The list of layoffs just keeps growing.
2023 was a brutal year for tech job losses, with some 200,000 layoffs. A survey last year from ResumeBuilder found that 40% of companies expected layoffs this year, and more than half planned on implementing a hiring freeze. However, a report from Randstad RiseSmart at the end of last year projected that 92% of employers were preparing for layoffs in 2024. That same report found that 96% of organizations had taken some kind of downsizing action over the last 12 months.
The list of companies laying off workers keeps getting longer—from IBM, Google, and Microsoft to Goldman Sachs, Citi, BlackRock, PwC, Pixar, and Paramount. The Wall Street Journal recently published a report on the many companies still expected to lay off workers this year.
Despite unemployment remaining low, job openings in the U.S. are at their lowest since early 2021, making it tough to find work. Layoffs and hiring freezes certainly aren’t helping.
Business Insider reports on how finding a job during what is normally a busy fall season is proving tricky. Here’s the start of the story:
The September surge might turn out to be a sputter.
In years past, hiring has often picked up in the fall as vacations wind down and some companies look to staff up heading into a busy holiday season.
But for some people hoping to land a job in the final stretch of 2024, it’s proving tricky.
John Mullinix, head of growth marketing at the job site Ladders, told Business Insider that in areas like manufacturing, healthcare, and construction, there are fewer openings than some labor market experts had forecast.
“In a lot of those industries, there were predicted gains. They seem to be slowing down, and that’s creating fewer job openings,” he said.
Already, job openings in the US are hovering at their lowest level since early 2021, and many employers are taking their time bringing on new people. While that sluggish pace of hiring is making the fall feel less robust than in some years, Mullinix said there are steps job seekers can take to stand out.
That’s welcome news because a job search can drag on for many months. In fact, the number of job seekers who get their next role within three months is down 14% in 2024 compared with 2022, according to Live Data Technologies, which provides real-time employment figures.