Downsizing increasingly affecting higher-income employees, including managers and executives

In 2024, the trend of downsizing has increasingly affected higher-income employees, including managers and executives, leading to longer periods of unemployment for this demographic. Research from Live Data Technologies indicates that nearly half of all job cuts in 2023 were at the manager level or higher, highlighting a significant shift in layoff patterns compared to previous years.?

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This trend is driven by higher interest rates, inflation, AI, and general economic pressures. This has led to restructuring and reduction of layers of management. ?Additionally, investors and shareholders are increasingly pushing for layoffs at the executive level as a strategy to address financial concerns and improve company performance.

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The impact of these layoffs is profound, as many of these higher-income employees face extended periods of unemployment. Despite their skills and experience, the job market's current dynamics mean that rehiring can be slower for these positions, leading to financial instability and prolonged job searches.

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Given these circumstances, it makes sense for affected employees to broaden their perspective and explore new career paths, such as franchise ownership, which offers structured support and proven business systems. If you're among those facing uncertainty in your career, consider exploring franchise opportunities as a viable path to regain control of your professional future and long term financial security.

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Reach out today to learn more about how franchising can provide stability and growth in these challenging times.