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Layoffs and job cuts are part and parcel of a period of stagnant economic growth. Owing to the current global slowdown, layoff rates across the U.S. are rapidly rising each month, with California and New York taking the biggest hits! According to economic experts, the situation remains grim and such numbers are only expected to soar even higher.
A layoff is when an employer decides to terminate the work of his human resource, thereby releasing them from the company by paying off the remainder of their contracts.
Layoffs occur due to a number of reasons, the most of common of which are complete plant shutdowns, and halting work on least beneficial activities in times of an economical crisis, to ease the burden on the business.
With economic markets tumbling across the globe, job cuts are becoming a theme everywhere in the States. In just 2 months, mass job cuts have nearly doubled from 43,884 in December, 2018, to a staggering 76,835 by the end of February, 2019. Looking at February, 2018, total mass layoffs across the U.S. were close to 35,000.
The State of California has had a significant rise in layoffs in the past eight months, amassing a total of 509 WARN notices that uprooted more than 48,000 employees from their jobs. Coupled with that, the job growth is as unhealthy as it has been over the better half of the last decade, peaking at 1.2% over the past year – not a great sign for employees working at a WARN Act applicable company.
Another State marred with layoff trouble is New York, with mass job cuts across economic, health, teaching, and the media departments at the forefront. Digital media outlets let go of a large community of reporters and writers in less than a week; the numbers reportedly going over 5000 jobs. The Berkshire Bank reported closing a number of its branches, and the Prestone Press, a long-standing success in the economic department, closed its doors permanently to mark massive layoffs. Schools and fashion designers laid off a ton of their employees, all in a single month.
Employers have to pass WARN notices to their labor force well before they get laid off under Federal and State Laws. Inability to do so can land a firm in a serious pinch.
The Labor Alerts Application provides the means to employers to pass timely WARN notices to employees, with the latter also possessing a tool to monitor their status at all times.
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