A new PwC poll of 722 U.S. executives (63% from Fortune 1000 companies) reports that 50% of surveyed businesses are planning layoffs. PwC (formed in 1998 from a merger between accounting firms Price Waterhouse and Coopers & Lybrand) reports that half of the 722 executives are reducing their overall employee numbers. Additionally, 52% foresee a hiring freeze, 46% are reducing or eliminating signing bonuses and 44% are rescinding offers.
Employers have taken these steps to battle rising payroll costs even as they continue to hire to ensure they have the right talent to survive and thrive.
In breaking news—Ford confirms its slashing 3000 jobs—both salaried and contract workers—in the U.S., Canada and India. Ford joins the ranks of other top employers announcing layoffs in recent weeks, among them Best Buy, Walmart, HBO Max, Shopify, Remax, Peloton, and Wayfair.2
These employers are focusing on what they can control—labor costs, knowing that they can’t control labor costs, geopolitics, supply-chain issues or climate change. Close to 2500,000 employees filed an initial unemployment claim in the week of August 13th.2 Meanwhile, employers added 528,000 jobs to their payroll, showing that they seek the right talent.
(c) 2022 Lynne Curry
For more on how to avoid being laid off, https://bit.ly/3SHwBdp; on dealing with a rescinded job offer, https://bit.ly/3PDlMpX; the likihood of a recession, https://bit.ly/3Qxu0AW and laying off employees who don’t expect it without killing morale, https://bit.ly/3BAeboV.
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