Retailers like Joann Fabrics and Walgreens are among nearly 100 companies planning layoffs in March, according to U.S. government reports. These job cuts, disclosed through WARN notices—required under the Worker Adjustment and Training Notification Act—range from as few as 10 employees to as many as 500. Enacted in 1989, the WARN Act helps employees, employers, and communities prepare for mass layoffs and plant closures. Reporting thresholds vary by state, but WARNTracker.com, an independent data site, provides a national dashboard of job reductions.
Companies Large and Small Announce Layoffs in March
Some of the companies on the list include Intel, FedEx, Neiman Marcus and John Deere. Macy’s, which recently announced the closings of 66 stores (part of a three-year goal to close 150 retail locations) will be laying off hundreds of employees. Similarly, retail drug store Walgreen’s will be parting ways with employees in California and other states. Rising interest rates, which increase the cost of capital, are blamed by some experts. The ever-present drive towards profitability and shareholder value is leading even highly-profitable companies, like London-based BP, to announce layoffs. (Notice that the company’s plans to layoff nearly 5,000 employees may not make the American list, as the reporting requirements of the U.K. are different). In a related story, what one person says is “high profit” may not mean the same thing to shareholders. Or executive leaders.
Michael Ryan, a financial advisor, says that AI is a big driver in the announcements. “Corporate profits are still pretty healthy!” he tells Newsweek. “It’s not like these companies are struggling to stay afloat. They’re making these cuts while their bottom lines look good. I think what we’re seeing isn’t just a normal economic hiccup. It feels more like companies are using this moment to fundamentally reshape how they operate. They’re thinking, ‘Well, if we can replace these positions with automation, why wouldn’t we?'”
Looking to the Future as Layoffs Loom Large
Experts are predicting weaker employment reports, in light of these announcements. Ongoing shifts in the technology sector, plus the shrinkage around white-collar jobs, point to a restructuring of the U.S. economy – with major potential impact for workers across multiple sectors of the economy. As the Trump administration moves forward with reductions in the federal workforce, the number of Americans on the unemployment line is going to increase. Anticipate reductions in consumer spending, as people pull back amidst these restructurings.
If you or someone you know is part of a restructuring, layoff or reduction in force, here are some ideas to consider:
- Relationships Over Résumés: before you let ChatGPT work over your CV, consider what matters more than listing your education, accomplishments and skills. When everyone is submitting their résumé online (and those numbers are only going to increase if current trends continue), it’s wise to do what others don’t. Or won’t. Or can’t. The one thing that ChatGPT can’t replace or rewrite is: your relationships. In the coming days, relationships are going to matter more than résumés, as the hidden job market is the one that will matter most. As much as 70% of jobs never make it to online job boards or public listings. In the age of AI, capitalize on your connections. For your career, leverage who you know as well as what you know.
- Don’t Go It Alone: the increase in layoffs makes finding a job more difficult. What could make things easier? Having someone in your corner who is focused on your success – a professional coach that can help you to deal with the mental game of job transitions. A career coach can make a real difference – at least, that’s been my experience. When I hired a coach to help me with my writing, I ended up signing a two-book deal with Wiley, and our work led me to unexpected results as a ghostwriter (penning a best-seller for a technology executive, one of eight books written since the pandemic). While ChatGPT can offer guidance on everything from résumé rewrites to interview questions, a human coach can offer insights into what’s really needed during a career transition: namely, insights into your own personal operating system. Instead of offering career prescriptions, a good coach helps you to access career expansion – seeing possibilities and perhaps transferrable skills that, without the right prompt, an AI might miss.
- Embracing Change? Start Here: In your career, have you focused on what you really want, or on what you think you can get? If you find yourself at a career crossroads, as difficult as it may seem, inside every challenge is an opportunity. An opportunity to explore what you really want to do. Maybe that’s more of the same, but if your industry is contracting, it might be time to consider the puts and takes of career change. Is entrepreneurship an option? Could you take a gig instead of taking a job? Inside of these market changes, opportunities exist. The real change begins when you see beyond the past and are able to explore the future. Easier said than done, it’s true – but that’s where a professional coach can provide guidance, counsel – and space for new ideas.
Inside these layoff announcements is a message to the entire workforce: change isn’t coming. It’s already here. While the debate rages over the choices and after-effects of new government initiatives, the focus of this post (and this entire platform) is on your personal success. Staying informed about trends is useful, in any economy. But in the face of layoffs, staying informed about your options is priceless.