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

Trendingnow

1

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

2

Analysts expected oil to surge above $200 but China has quietly kept prices half of that—and can’t for much longer

3

Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there

1

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

2

Analysts expected oil to surge above $200 but China has quietly kept prices half of that—and can’t for much longer

3

Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
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

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

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

The curse of Trump watching sports in person: the home team seems to always lose
Arts & EntertainmentDonald Trump
The curse of Trump watching sports in person: the home team seems to always lose
By The Associated Press and Will WeissertJune 10, 2026
7 hours ago
Meryl Streep says she was ‘ready to retire’ when the call for ‘Devil Wears Prada’ came—so she demanded they double her salary or nothing
SuccessThe Promotion Playbook
Meryl Streep says she was ‘ready to retire’ when the call for ‘Devil Wears Prada’ came—so she demanded they double her salary or nothing
By Orianna Rosa RoyleJune 10, 2026
13 hours ago
knicks
SuccessNew York
‘Knicks in 6. 2026 NBA Finals’: Why did this New Yorker make a prophecy in his 2020 high school yearbook?
By Philip Marcelo and The Associated PressJune 10, 2026
14 hours ago
Jamie Laing thinks tomorrow’s Fortune 500 will be built by creators. He might be right 
C-Suitecreator economy
Jamie Laing thinks tomorrow’s Fortune 500 will be built by creators. He might be right 
By Sam BirchallJune 10, 2026
16 hours ago
AI isn’t replacing Hyatt’s salespeople—it’s freeing up a full day of work every week, according to the CEO
AIBrainstorm Tech
AI isn’t replacing Hyatt’s salespeople—it’s freeing up a full day of work every week, according to the CEO
By Sharon GoldmanJune 9, 2026
1 day ago
Trump’s 80th birthday present is a UFC cage on the South Lawn of the White House
North AmericaDonald Trump
Trump’s 80th birthday present is a UFC cage on the South Lawn of the White House
By Will Weissert and The Associated PressJune 9, 2026
1 day ago

Most Popular

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
Asia
Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
By Kate O'Keeffe and BloombergJune 8, 2026
2 days ago
Analysts expected oil to surge above $200 but China has quietly kept prices half of that—and can’t for much longer
Energy
Analysts expected oil to surge above $200 but China has quietly kept prices half of that—and can’t for much longer
By Sasha RogelbergJune 10, 2026
9 hours ago
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
Success
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
By Preston ForeJune 8, 2026
3 days ago
A ‘MAGA Warrior’ Texas ag chief is publicly blasting the USDA over a flesh-eating pest threatening America's beef supply
North America
A ‘MAGA Warrior’ Texas ag chief is publicly blasting the USDA over a flesh-eating pest threatening America's beef supply
By Marco Quiroz-GutierrezJune 10, 2026
18 hours ago
Marc Lore’s robots make 500 burrito bowls an hour. A human can make 45
Innovation
Marc Lore’s robots make 500 burrito bowls an hour. A human can make 45
By Amanda GerutJune 9, 2026
1 day ago
Current price of oil as of June 10, 2026
Personal Finance
Current price of oil as of June 10, 2026
By Joseph HostetlerJune 10, 2026
14 hours 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.