Massive Wave of Layoffs to Affect Hundreds in Several Fields
The rough economy continues to hurt the U.S. and tens of thousands in New Jersey.
While the year is coming to an end, the large-scale layoffs unfortunately are not.
Are you familiar with WARN, or Worker Adjustment and Retraining Notification Act?
The New Jersey Department of Labor and Workforce Development requires through this act that an employer with more than 100 full-time workers must provide a 60-day notice before laying off 50 or more people at a single site.
Personally, when it comes to a layoff, I don't know if I'd like a heads-up.
Once the decision to eliminate one's position is made, there's really nothing that can be done, so one might as well be surprised.
Although, having some lead time may jump-start the new job search.
All states in the Nation are facing large numbers of layoffs.
In 2023 alone, there have been 11,712 layoffs across 124 businesses in New Jersey that fall under the WARN Act.
That's not a great number, but other states are doing worse.
California is currently number one for the most layoffs in the U.S.
Cali is followed by Colorado, Illinois, Texas, Washington, and New York.
Sadly, the cuts keep coming in New Jersey.
Pfizer filed a WARN act with the New Jersey Department of Labor and Workforce Development advising of upcoming 791 layoffs.
It is still unknown whether all of these cuts have been made, or if more are being made in the next two months.
The pharma giant just recently made word of a $3.5 billion "cost-cutting initiative."
Other New Jersey companies that have announced cuts include:
- PTC Therapeutics Inc. 308 job cuts by 12/27.
- Nestle. 210 job cuts by 11/17.
- Hunterdon Brewing Company LLC. 143 job cuts by 12/01.
- Novartis Pharmaceuticals. 103 job cuts by 11/24.
- Hotel Mahwah dba Sheraton Mahwah. 91 job cuts by 12/15.
Bristol-Myers Squibb filed a WARN that 108 jobs would be lost but cited that they would be completed by November 2, 2023.
Here's hoping 2024 is more stable and prosperous for New Jersey and the country.
The 25 Most Dangerous Cities in New Jersey
Gallery Credit: Matt Ryan