How To Survive Layoffs In 2024

Next year could bring rough seas for companies, leaders and employees. Here's how to stay afloat

A lot of leaders and employees are losing sleep these days and you can probably guess why even if you don’t want to say it out loud. It’s a conversation happening frequently in the news and at the water cooler.

Many companies over-hired in 2021 and 2022 as the economy enjoyed a stimulus-induced rebound from 2020. For many businesses, demand did not grow as expected in 2023, inflation impacted costs and a similarly tough year is projected for 2024.

The end of the year is the time that most organizations are finalizing their budgets and plans for next year. In that process, they’re likely questioning all expenses and discussing where they can cut costs to keep the business lean for tough times.

We have already seen firms such as Spotify, Amazon, Citigroup and CNBC announcing job cuts. Many are feeling that they may just be the canaries in the coal mine heading into the new year as firms hope for the best, but plan for the worst in 2024. 

Whether you’re a leader responsible for making and messaging these tough decisions or an employee trying to be resilient in this new normal, there are several best practices that can help you make the best of what is sure to be a difficult situation.

Leaders must be communicative, clear and respectful

Whenever a leader knows there’s bad news on the horizon, they always face the same dilemma. How much information should be shared with the team? Should they keep quiet to avoid panic, or share the full picture and risk causing anxiety?