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BREAKING: Recession News
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Title: Warning: The Reality of the Great Layoff Recession
Introduction:
The world is currently witnessing a significant downturn in the global economy, as the aftermath of the COVID-19 pandemic has triggered what many experts now refer to as the “Great Layoff Recession.” With companies of all sizes grappling with the financial fallout, the labor market has been dramatically impacted, leaving millions of workers jobless and uncertain about their futures.
Unleashing an Unprecedented Crisis:
The COVID-19 pandemic has disrupted nearly all sectors of the global economy, prompting businesses to implement cost-cutting measures to stay afloat. Consequently, massive layoffs have become the norm, leaving workers across industries facing sudden unemployment. From airlines and travel agencies to retail stores and restaurants, no sector has remained unscathed.
Global Unemployment Numbers Soar:
Unemployment rates have skyrocketed around the world, reaching levels not seen since the Great Depression. The International Labour Organization (ILO) estimates that around 255 million full-time jobs were lost in 2020 alone. The impact has been particularly devastating for low-income workers, young professionals, and vulnerable communities, exacerbating existing inequalities.
Job Market Challenges for the Unemployed:
The current labor market poses numerous challenges for those who have been laid off. Increased competition for limited job openings has created an environment where securing employment, even for experienced professionals, has become an arduous task. As the number of applicants surges, employers can afford to be more selective, often demanding higher qualifications or relevant experience, leaving many skilled workers struggling to find suitable positions.
Desperate Economic Consequences:
The Great Layoff Recession transcends individual job loss; it has far-reaching economic implications. With millions unemployed, consumer spending shrinks considerably, resulting in a decrease in both demand and revenue for businesses. This vicious cycle further hampers economic recovery efforts and hinders potential job creation.
Mental Health Challenges:
The negative impact of unemployment goes beyond financial strain, as it takes a toll on individuals’ mental health. The sudden loss of employment can lead to increased stress, anxiety, and depression, as individuals grapple with the uncertainty of their future and the pressures of finding new opportunities. It is essential that support networks, mental health services, and employment programs are made widely available to help mitigate these challenges.
The Need for Government Intervention:
In the face of this crisis, governments worldwide have a crucial role to play in mitigating the effects of the Great Layoff Recession. Fiscal policies, such as unemployment benefits, job creation initiatives, and financial assistance to struggling businesses, can provide a safety net for those impacted by the economic downturn. Governments should also invest in necessary job training and re-skilling programs to equip individuals with relevant skills for emerging industries.
Rebuilding a Resilient Future:
While the immediate future appears daunting, one should not lose sight of the potential for recovery. As countries emerge from the pandemic, concerted efforts must be made to rebuild and create a more resilient and inclusive economy. Governments, businesses, and individuals must work together to foster innovation, support entrepreneurship, and promote sustainable growth in order to ensure a brighter future for workers worldwide.
Conclusion:
The Great Layoff Recession is an unfortunate reality stemming from the COVID-19 pandemic. The global workforce is grappling with record-high unemployment rates, plunging individuals and communities into uncertain times. Governments, businesses, and society at large must take proactive steps to address the situation. By investing in economic recovery measures, supporting mental health initiatives, and providing opportunities for reskilling and upskilling, we can navigate through this crisis and rebuild a more prosperous and equitable future.
Its more so there is no work
Live the lifestyle that you can get by with, invest/save the rest. You nailed it… their fault.
Red bull grew 47% in the last 2 years and have managed to cut employee cost. They have raised volume targets for employees and made it hard to get paid, and are now under paying there employees. Employees aren’t under preforming, the company is just finding ways to cut every corner. Now we have younger employees that aren’t will to do what veterans were willing too, when they used to get a decent paycheck.
We were most productive when people’s jobs WERE protected by unions. Kevin has backwards logic here. Would love the chance to come on and add a second opinion @meetkevin
Firing logic is ok, maybe…talking layoffs and that might be severely flawed. Most tech outside the giants laying off are trying to save their own skin. There wasn’t always excess unproductive skulls laying around. Their product and services will now suffer and sales go down as a result. A lot of these people with have to go on unemployment. Those who get new jobs will take a pay cut and this have less money to spend. All 3 is net net lower GDP.
Kevin, where did you buy this hoodie you’re wearing??
Great video. Very clear explanation. I run drive thru restaurants and always need to shuffle people in and out.
The hard one is the veteran employees that dgaf anymore that are a huge expense to the company with their higher wage and low work ethic but have been there for 10+ years.
It’s better to “waste” time, properly training a new employee, rather than to keep a person because they have “experience”. Not all experience is good experience, I remember guys telling me “I’ve been doing this for 20years!” My response “20years of trash, is still trash”
I totally agree, we are in a strange period where it’s really hard to hire and we have to pay too much. We recently terminated an employee. We couldn’t afford to lose the person short term, long term the person wasn’t the right fit.
The only reality is that the ppl that got fired were worthless workers anyways
How is the commercial real estate going?
50k raise? lol.. too much youtubing has you hullicanatingx like AI
6 figure salaries paycheck to paycheck doesn’t make sense but I worked my way into 6 figure but also had to move and my rent doubled… rent is how 6 figure people are living paycheck to paycheck
Now America is finished .All jobs of America will go to Indians who have better brain, talent, merits, skills, knowledge, and expertise .
… i feel i your heard a video: "Boomer comporate life take from a person never been in corporate"
Am I the only one to notice that if the economy is doing great, the majority of us are drowning in poverty and joblessness but when we seem to be doing okay, then the sky is falling.
Company’s don’t always have things that need to be done. If demand is not there nothings being shipped people are idle. Not always the employee fault.
Everywhere I turn people are shopping and eating out
Does the logic of layoff apply to bankruptcy to CDP?
Fire everyone, hire contractors that are capable of using AI, find out how much work they are capable of, create that role at $12 an hour
So few Americans are unfamiliar and so divorced from an era (an era of PEAK GDP AND PROSPERITY) when most Americans were covered by a union. It seems that there is this belief that labor unions and guilds and other collective bargaining agents are a monolithic enterprise of the toxic culture of nepotism and milking time. This image was constructed by very large companies not to target the private unions themselves, but to create monopolies. Union busting is almost exclusively done for the control over the shop floor rather than wages benefits and time wasting.
there are many many INDUSTRIES unions are an insanely great benefit to the business. Many industries use them for reliably skilled, punctual labor who is motivated to take their 8-hours and get the job done quickly, efficiently and safely… I know, I came out of a union and now own a business where I hire exclusively from the union and would only dip outside if absolutely necessary.
Many unions operate as the best HR you could ask for, the training programs are much cheaper as I pay into their fund based on hours, instead of training myself, I also only pay benefits for hours, and contracts are always simple, and negotiable and a sliding scale when I have a client who is unable to pay the premium rates.
They are also happy to donate labor when non-profit clients come through.
If you have a good union, in the right industry,you don’t waste your time micromanaging tasks, but instead build a list of their best people for a foreman, show them the job, and let them handle it from there.
You treat them right, they will be great to you.
I have seen them BE the stereotype to other contractors intentionally because of poor treatment and complaints… as someone who still holds my card honorarium… I just laugh cause it helps me beat my competition… sometimes I do have to call them off, like hey… they’re a small town group, they don’t get it… please cut them a break, I’ll talk to them.
There’s also a lot of bad stereotypes that have been applied to private unions that public unions (which I often think shouldn’t exist… at least at a certain level, and at least should NOT have the right to discipline themselves like my guys do)
But these are some of the most professional, hard-working, guys who will send a guy who walks in 10 mins late home right in front of me and have his replacement already parking… they don’t let bad precedents get set, and I love them for it. They are gruff, difficult, sometimes stinky, but they’re fun and they’re good to you when they know you’re cutting the checks and you don’t mind giving them that extra hour of OT after you worked them like dogs for 15.4 hours straight.
I love these guys. They are the old school union guys. Your grandfathers unions. They stick up for themselves, they’ll try to play nice with me with a grievance, but I respect their opinions, and they know that.
But, I also must admit, I see it happen all the time in other unions, and when I pick up days here and there as just a guy… I’ll tell these younger guys… this is how you lose contracts and get a bad rep. This is how you lose your union… everything everyone built who came before you to make this possible.
A little nepotism is a good thing.
Who better to hire than your mentor’s grandson as an apprentice?
Too much nepotism can bring down the whole ship, but honestly in certain trades… not enough is worse.
You end up losing the entire culture and you lose the skill and care along with it.
Wow
Bed Bath and Beyond smells like candles.
Dude, where did you get that jacket? I want one.
Kevin sounds like a veggie tales character
Kevin this flies in the face of the definition of contraction. I wish it happens how you describe it. However I believe the cyclical market has a strong tendency to over correct, not correct the exact amount it needs to
Positive for companies bad for individuals. Not the individuals fault they were paid well. I was laid off and I am a high performer. 18 months at 1 company and they pretended it was performance based but I never had any issues with performance before. I didn't like the false reasons picking out items like training as the justification
Wrong. The money the company saves will be extra bonuses for the ceo. Like how zm ceo got paid million is bonuses but reduced the bonus of its employees.
On commercial real estate, the gateway cities (e.g. knowledge capitals, mid-sized metros) may not be affected as badly as the global ones (e.g. NY, LA).
Kevin you share some good info but from the way you talk I can clearly see you have some real micromanagement problems…
Wasn’t expecting Kevin to be the business apologist and blame it on individuals. In most of the layoffs you’re referencing it was entire orgs that got fired. These orgs were running (likely unprofitable) products that were created by the business. It was poor planning or “performance” on the business that caused these people to be unemployed- not the individuals performance.
Kevin go back to trading stocks.Stop playing politics.
Why is it called right to work if you can get fired so easily?
Kevin your analogy sucks.
after i quit i made more money than i did working 30 years.The year was 2020.Think what happened to the stock market during this time.