#JobSearch : New Year, New Layoffs- 3 Ways To Prepare If Your Job Is At Risk. Question: How Secure are You in 2024?

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A new survey from ResumeBuilder says that 4 in 10 companies are anticipating layoffs in 2024. Over half of these companies are planning on a hiring freeze in the coming New Year. These small and medium-sized businesses join the ranks of several firms that have announced major job cuts. Nike has announced a $2 billion cutback over the next three years, with an uncertain number of job cuts included. Toy giant Hasbro will cut nearly 20% of its workforce in 2024, according to reports from the Wall Street Journal.

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Music service Spotify announced a third round of layoffs. A recent email from CEO Daniel Ek says the company plans to cut its workforce by nearly 20%. Roku is going to be limiting new hires, and laying off about 10% of its workforce, while Amazon layoffs are effecting its new gaming division (all 180 jobs there are being eliminated). Citi CEO Jane Fraser announced layoffs in September, and sources have told CNBC that the bank could let go of at least 10% of its workforce, across several business lines. Flexport Logistics plans to cut up to 30% of its employees, and financial services company Charles Schwab is cutting back by 5-6% of its workforce, according to reports from Business Insider.

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Leaders from industries surveyed with at least 50 respondents say layoffs at likely the following rates, according to ResumeBuilder:

  • Construction (66%)
  • Software (65%)
  • Information (44%)
  • Retail (44%)
  • Finance and insurance (38%)
  • Education (34%)
  • Health care and social assistance (28%)

Jobs Outlook: Why Are Companies Cutting Back in 2024?

Three factors are driving the cutbacks, for companies both large and small. Number one with a bullet is AI. A recent Goldman Sachs study found that generative AI tools could impact over 300 million full-time jobs worldwide. With new capabilities being uncovered everyday, companies are doing more with less – capitalizing on the capabilities of artificial intelligence, including services like ChatGPT and Google’s new AI, Gemini. The second factor influencing corporate payrolls is the one thing the market hates most: uncertainty. Harvard Business Review offers this viewpoint: “As 2023 comes to a close, the global economy is, in many ways, doing better than expected. The U.S. not only avoided a recession but has grown at a steady clip. Unemployment has been low and, crucially, inflation is falling in most of the world. And yet, the economic outlook remains deeply uncertain.”

War in Ukraine, the Palestinian conflict in Gaza, and uncertainty around the US election are just a few of the challenges that 2024 brings to bear. The third challenge, according to finance professor, Mihir Desai at Harvard University, is the cost of capital. Rising interest rates continue to combine with inflation to create a perfect storm of “wait-and-see” for businesses. While the Fed has hold interest rates steady, and signaled the possibility of rate cuts in 2024, “All the impacts that one would expect from higher interest rates will still happen (and are happening) but just in slow motion relative to expectations,” says Desai.”That slowing process will be less immediately disruptive or recognizable but more long-lasting and harder to engineer an escape from.”

Looming Layoffs: The Time to Prepare Is Now

When certainty is in short supply, so are jobs. At least, that’s what the LinkedIn workforce report shows. Hiring was down 4.9% in November, and that trend is expected to continue. If you’re concerned that your job might be at risk, here are three things that you can do, right now.

  1. Take a Fresh Look at Your Résumé and LinkedIn Profile: as the New Year begins, it might be time to get a fresh start on your next opportunity. Many savvy job-seekers are turning to ChatGPT and other AI tools to craft their résumé. And it’s never a bad idea to make sure your personal brand is clear and compelling, on LinkedIn.
  2. Bring that Side Hustle to Center Stage: what would have to happen, in order for you to turn your side hustle into your main gig? CNBC says that 53% of Gen Zers have a side hustle, and 44% of all those with some income on the side think that they will always need that extra gig. 41-year-old Nadia Liu Spellman left her job in finance to start a frozen food business. Now it brings in $4.5 million per year. Who would you need to be, in order to stop procrastinating and step fully into entrepreneurship? Now may be the perfect time to explore what you are really worth – before your employer makes a choice you don’t really want.
  3. Get the Coaching You Need: Success is often a factor of time. When it comes to your career, you’ve got to wonder: how long do you want to wait? According to Forbes, coaching is the best way to accelerate your results. In your career, if you don’t want to wait and go it alone, consider the value of having someone who is as focused on your success as you are – especially if you find yourself in unplanned career circumstances. Coaching is about helping people discover what’s easiest for them – helping them to discover their own growth, and prepare for the unexpected. When it comes to your career, two heads are always better than one. Especially if you can find a professional advisor that can help you to access greater confidence, even if you find yourself in an unexpected place in your professional life.

If you are concerned about your career prospects in 2024, don’t get depressed – get moving. Even in the midst of uncertainty, there are still opportunities – and maybe a new career is just what you need, in the New Year.

Forbes.com | December 31, 2023 | Chris Westfall