What are the primary causes of job cuts?

Job cuts are typically driven by economic downturns, technological shifts, mergers and acquisitions, declining demand for products/services, rising operational costs, or strategic company restructuring initiatives.

What is the difference between a layoff and a firing?

A layoff results from a company's economic or strategic decision, unrelated to individual performance, sometimes with rehire potential. A firing, however, is due to an employee's performance issues, misconduct, or policy violations.

What support is usually offered to employees affected by job cuts?

Common support includes severance packages, continuation of health benefits (e.g., COBRA), outplacement services for job search assistance, and access to unemployment benefits.

How do widespread job cuts impact the broader economy?

Widespread job cuts can lead to reduced consumer spending, increased unemployment rates, decreased economic growth, and a ripple effect on local economies and related industries.