economy
Block cuts about half its workforce
Block, Amazon and CrowdStrike have recently announced significant job cuts. Mass layoffs can create unique financial and career challenges for workers.
TL;DR
- Block is laying off more than 4,000 employees, about half of its workforce.
- January layoff announcements were the highest to start a year since 2009.
- Mass layoffs create unique financial and career challenges for workers.
- Experts advise negotiating exit terms, including healthcare continuation and vesting schedules for equity grants.
- Workers can adjust tax deductions and 401k contributions before their last paycheck.
- Companies may offer outplacement services for resume reviews and mock interviews.
- The current labor market has more available workers than openings.
- Job seekers should focus on transferable skills across different sectors.
- AI-driven automation is cited as a factor contributing to industry-wide job cuts.