JOB OUTLOOK FOR MANAGERS, EXECUTIVES GRIM; WSJ DETAILS TREND: INCREDIBLE SHRINKING COMPANIES
+PLUS: Monday Newsletter Will Address Strategies for Response
SATURDAY PM MARKET NOTE
For managers and executives in the job market, this PM Note will come as no surprise.
Companies are. shedding employees, particularly in the management and executive levels, because they believe they have found a secret formula for improving their bottom line: ask employees to do more with less. Today’s Wall Street Journal top story in the Exchange Section was entitled, “The Incredible Shrinking Company.”
Public companies have reduced their white collar workforces by 3.5% and ratchet down new hiring. Business writers dubbed this post, covid phenomenon as a white-collar recession.
Over the past decade, one in five S&P compan ies have shrunk. - WSJ
Over the past decade, one in five S&P companies have shrunk, according to the Wall Street Journal.
Procter & Gamble recently announced a layoff of 7,000 personnel, 15 percent of their non-manufacturing workforce, to create broader roles and smaller teams. Business-speak translation: job extension; asking executives to expand their scope of oversight (more with less).
Estee Lauder and dating app Match Group also reported they had dumped about 20 percent of their “managers.” In the coming weeks, Microsoft says they will lay off thousands of workers in its sales department and other teams in the coming weeks. Flatter is faster.
Uncertainty, nasty word for business executives, has overwhelmed the post-Trump optimism. His botched rollout of his poorly conceived tariff plan, and now his on-again, off-again, on-again comments regarding immigration enforcement for farm and hotel workers could trigger an adverse economic reaction if consumer prices spike. That could lead to more widespread layoffs.
Be prepared, even if you think your job is safe. I know far too many executives in the market today who thought they would be the last to be laid off.
Beware of the online marketing campaigns, primarily on LinkedIn, who claim they can. find you a better job in 90 days or you don’t pay (the full fee). Their claims are inconsistent with the facts. The current time-to-hire sequence for executives is eight to 14 months.
Read our Monday Newsletter, GuidingYourCareer REPORT, for steps to accelerate your job search BEFORE you are laid off.