Job Cut Announcements Surge to 9K; Many Industries Desperate for Workers
Published March 20, 2020
Global outplacement and executive and business coaching firm Challenger, Gray & Christmas, Inc. has tracked over 9,000 job cut announcements due to the COVID-19 outbreak. These are confirmed cuts from individual companies. Challenger tracks job cut announcements using media reports, company announcements, state WARN reports, and SEC filings.
“Job cuts will continue due to this outbreak as companies prepare to put business on hold for at least a month. More hotels, restaurants, and bars will undoubtedly make major cuts in the coming weeks,” said Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc.
Meanwhile, due to mandatory closures across the United States, over 14 million jobs in Leisure and Hospitality are threatened, according to labor data from the Bureau of Labor Statistics and various state economic departments. These are not included in Challenger’s Job Cuts data.
‘While many industries and companies are feeling the impact of supply and demand shock across the country, some industries are doing well, are hiring now or may begin to hire in the coming weeks. Amazon, which recently announced it was hiring 100,000 new associates, and many grocery stores nationwide are hiring to keep up with demand,” said Challenger.
In fact, a number of industries are experiencing a need for workers. Challenger provided a list of hot industries:
- Amazon and grocery stores:Amazon announced they were hiring 100,000 people in warehouses and delivery services to keep up with growing demand. Likewise, grocery stores are hiring to keep up with restocking and cleaning needs.
- Health care: Health care workers are being called out of retirement across the nation and around the globe. ETMs, doctors, nurses, administrative staff are all needed.
- Government: The government at both the local and state level will need people to facilitate new policies put in place due to the situation.
- Research scientists, biologists, pharmacists, epidemiologists: Workers are needed to test, study, treat, and develop treatments for the virus going forward.
- Health care equipment manufacturers: The need for ventilators, respirators, protective clothing is high. These companies will need workers to keep up with growing demand.
- Facilities management services/deep cleaning services: Companies that engage in deep sanitizing services are in high demand.
- Consumer Products manufacturers: Companies that manufacture and sell cleaning products, toiletries, hand sanitizer, soap, etc. are seeing an increase in demand.
- Trucking/Shipping/Logistics: Truck drivers and logistics professionals are needed as loads of goods are shipped nationwide.
- Economists: Experts will be needed to determine how the current situation has impacted and will impact the economy going forward.
Source: Challenger, Gray & Christmas, Inc.
Contact Colleen Madden Blumenfeld for more data or to set up an interview with SVP Andy Challenger.