the duties performed by those laid off end up in the laps of those who remain,” said Strahilevitz.
Also, being at a company that’s letting people go is very bad for mood, even if you’re not one of the people being let go. That’s sad. There’s nothing worse than seeing coworkers you like get fired.
Layoffs can be scary, and we hope that no one has to go through it. That being said, if you think that AI could replace your job, please take the time to get ready now. Make a budget and save some money. And if you have been laid off, remember its not your fault and everything will be okay. Take a second to process everything, and when your ready, get back out there on the job hunt.