Layoffs in organizations can occur due to various reasons, often reflecting changes in market conditions, here are some things to know.
1
Organisations may experience reduced demand for their products or services during economic recessions or downturns.
2
In these situations, redundancies in roles and functions may emerge, leading to layoffs as the company consolidates its operations.
3
Automation, digitisation, and technological advancements can lead to job redundancies as tasks become automated or streamlined.
4
To reduce operational costs, some organizations outsource certain functions or move them offshore where labour is cheaper.
5
Poor financial performance, high debt levels, or cash flow problems can prompt organizations to implement cost-cutting measures, including layoffs.
6
Changes in business strategies, priorities, or market focus may require organizations to realign their workforce.
7
Organizations may need to eliminate underperforming roles or restructure teams to improve productivity and efficiency.