The worst may be yet to come for digital journalists, as some companies are simply delaying layoffs until the beginning of 2024 according to analysts. Many didn’t lay off during the holidays not because they care about their employees, but because they didn’t want the negative press that companies like Hasbro got. Will Vice, Vox, Kotaku, BuzzFeed and Polygon might GET GONE before the end of 2024?
Additional Context:
It seems that a significant number of companies are bracing for more layoffs in the coming year. According to a survey by ResumeBuilder.com, 38% of business leaders think layoffs are likely in 2024, with 22% of this group anticipating letting go of 30% or more of their workforce. Interestingly, midsize companies seem to be the most likely to predict layoffs, with 42% of business leaders in such companies expecting downsizing. In smaller companies (100 or fewer employees), 28% anticipate layoffs, and in larger companies (over 1,000 employees), this figure stands at 39%.
But why this gloomy prediction? It appears that the anticipation of an upcoming recession, the desire to increase profits, and the integration of AI, which is replacing some human roles, are the primary drivers. Sixty-nine percent of business leaders are looking to reduce costs, 51% are anticipating a recession, 42% aim to increase profits, and 39% cite the replacement of workers with AI as reasons for potential layoffs.
The Employee Benefit News echoes these sentiments, reporting that 92% of employers expect more layoffs in 2024. This prediction follows a year where 96% of business organizations took some kind of downsizing action in 2023. Many companies over-hired post-COVID, and are now looking to balance their books, often at the expense of workforce size.
A report from Randstad RiseSmart, highlighted by Human Resource Executive, reveals that 90% of employers are planning workforce reductions in 2024. The main reason? A talent surplus, following a period of over-hiring after the pandemic. AI and automation, strategic evolutions, and increased merger and acquisition activity are also contributing factors.
As for the timing of these layoffs, there’s a notable trend of companies avoiding holiday layoffs. This strategy may be due partly to the negative impact such timing can have on employee morale and public perception. Instead, it seems more feasible for companies to wait until the first or second quarter of the new year to make these difficult decisions.
In the realm of media layoffs, while specific data is not readily available, the trends affecting other industries – such as economic uncertainty, AI integration, and strategic shifts – are likely to have similar impacts. The media industry, already experiencing significant transformation due to digitalization and changing consumer habits, could see similar patterns of workforce adjustment as other sectors.
In conclusion, 2024 appears to be a year where companies, large and small, across various industries, are gearing up for significant workforce adjustments. The integration of AI, economic uncertainties, and strategic realignments are key factors driving these decisions. However, the approach to these layoffs, including their timing and execution, will be crucial for companies to maintain their reputation and employee morale.
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