SITUATION
Nearly 50,000 employees were laid-off in November 2022; with many companies citing economic headwinds and revenue/profit declines as drivers.
As healthy national employment is regarded as the lynchpin of the economy; this will undoubtedly pose a systemic market impact as early as April 2023.
While industry trends are high for automation and job elimination; many of these employees cut were contributing value to their organizations.
OPPORTUNITY
In the midst of this Draconian market dynamic, forward-looking organizations are faced with an opportunity to gain a strategic advantage. Organizations could simply respond in-kind by performing force reductions of their own, but it’s important to weight that option with others first.
For example, it’s widely-known that top talent tends to generate the majority of results for organizations. Think about the leading sales rep that closes three times more business than their peers.
In a market where the talent pool has fresh additional depth and breadth; some talent acquisition strategy tuning could yield substantial results; thus allowing organizations to “gain ground” on their competitors.
For more information on how to convert market dynamics like this (or any other) into strategic opportunities, request a situation assessment.
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Citation(s):
“46,000 Laid Off In November Alone As Job Cuts Grow” by Brian Bushard, Forbes.