Layoffs are on the rise across the United States as coronavirus continues to batter industries. North Carolina was not spared from these cuts, with electric vehicle manufacturer VinFast confirming that it had cut 60 US jobs this week.
The layoffs sent shockwaves through the state, though a spokesperson from VinFast reassured people that the cuts were part of a larger consolidation move and would not affect VinFast’s plan for a $4 billion manufacturing plant in Chatham County. This is certainly reassuring news for the local economy.
However, this was only one of many layoffs across America: Disney announced that it would be slashing 7,000 jobs; Zoom CEO taking accountability and cutting 1,300 jobs as well as taking a 98% pay cut; HR payroll services provider Gusto laying off 126 workers; eBay cutting 4% or 500 workers of its workforce; Boeing announcing 2,000 job cuts and out-sourcing others to India; Dell reducing 5%, or 6,650 job cuts of its workforce and two Atlanta-based tech firms Salesloft and SecureWorks cutting 10% of staff between them.
Last week’s report found that while January saw many layoffs occur, 41% happened in the technology sector. A subsidiary of Johnson & Johnson revealed plans to cut jobs while three North Carolina companies have also announced plans to let go some staff in the state - Amgen has also reportedly cut back on their workforce nationally despite investing in a plant in Holly Springs.
These continual layoffs pose a great risk for America’s economy as citizens can no longer depend on their income anymore - which could lead to more financial insecurity. It appears that there is no single solution to ameliorate this issue other than government intervention and aid to help those affected get back on their feet again so that they may once more contribute positively to society.
The future of work looks bleak, with employers across the United States cutting jobs at an alarming rate. January saw 102,943 job cuts reported in the US and with February just beginning, 13,582 layoffs have already been logged by 2 pm ET on Wednesday. There is little doubt that the number of jobs lost will surpass the mark measured in that report.
Tech sector layoffs are particularly concerning as Layoffs.FYI has tracked nearly 65,000 layoffs from US-based companies in January 2023 alone. And last year was also a difficult one for tech industry employees with 1,013 different technology companies making a decision to cut staff - resulting in 153,160 people being laid off by the end of 2022.
This trend can leave many people feeling helpless and anxious about their financial security going forward. Without adequate help and support from government agencies and other organizations, it can be difficult for those affected to find employment quickly or rebuild their lives again after such a devastating loss.
These huge numbers of job losses make it clear that urgent action needs to be taken to support those affected and reverse this worrying trend before it continues to spiral out of control. The future of work should not feel so uncertain - authorities must do all they can to ensure workers are given a sense of hope rather than fear when considering their options for employment.
