• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

3

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

3

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
LifestyleLabor

The labor market is still hot but a new study hints the future could look a lot different

By
Matthew Boyle
Matthew Boyle
and
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Matthew Boyle
Matthew Boyle
and
Bloomberg
Bloomberg
Down Arrow Button Icon
November 2, 2022, 2:26 PM ET
A business woman holding her head in her hands.
A stressed out business woman. martin-dm—Getty Images
Add Fortune on Google for similar content.

Most businesses are slashing their workforces in one way or another, a survey from PricewaterhouseCoopers found, even as demand for labor remains relentless and openings increase.

More than eight of 10 chief human resources officers said they’re cutting jobs, freezing hiring or employing other tactics to reduce staff to a great extent, according to the auditing and consulting firm, which surveyed 657 executives, including almost 100 in senior HR roles. Companies are also resorting to voluntary retirements, performance-based cuts and attrition—not replacing people who leave. The survey didn’t explain what constitutes a “great extent.” And nearly half of the respondents said they’re still hiring in specific areas. 

The workforce cuts in PwC’s survey present a jarring counterpoint to the robust job market reflected in Tuesday’s Labor Department report, which showed US job openings rebounding in September, and October payrolls that rose more than forecast in an ADP report out Wednesday. The PwC survey was conducted in August, after a summer that saw layoffs at firms including Shopify Inc., Oracle Corp. and Wayfair Inc., while big employers like Amazon.com Inc., Microsoft Corp. and Apple Inc. slowed hiring. The back-and-forth of the hiring scene, plus increased demands from bosses to return to the office more often, has created uncertainty among workers who are reassessing their career paths as recession fears mount.

“It’s a very fast-changing, volatile market right now,” Julia Lamm, PwC’s global workforce strategy leader, said on a conference call. “The job market was hotter than economists had predicted, so companies are doing their best to predict growth and shore up for the longer term. There’s a lot of push-pull between employers and employees, and as the threat of an economic downturn looms, we’re seeing interesting shifts in workforce data.”

Nowhere is that push and pull more apparent than in organizations’ efforts to get workers back to the office. More than two-thirds of executives in the survey said they were concerned that their so-called RTOs were happening slower than expected, and a possible reason is that their tactics to get workers back leave much to be desired.

Just about all the executives said they were doing in-office coaching and mentoring, or changing up workspaces to improve productivity, but only about half of them said those strategies were effective. Office occupancy across 10 major US cities has remained stuck at just under 50% for several weeks now, despite increased efforts to get workers back since Labor Day, according to security firm Kastle Systems.   

If job cuts mount, workers might feel the need to be in the office more often, if only to show their faces to managers who sometimes equate proximity with productivity. Job cuts at US employers rose 46% to nearly 30,000 in September, according to outplacement firm Challenger, Gray & Christmas Inc.

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.
About the Authors
By Matthew Boyle
See full bioRight Arrow Button Icon
By Bloomberg
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Lifestyle

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Lifestyle

kean
PoliticsCongress
Tom Kean discloses depression diagnosis behind 4-month absence from Congress: ‘until you experience it yourself, it is difficult to fully understand’
By Mike Catalini, Joey Cappelletti and The Associated PressJune 30, 2026
16 hours ago
A woman types into a kiosk at an airport.
Travel & LeisureAviation
‘You can expect prices to be high and stay high’: Domestic airfare is skyrocketing faster than international flight costs, despite using less jet fuel
By Sasha RogelbergJune 30, 2026
17 hours ago
powell
InvestingSports
Premier League Lacrosse adds Rob Mac, Glen Powell to investors group in historic $100 million funding round
By The Associated PressJune 30, 2026
20 hours ago
swiss
EuropeHeat
It’s so hot in Switzerland that yodelers are standing in fountains
By Jez Fielder and The Associated PressJune 30, 2026
20 hours ago
‘Cop on your wrist’: Wearables offer tons of data, but people are still going to sleep to Netflix and TikTok
HealthBrainstorm Tech
‘Cop on your wrist’: Wearables offer tons of data, but people are still going to sleep to Netflix and TikTok
By Amanda GerutJune 29, 2026
2 days ago
Dave Portnoy
SuccessCareers
Dave Portnoy quit an $80K sales job to start Barstool—he hand-delivered papers in a secondhand van while living with his girlfriend’s mom for 6 years
By Preston ForeJune 29, 2026
2 days ago

Most Popular

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
6 days ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
4 days ago
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Success
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
By Sydney LakeJune 29, 2026
2 days ago
'Humanity has chosen to become idiots': This Brown professor switched to take-home exams after a mass shooting and discovered mass cheating
AI
'Humanity has chosen to become idiots': This Brown professor switched to take-home exams after a mass shooting and discovered mass cheating
By Catherina GioinoJune 29, 2026
1 day ago
The U.S. Army is opening military bases to private billions — here's why that changes everything for the next 250 years
Commentary
The U.S. Army is opening military bases to private billions — here's why that changes everything for the next 250 years
By Marc AndersenJune 30, 2026
21 hours ago
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
Environment
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
By Catherina GioinoJune 28, 2026
3 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.