The holiday season will mean pink slips for some

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Merry Christmas, you’re fired! There’s no good time for layoffs, but they seem extra Grinch-like when they are carried out during the holiday season. Experts say they’ve seen an increase in layoffs recently and that more companies could make cost-cutting moves before the end of the year.

WHAT’S HAPPENING

• Citigroup, Charles Schwab, Vice Media and car parts maker Continental are among well-known employers that announced job cuts in November.
• Maersk, one of the world’s biggest shipping firms, has also announced it will cut a total of 10,000 workers this year as weak demand and lower freight prices pummel its revenues.
• More companies may make similar announcements by year-end: "We are really busy right now and expect to stay that way through the end of the year," says an executive at Challenger, Gray & Christmas, an outplacement firm that employers hire to help their laid-off employees find new work.
• There’s some good news: Experts say they aren't anticipating a wave of big, panic layoffs in any industry like those that took place in 2020 in sectors hard hit by the pandemic.?
• The most typical reasons cited for layoffs are overhiring, automation, business downturns and mergers, according to Randstad RiseSmart, a career coaching and career transition solutions firm.

EMPLOYMENT LANDSCAPE

• The US labor market has been on a cooling trajectory, but still remains tight, with 1.5 job openings registered in October for every unemployed person.
• Unemployment has been below 4% since early 2022, the longest period it has remained below that level since 1969.
• The latest jobless claims data shows a steady rise in continuing claims, which are those filed by people who have received unemployment benefits for more than one week. Such an increase potentially signals that laid-off workers are having more difficulty finding new jobs.
• In terms of seasonal workers, experts say employers are being cautious this year in hiring as some economists predict a slowdown in consumer spending. America’s retailers have added fewer seasonal positions for this year’s holiday shopping season, according to Challenger. As of now, it’s the industry’s lowest year for seasonal hiring announcements since 2013.

WHAT EMPLOYEES SHOULD KNOW

• Companies with 100 or more employees that are planning a mass layoff must provide staff with at least 60 days' notice. Some states have more stringent rules, requiring employers to give more notice (typically 90 days), even if they have fewer than 100 employees.
• If a company fails to provide the minimum required notice – meaning you’re let go without warning and without cause – they must provide you with pay and benefits for the warning period. While those payments are not considered severance, it’s money that will help you pay your bills while you look for another job.?
• US employers are under no legal requirement to provide severance unless you are under a contract that provides for it. However, many large employers choose to provide severance when they lay workers off, for goodwill purposes and to protect themselves from legal claims you might make against them.
• The average payout for individual contributors is two weeks of pay for every year of service at the employer, according to Challenger.
• Here are more tips from CNN's Jeanne Sahadi on what you can do now to protect yourself financially.

Have you ever been laid off before the holidays? If so, what was your experience like? Share your story in the comments.

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