A survey by ResumeBuilder found that 38% of business leaders believe layoffs are likely in 2024, with half expecting their companies to implement a hiring freeze. The survey, which included around 900 leaders at organizations with more than 10 employees, found that concerns about a recession and the rise of artificial intelligence, which is leading to worker replacement, were the main reasons for the expected layoffs.
Key takeaways:
- Nike, Intel, and Citigroup are among major US companies planning to cut staff in 2024 as part of cost-cutting measures.
- Thirty eight percent of business leaders surveyed by ResumeBuilder believe layoffs are likely in 2024, with half predicting a hiring freeze.
- Artificial intelligence is a significant factor, with 4 in 10 respondents stating they'll have to conduct layoffs as they replace workers with AI.
- Nike's cost-cutting initiative is expected to result in between $400 million and $450 million in pre-tax charges, largely related to severance costs.