We’re All Worried About Layoffs

Maria Gracia Santillana Linares
Forbes Staff
I cover the intersection of business, culture and technology.


Workers are now more worried about getting laid off than they were 10 years ago, according to new research from the NY Fed.get

Just when we thought unemployment numbers were holding steady and the labor market was starting to recover, a new survey by the New York Federal Reserve knocks us right back down to earth.


The truth is employees are more worried about losing their job in the next four months than they have been at any point in the last 10 years. Opportunities for promotion, as well as overall job and compensation satisfaction, also fell.


Worker happiness is also moving in a “troubling” direction, according to a survey by BambooHR. Happiness scores tracked from 57,000 employees have dipped since the pandemic, with tech workers in particular hitting a four-year low.


Perhaps in anticipation of getting laid off, or fed up with their current unhappiness, the New York Fed found the percentage of workers looking for a job in the last month peaked at 28.4%. But with cooling hiring rates, falling salaries and likely fewer promotions, employees are even willing to take a lower starting salary for a new job than they were four months ago, according to the survey. It’ll take, on average, $81,147 for a worker to switch to a new employer. This is, however, still higher than last year’s $78,645.


It’s demoralizing to say the least. Our contributors have some tips on how to beat the labor market blues: From “right-spotting” to stay positive in your current job, to getting creative with your job search and even taking the time to learn a new skill or get a new certification, there are things you can do to keep yourself in a better state of mind about your career prospects. On the bright side? You’re likely not the only one feeling this way.

I’m hoping for more uplifting news soon. Happy reading, and hope you have a ✨ very demure, very mindful ✨ week.