Many Americans are getting ready for the holidays, but some are suffering from depression and anxiety due to sudden layoffs over the past few months.
Compared to last year, job cuts in the US have risen 6% this year.
The end of 2022 has seen mass layoffs after corporations complained of labor shortages in 2021 and early 2022.
High-profile tech companies recently announced mass layoffs, including Facebook’s Meta, Twitter, and Amazon.
Pharmaceutical manufacturing contractor Catalent has informed employees that they will cut 600 jobs over the next few weeks due to the declining demand for Covid vaccines.
One laid-off worker commented, “Holidays are depressing enough, especially those of us who have lost most of their family and those who suffer from anxiety and depression… I’m 45 and have no idea what I want to do. The people that are still working are affected by this. They have to pick up the slack and they are missing the ones they worked next to. I wish they would have waited till the first of the year. Who wants to find a job or hire right before Christmas?”
Some experts have even argued that the layoffs are unnecessary.
Stanford Graduate School of Business Prof Jeffrey Pfeffer stated, “These companies are all making money. They are doing it because other companies are doing it,” regarding the trend.
Prefer added, “Layoffs often do not cut costs, as there are many instances of laid-off employees being hired back as contractors, with companies paying the contracting firm. Layoffs often do not increase stock prices, in part because layoffs can signal that a company is having difficulty. Layoffs do not increase productivity. Layoffs do not solve what is often the underlying problem, which is often an ineffective strategy, a loss of market share or too little revenue. Layoffs are basically a bad decision.”
Those who are laid off suffer a variety of adverse effects. Layoffs ranked 7th on a list of stressful life events, increasing the odds of suicidal thoughts and depression, according to UK researchers.