70% of Workers Are Bracing for a Layoff

Can you imagine starting each day with a sense of dread, fearing an unexpected email or Zoom call signaling your termination? (I wrote pink slips at first then I was like- Amanda, what century are you living in right now!) 😂

According to a recent survey from MarketWatch, that’s the reality for 70% of US workers. Yeah, I do believe it could be that high. Economic uncertainty and the rapid introduction of AI into everything is turning the modern workforce a level of anxiety never seen before.

Layoff anxiety is a thing—and it shouldn’t be.

Companies need to get their act together.

This is NOT the way to have productive, happy employees!

I was shocked to see the results indicating that 7 out of 10 people are bracing for layoffs. This pervasive sense of job insecurity is undermining morale and productivity, leading to a workforce that’s constantly on edge.

Instead of fostering a culture of fear, companies should focus on stability and growth, investing in their employees’ development and well-being. It’s high time we reimagine our approach to employment, where people feel valued and secure in their roles.

Thank you for reading. YOU ROCK!

The Cold, Hard Data

70% of US Workers Brace for Potential Layoffs

If you read my newsletters (and you should) - you know that I’m mad about the job search and the way recruiting works right now, but these stats are insane ya’ll. Let’s break down why this is happening and what you can do to stay ahead.

The pandemic is over, but from an economic standpoint, it continues to create volatility. Companies are still cautious, and the rapid integration of AI and automation heightens the anxiety among all it’s employees.

The younger gens are jumping into careers where technological disruptions are the new norm. Gartner and many other studies don’t believe that AI will replace jobs immediately, it will transform them into new roles that require human interaction with AI tools. How are you feeling about this?

So yeah... quick breakdown...  

•  70% of employees are preparing for possible layoffs.

•  Baby Boomers feel more secure in their roles.

•  Gen Z is highly anxious, with 88% taking steps to safeguard their jobs.

The survey above highlights a clear generational divide in job security perceptions.

Baby Boomers, with their wealth of experience, feel more secure, whereas Gen Z and Millennials are consistently on edge. This anxiety influences their career choices, pushing them towards roles they believe are safe from technological disruptions.

Gen X are just plugging along from what I see, just trying to keep doing what they knew worked before. However, Gen X seems to be the ones that are getting hit with layoffs the most. It’s turning into a first in- first out scenario in a lot of the recent ‘restructuring’ situations.

The Upside -- if we can call it that....

Companies are not passively accepting layoffs; many are proactively adapting to a new normal. I do realize most people feel they are evil and the executives are the worst, but I am seeing a big change happening.

Organizations are implementing strategies like four-day workweeks and enhanced employee benefits, including financial well-being programs and caregiving benefits, to retain talent and improve overall job satisfaction.

👇👇👇👇👇👇

Remote work is also being put into play more often now due to the demand for this kind of work. I really think it just took a lot of companies some time to figure out how to make it work optimally. Pandemic-remote was NOT it. On top of all of that there’s a growing focus on skills-based hiring, breaking down traditional barriers for workers without degrees. I did find it remarkable that from that MarketWatch survey, among those who always work from home, (51%) said they would give up their remote work privileges to stay onboard.

Listen to my latest YouTube video that dives more into this subject.

Why Layoffs Are Happening

The reasons for layoffs are multifaceted and complex. Period. We can all make conjectures - but unless you are the fly on the wall in the room at the decision- it’s just a guess overall. Even when the company releases a statement- it has legal written all over it. But the overall reasons layoffs are happening are:

Restructuring: Companies continually evolve their business models to remain competitive. Many use this phrase instead of layoffs. Means the same thing in the end.

Economic Factors: High interest rates and economic slowdowns force cost-cutting measures, including layoffs. A lot of people and companies are waiting to see if the Fed cuts rates in September. What are your thoughts?

Technological Advancements: Increased AI and automation make certain roles redundant. With that said- many more jobs are created, but not all jobs are transferrable, so layoffs are happening as automation improves.

Globalization: Shifts in global supply chains and markets lead to job relocations and downsizing. This is something that has been happening since the pandemic specifically. No change here, and sadly it is not bouncing back as fast as expected.

My Take - I know you didn't ask... but it's the perk of writing this sucker:

Oh and don't forget to subscribe to my channel on YouTube. 

Let’s be blunt—the job market is a mess. But this anxiety can be a catalyst for growth.

As we head towards the end of 2024 and with an election and are they or not Fed Rate cuts looming over us all, I fully expect the job market to be a rollercoaster, with tech-driven job transformations shaking things up. So no change there.

Some regions and industries are gearing up for growth, but overall, it’s going to be a wild ride. The CBO reports do suggest an increase in unemployment too. Get ready to hustle, stay agile, and keep your skills sharp—it’s survival of the fittest out there.

I could be right, or I could be wrong. But right now, companies are pushing for skills and experience in their hiring processes. Whether this turns out good or bad depends on many factors, but as a candidate, focusing on developing these aspects is essential.

Here’s the game plan:

1.  Skill Development: Future-proof your career by upgrading your skills. Focus on areas that AI can’t easily replicate—think creativity, critical thinking, and emotional intelligence. You can’t just be a candidate that hits basic requirements now.

2.  Financial Planning: Build a solid financial cushion as best you can.

3.  Career Flexibility: Be ready to pivot. Adaptability is crucial. Networking and maintaining a strong professional presence can open new doors. It could mean a change of industry, job, or even jumping up a level. Keep your eyes open.

Job Chick Bonus Tips:  You Resume needs to KickA**

If your resume doesn’t say it, why would you assume they know it about you? Your resume is your first impression and your chance to showcase your skills, experiences, and accomplishments. Don’t leave anything to chance—be clear and comprehensive. Highlight what makes you unique and valuable. Employers can’t read between the lines or guess your potential. Make sure every relevant detail is there, so you stand out from the crowd. Your career success depends on it! 💕

The job market is evolving, and we need to keep up.

I’ve been working on this diligently for a year now and my team is focusing on dynamic assessments and personalized candidate experiences to ensure the right fit for both parties.

I am looking at the solution from outside the box instead of just bolting another ATS or AI solution onto the current mess. It’s time to change everything from the ground up. It’s all about reinventing recruiting. Let’s talk about this more. Watch this space.

The future belongs to those who embrace change and navigate in uncharted waters.

Thanks for reading--- Job Chick out! 😎

Amanda Goodall is the founder of The Job Chick, an executive resume writer, leadership advisor, and strategic consultant with over two decades of transformative experience. She has trained over 2000 executives worldwide, including executives from top companies like Deloitte, Google, Meta, and Tesla. Amanda’s expertise extends to strategic PR and media campaigns for Fortune 500 companies. She is also a co-founder of Somerset Venture Partners, Goodall Aviation, and a startup advisor- with a focus on talent planning. Focused on shaping the future of work, Amanda is currently developing a platform to reinvent recruiting. Watch this space!