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50% of companies planning job cuts amid economic deterioration, reveals report

BNE News Desk


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As many as 50% of companies are planning job cuts amid economic deterioration.

Companies planning job cuts amid economic deterioration:

A report revealed that some of the companies are planning to discharge employees from their duties where most of the companies are reducing bonuses and rescinding job offers amid the economic turmoil.

According to a report by PriceWaterHouseCoopers US, 50 per cent of respondents are reducing their overall headcount, even as business leaders remain concerned about hiring and retaining talent.

"At the same time, respondents are also taking proactive steps to streamline the workforce and establish the appropriate mix of worker skills for the future," it further added.

In India, not less than 25,000 startup workers have lost jobs since the pandemic began, and more than 12,000 have been fired this year.

Also, the Consumer markets and technology, media and telecommunications companies are expected to invest more in mechanization to address labor shortages.

It is to be mentioned that healthcare is seeing enormous challenges than other industries and is more focused on rehiring employees who have recently left.

The global consulting firm during the month of July polled more than 700 US executives and board members across industries.

With increasing economic uncertainty, 83 per cent of executives are focusing their business strategy on growth.

“On the whole, this generation of corporate leaders have minimal experience navigating a recession, yet with the possibility of one looming amid increasing geopolitical divides and skyrocketing inflation, they are bullish on their ability to handle what could be ahead,” said Kathryn Kaminsky, vice chair, trust solutions co-leader," said the report.

It is to be noted that almost two-thirds of businesses (63 per cent) have changed or are planning to change processes to address labour shortages, up from 56 per cent in January 2022.

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BNE News Desk