Although the number of job cuts are down this year, there remain issues in the labor market that could worsen if economic trends do not turn positive soon. These issues include changing demographics in the workforce, as well as the transformation towards digital and automation-dependent jobs. Businesses must thus look to recruit, retain, and if necessary, re-skill and re-deploy their labor force in order to minimize the financial strain of job cuts in the longer term. In addition, companies must focus not only on cost-cutting or static strategies, but also on developing strategies to increase efficiency and boost productivity.
