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Navigating the 2023 Wave of Widespread Layoffs

Numerous companies across various industries have continued to implement mass layoffs, resulting in significant job cuts. These layoffs have impacted a wide range of companies, from financial institutions like Scotiabank laying off 3% and Morgan Stanley planning to cut 5% of their workforce by June 2024 to technology firms like LinkedIn cutting 3% and Shopify cutting 20%.

Traditional retailers like Nordstrom are laying off their entire Canadian workforce and completely leaving Canada while Hudson's Bay is laying off 2%. Additionally, companies in the cannabis industry, software development, and supply chain sectors have also been affected. Overall, the job cuts in 2023 have been substantial, affecting a broad spectrum of businesses and industries.

Global economic uncertainty, technology advancements (automation/digitalization), and cost of labour are some of the many reasons layoffs like this occur. Being laid off is disheartening and a challenge to say the least, but there will always be more opportunities. If you’re one of the many dealing with being laid off, Otterbrook may be able to help. Feel free to reach out to one of our partners to see if we have any roles you’re a fit with.

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