Dive Insight:

The tech and finance industries, in particular, have seen a series of layoffs attributed to the current economy, though they are certainly not alone. Whole Foods, for example, recently laid off hundreds of corporate support employees, aligning with BambooHR’s report stating that such jobs are most at risk.

HR folks are notably stressed about retention in such an environment, other surveys have shown. More than half of leaders surveyed by isolved earlier this year said they reduced their workforce in 2022 or plan to in 2023 — meaning retention of those who remain will be key for the rest of 2023. Learning and development has emerged as a key way to both keep people engaged and future-proof a potentially layoff-rattled organization. Solid communication around benefits and resources can also help.

“Layoffs are continuing but that doesn’t mean HR professionals get to sit back and cherry pick talent,” Anita Grantham, head of HR at BambooHR, said in a statement. “HR transparency is more important than ever. Employees in the market today want clarity about what their worth is to their employer and what kind of company they are committing to.”

Read the full report here