Top reasons for expected layoffs include cost-cutting, employee performance issues, and artificial intelligence

SEATTLE, July 8, 2024 /PRNewswire-PRWeb/ -- ResumeTemplates.com, the leading platform for free professional resume templates and examples, has published a recent survey report investigating how many companies plan to implement layoffs in the second half of 2024. The report also provides insights into the reasons behind these layoffs. In June, ResumeTemplates.com surveyed 934 business leaders in the United States, with 553 respondents completing the entire survey.

Among all business leaders surveyed, 95 percent report having layoffs in the first half of 2024. Additionally, 60 percent say it is likely their company will lay off employees in the second half of the year. Within this group, 20 percent anticipate laying off 5 percent of their employees, and 13 percent foresee laying off 10 percent. Furthermore, 17 percent predict letting go of 20 percent of their workforce, 10 percent expect to lay off 30 percent, and 6 percent anticipate dismissing 40 percent. Moreover, 19 percent believe their company will lay off between 50 and 90 percent of their staff, while 8 percent expect to dismiss their entire workforce.

"Macroeconomic factors such as a drop in consumer sentiment and/or delay in interest rate cuts by the Federal Reserve could be significant factors in layoff decisions through the second half of 2024," explains ResumeTemplates' executive resume writer Andrew Stoner. "Consumer sentiment softened a bit in June. The Federal Reserve has held the interest rate steady for a year now with progressive rate cuts expected."

The survey also highlights several factors contributing to layoffs, including cost-cutting measures, employee performance issues, and AI taking over workloads. Notably, most respondents agree that workers with AI experience are less likely to be laid off. Other contributing factors include company restructuring, declining market conditions, overstaffing, and other technological advancements. The most common methods for communicating layoffs are in-person meetings, emails, and official letters.

The survey, conducted in June 2024, gathered responses from 934 U.S. participants. To qualify, respondents had to be over 25 years old, have a household income of at least $75,000, and possess an education level above high school. Additionally, they needed to be a business leader (owner/partner, president/CEO/chairperson, C-level executive, chief financial officer, chief technology officer, senior manager, director, or HR manager) and work at a company with over 10 employees. Among the respondents, 553 who indicated that layoffs were likely in the second half of the year completed the full survey. To view the complete report, please visit: https://www.resumetemplates.com/3-in-5-companies-are-likely-to-have-layoffs-in-the-second-half-of-2024/.

ResumeTemplates.com offers a comprehensive selection of free, industry-specific resume templates, tailored to meet the needs of various job seekers. The website also provides extensive resources to help facilitate the job application process, including expert advice, resume examples, and tips and tricks for creating impactful resumes.

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SOURCE ResumeTemplates