Too bad the federal government is not included in this. It could certainly use significant downsizing
Survey: Half of American Companies Set to Cut Jobs After Hiring Surge
Numerous companies across the United States are planning to trim their employee numbers, Fox Business reported Friday.
The outlet continued:
That’s according to a new survey published on Thursday by consultant PwC, which last month polled more than 700 U.S. executives and board members from various industries. About half of respondents said they are preparing to reduce headcount — or already have — while 52% have implemented hiring freezes.
On top of that, roughly 46% of companies are either dropping or reducing signing bonuses, which became commonplace over the past year as businesses tried to lure in new workers amid an increasingly tight labor market. Another 44% are rescinding offers entirely, the survey showed.
Home goods company Wayfair decided to cut approximately 870 workers to help manage operation costs and “realign its investment priorities” following the coronavirus pandemic, the Associated Press (AP) reported this week.
In the car business, staffing levels in many areas are down a third to a half. Many companies across the board have reduced hours, so, do not need as many employees. Many are simply implementing robots and ordering boards, or simply running lean
In addition, Best Buy was also cutting jobs as the company grappled with shifting consumer behavior, the AP reported on August 12.
More people order online, then come in to pick up product, especially since so many products are now kept in centralized warehouses and stores keep less product, because there isn’t enough to keep lots of extra at each store.
According to the recent survey by PwC, respondents were trying to streamline the workforce to create the right balance of worker skills moving forward.
“This comes as no surprise. After a frenzy of hiring and a tight labor market over the past few years, executives see the distinction between having people and having people with the right skills,” it stated.
We should do this to the federal government, which is bloated with lots of extra employees who do not really do a lot, have redundant jobs, or are simply there to push the power of Centralized Government.
It just shows the extreme instability of the economy, and Joe is off passing tax, climate, and (barely) health bills, doing things that, at best, do not help the economy, and on vacation.
Read: Bidenconomy: Half Of Companies Looking To Cut Employees »