Layoffs Due to Coronavirus, 54 Percent of Employees Fear Company Layoffs Due to Coronavirus

54 Percent of Employees Fear Company Layoffs Due to Coronavirus

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.

Layoffs Due to Coronavirus, 54 Percent of Employees Fear Company Layoffs Due to Coronavirus
54% of Employees Fear Company Layoffs Due to Coronavirus

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.

Layoffs Due to Coronavirus, 54 Percent of Employees Fear Company Layoffs Due to Coronavirus
PwC employee on Fishbowl worried about layoffs due to coronavirus
Layoffs Due to Coronavirus, 54 Percent of Employees Fear Company Layoffs Due to Coronavirus
AT Kearney employee on Fishbowl asks “If you had 30 minutes with a partner, what would you ask?”
Layoffs Due to Coronavirus, 54 Percent of Employees Fear Company Layoffs Due to Coronavirus
Deloitte employee on Fishbowl – do you think coronavirus will lead to massive layoffs?
Layoffs Due to Coronavirus, 54 Percent of Employees Fear Company Layoffs Due to Coronavirus
Senior consultant on Fishbowl asks if there will there be layoffs due to the coronavirus

 

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