Mass Layoffs Coming Across America

It has now been understood that countless companies across the United States are now planning to reduce their employee count after a year of excessive hiring.

According to Fox Business, a new survey by consultant PwC found that over half of more than 700 U.S. executives and board members from a wide range of various industries are preparing reduce their employee count. What’s even worse is that 52% of these companies are in a hiring freeze meaning they are not hiring anyone.

Mass unemployment numbers are surge again. President Biden should prepare for this but it’s highly likely that the Biden administration won’t and will point the finger once again when disaster strikes. Same story different day.

But there is more bad news. Roughly 46% of companies are stopping or reducing their signing bonuses and another 44% are rescinding offers entirely.

The survey also pointed out, “Respondents are also taking proactive steps to streamline the workforce and establish the appropriate mix of worker skills for the future. 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.”