Layoffs, which began at the end of 2023 and are still ongoing, are unlikely to end, demonstrating how the major industries are experiencing a recession and how the industries are taking tough measures to address the situation.
Layoffs, which began at the end of 2023 and are still ongoing, are unlikely to end, demonstrating how the major industries are experiencing a recession and how the industries are taking tough measures to address the situation, but there are also some industries that have shown no effect from this trend and have limited layoffs.
Since November 2023, a number of IT companies have been terminating employees, and as of March 2024, the trend is still in place. In the first few weeks of 2024, Alphabet laid off thousands of workers across a number of platforms, and Google has advised staff members about more layoffs. Several tech companies, including Apple, Amazon, Meta, Dell, Ericsson, Cisco, and SAP, have been cutting staff for a few months now. Dell attributed its workforce reduction to a broader cost-cutting measure, while Amazon and Meta have laid off employees, citing staff redundancy. Unfortunately, this news is not new, and the technology industry has been on a firing spree for some time now.
However, let us look at the industries that have limited layoffs and will remain recession-proof in 2024.
Each company's ability to survive and expand is dependent on a number of variables, such as cost-cutting, layoffs, and restructuring; nonetheless, certain industries have stronger job safety nets than others.
Social services and healthcare: are vital, and medical personnel—such as physicians, nurses, and other staff members—are always needed to give medical care. Regardless of the status of the economy, hospitals, government facilities, and agencies still need pharmaceutical companies. The government often increases healthcare spending in an effort to stimulate the economy.
Retail trade and food and accommodation: are other industries that have a higher job safety net. Customers' demand for essential items like groceries and merchandise does not fall during economic downturns. In the Indian retail market, the demand for essential items is expected to reach $1.1 trillion by 2027 and $2 trillion by 2032. Similarly, the hotel industry's direct contribution to GDP was $40 billion in 2022 in India and is expected to reach $68 billion by 2027. It is expected that the hotel industry will touch $1 trillion by 2047.
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 "Amid tech layoffs, which industries are recession-proof in 2024?")
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