“Businesses face existential threats all the time. They are built to make decisions that will determine the life or death of the company,” said Andrew Challenger, senior vice president of the staffing firm Challenger, Gray & Christmas. “Choices that affect the life or death of their employees now need to be made for the first time. The stakes have never been higher.”
Watch Andy Challenger discuss the bomb that went off in the American economy.
Job cuts announced by U.S.-based employers surged 292% from February’s total of 56,660 to 222,288 in March. March was the first month to report job cut announcements specifically due to the COVID-19 pandemic, according to a report released Thursday from global outplacement and business and executive coaching firm Challenger, Gray & Christmas, Inc.
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.