Florida to Face Concerning Layoffs in 2023

Photo byPhoto by TheeErin

Floridians must prepare for the changes in the job market in 2023.

According to the latest polling of more than 500 C-level and senior executives from digital consulting firm West Monroe, about 21% of Florida executives are in the process of or have already planned layoffs for the upcoming year.

Many Florida executives are exploring possibilities of staff reductions for 2023, with another 26% of executives also considering layoffs, according to the West Monroe study.

Only 53% of polled executives said layoffs would not be considered in the upcoming six months.

Meta (formerly known as Facebook) stated it would lay off 13% of its workers. Other well-known businesses like Twitter and Shopify also announced layoffs.

Job cuts will particularly affect the tech sector. In Florida, most respondents who indicated that layoffs are being considered are in the financial, technological, software, insurance, and real estate sectors.

Inflation and prices were cited by 58% of respondents from Florida as the top concerns they would face in the upcoming year, with the economy and labor and employee issues coming in second and third, respectively.

The silver lining

Ron Whittington, the spokesperson for CareerSource Northeast Florida, said any fluctuations in the figures in employment are expected to average out to steady growth over the next few years.

“We’re seeing growth in all categories,” he said. “Over time, we see a drop here and there, but our region is in a great situation because we’re so diversified.”

Although there are obvious signs that the economy may be weakening, the labor market remains strong, particularly in Florida.

“We're still receiving some 2,000 to 3,000 job requests from our partner employers each month,” Whittington said.

This means the labor market is still suitable for workers, even if it weakens slightly.

What do you think about the upcoming layoffs in Florida?

Leave your comment below and share this story on social media.