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FutureStarrThousands of Daily Job Cuts Is it time to work for yourself?
Daily Job Cuts Over the past week, thousands of employees have lost their jobs as businesses strive to stay afloat. Several major companies have reduced their workforces in an ominous pace, including Twitter, Meta, Salesforce, Goldman Sachs, and Amazon.
Companies often make job cuts when they need to reduce expenses or realign their operations, according to Challenger, Gray & Christmas.
Although many of the job losses are from Big Tech firms, other industries were also hard hit. For instance, real estate firm Opendoor and exercise equipment maker Peloton have both announced plans to shed hundreds of employees.
However, there are other daily job cuts that go undetected, like those experienced in the back-office. These aren't layoffs where companies announce they're terminating employees; rather, employers make conditions so uncomfortable that employees opt to leave on their own accord.
These "backdoor" layoffs are impacting both highly and less-skilled workers alike. But Chief Economist Julia Pollak cautioned that if job cuts start spreading further, it could become harder for more people to secure employment. She suggested those affected by these cuts be prepared to accept lower pay than before or seek an employer who offers greater benefits.
Job cuts are an unfortunately common occurrence in the US, and show no signs of abating.
Cuts to employees' hours can have a range of effects. Some are harder to bear than others, and their effects can last long-term on morale.
For instance, workers in sales and marketing roles could be negatively impacted by a cutback since they are expected to sell products or services. This is especially true if they must take unpaid leave, which could negatively affect employee retention and morale.
Product management and quality assurance teams may feel the pinch. They are accountable for launching new products and keeping them on schedule, plus ensuring that customers are satisfied with them.
This could cause a decrease in trust between the company and its customers, which could have detrimental effects for business. Avoiding this issue is especially difficult when customers express reluctance to buy from unknown brands.
Furthermore, job cuts can be a major source of stress for employees trying to hold onto their positions. They may not be able to maintain their usual work schedules and may experience difficulty meeting deadlines or getting necessary supplies.
If you need to make a cut, think about how best to ease the transition for those affected.
Job cuts are unfortunately all too commonplace in today's workplace. They can be devastating for those affected and have a lasting effect on an employer's profitability.
Another way to make the experience better is having a plan in place for what will happen when cuts begin.
Doing this will reduce confusion and stress for employees as they navigate the difficult search for new employment.
Preventing daily job cuts requires research, making the right decisions and following through with necessary actions to put things into place.