Layoffs continue to ripple across the economy. Starting with big tech firms and the digital businesses that overhired during the early days of the pandemic, pink slips have now spread to the industrial, manufacturing and professional services industries. While there are numerous theories on the underlying causes and exacerbators of the surge in job loss, at its core lies a question of efficiency. Companies lay off workers when they believe – rightly or wrongly – that they can accomplish the same amount of output with fewer liabilities on the payroll.
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