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Key Takeaways:
Nearly 1 in 3 Americans have layoff anxiety in 2024.
1 in 3 think their company lacks transparency about financial or operational challenges.
Over half (54%) have 3 months or less of emergency savings, and 18% have none.
Nearly 1 in 5 would take a pay cut to avoid being laid off.
Despite layoffs occurring at Google, 50% would still want to work there, and they would take an average 9.6% pay cut to stay.
Layoff Fears
To begin, Americans share how they are feeling about mass layoffs, how prepared they are to rely on emergency savings, and what they would most likely do to avoid losing employment.
Though we’re just a little over a month into 2024, mass layoffs are happening across the country in all different industries. Nearly 1 in 3 Americans already feel the strain and report being gripped by layoff anxiety this year. This might be due to one-third feeling like their companies lack transparency with their employees about the financial or operational issues they’re facing.
Even more concerning is that over half (54%) have three months or less of emergency savings should they be laid off, and 18% are completely unprepared with no emergency savings. Layoff anxiety has led Americans to consider taking drastic measures in the fight to stay at their jobs — nearly 1 in 5 would take a pay cut to avoid being laid off, and over 1 in 10 would give up PTO. The most common response was changing their daily work: 39% said they would switch roles to stay, and 39% would switch teams.
Securing a position at a globally recognized company is often seen as the pinnacle of career success. However, in the face of widespread layoffs impacting even the largest corporations, does the allure of these industry giants still hold strong? For some, the answer is yes.
Companies People Want To Work For
Even amid substantial job cuts, Google retains its appeal, with half of the surveyed individuals still wanting to work there. Amazon and UPS also showcased continued appeal, with 42% and 30% of respondents willing to work there despite the challenging employment situation.
The loyalty to these companies also extended to financial sacrifices that employees were willing to make. On average, individuals who wanted to work for Google said they would accept a 9.6% pay cut to secure their position there, a testament to the company’s esteemed workplace reputation. Similarly, at UPS, people were willing to forego 9% of their salary, while Amazon’s prospective employees would accept a 9.7% reduction.
These figures not only highlight the perceived value of being associated with such prestigious companies but also reflect the level of commitment potential employees are ready to offer for job security within these firms.
Methodology
Clarify Capital conducted a pulse survey of 1,003 Americans to see how they feel about the mass layoffs occurring in 2024.
About Clarify Capital
Clarify Capital offers tailored financial solutions to help businesses grow, providing access to funding with transparency and efficiency.
Fair Use Statement
Feel free to share these insights into layoff anxiety among American workers for noncommercial use, but please link back to this page for full access to the study’s findings.
Emma Parker
Senior Funding Manager
Emma holds a B.S. in finance from NYU and has been working in the business financing industry for over a decade. She is passionate about helping small business owners grow by finding the right funding option that makes sense for them. More about the Clarify team →
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