Despite a rapid economic recovery after the COVID-19 pandemic, companies in almost all sectors have to take steps to reduce their costs and put the brakes on recruitment due to high inflation that has become “sticky” with the effect of the Russia-Ukraine war, increasing interest rates and deteriorating macroeconomic outlook.
According to the Future of Jobs 2023 report published by the World Economic Forum last week, slowing economic growth, supply constraints and inflation pose the biggest risks to the future of employment.
Meanwhile, in addition to European-based firms, big US technology and automobile companies are also trying to reduce the number of staff in Europe after announcing the biggest layoffs in their history.