In just the past few days, the coronavirus pandemic has wiped out markets, forced school closures, led to major sports leagues to suspend operations, upended the travel industry, and even forced businesses to start laying off workers.
Each day hundreds of thousands of employees use Fishbowl, a professional social network, to discuss workplace issues. In the past week, as workers have started to work from home and look for a resource to connect with coworkers and their industry peers, the number of conversations on the social network and app has tripled.
Amongst the topics addressed in these conversations is the economic impact caused by coronavirus, and there are deep concerns that users are sharing about potential layoffs. For that reason, we surveyed our users with the following question to better understand their sentiment as a whole:
“Do you believe the coronavirus will result in layoffs at your company?”
Employees could answer with A.) Yes, or B.) No. The survey ran March 13 through March 16, 2020 and was answered by over 17,000 verified professionals on the Fishbowl app from companies such asIBM, JP Morgan, Facebook, McKinsey, Tesla, Bank of America, BCG, Deloitte, Amazon, Edelman, Nike, Google, KPMG, and thousands of others.
Here’s what we found:
- Overall, 54.06% of professionals believe that the coronavirus will result in layoffs at their company.
- Advertising industry professionals expressed the most fear about company layoffs, with 65.4% answering with ‘Yes.’ Conversely, lawyers had the least fear of company layoffs, with only 31.86% answering with ‘Yes.’
- Surprisingly, even with the bear market, only 43.83% of Finance professionals expressed fear of company layoffs.
- When separating responses by city with at least 100 respondents, San Francisco Bay area had the highest percentage of employees who are fearful of layoffs, with 61.27%, followed by New York (60.34%), and Atlanta (59.22%).
- Columbus, Pittsburgh, and Toronto had the lowest percentage of employees fearing company layoffs, with 34.48%, 40.49%, and 43.91% respectively.
Below, are some of the professionals’ perspectives about layoffs due to the coronavirus happening.