Over the past few months we’ve seen millions of employees furloughed or laid off as the COVID-19 pandemic spread across our country. Job losses occurred in almost all industries, including employers big and small. For example, the hospitality industry reported 83% of employers cut jobs and 63% used furloughs. Furloughed employees with hopes of soon returning to their old jobs may now see their furloughs converted to permanent layoffs.
It’s virtually certain that coronavirus and COVID-19-related layoffs are going to happen. In one survey, 32% of chief financial officers said they believe that there will be more job cuts. That observation was confirmed by Dan Lovine, head of Oxford Economic Location Strategies, who was the lead researcher on the project. The research also found that 52% of small businesses expect to close within six months. That equates to 14 million businesses.