Many Professionals Fear Being Laid Off Due To Coronavirus Slow Down

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Many Professionals Fear Being Laid Off Due To Coronavirus Slow Down
<a href="https://pixabay.com/users/MichaelGaida/">MichaelGaida</a> / Pixabay

The number of Americans filing for state unemployment benefits jumped by 70,000 this week as businesses started to lay off workers. The conversations have shifted from working from home to being worried about being laid off. The Labor Department reported a 30% increase in unemployment claims last week, one of the largest on record. Blind, an anonymous professional network, with 3.2M verified users, took to the platform and asked our users three questions:

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Q4 2019 hedge fund letters, conferences and more

Professional Workers Fear Of Being Laid Off

  1. Do you fear being laid off? (Yes/No)
  2. Have you started looking for new ways to supplement your income? (Yes/No)
  3. How many months will it take until you foresee life going “back to normal”?

(Less than a month/1-3 months/4-6 months/6-12 months/more than a year)

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Key Findings as of 3/19- 3/20 (~3K Responses): 

  • 57.1% of surveyed professionals fear being laid off
    • 87.5% of Expedia professionals
    • 37.5% of Facebook professionals
    • 46.3% of Amazon professionals
    • 45.2% of Apple professionals
  • 24.9% of surveyed professionals have looked for new ways to supplement their income
    • 52.9% of eBay professionals
    • 19.9% of Amazon professionals
    • 20.4% of Google professionals
    • 37.4% of Apple professionals
  • 40.2% of surveyed professionals believe it will take 6-12 months for life to go “back to normal”
      • 3% think it will take 1-3 months
      • 13.8% believe it will take more than a year

A Relief Package Is On The Horizon

The good news is that there may be some relief on the horizon. Senators introduced a package that would provide hundreds of billions of dollars in business loans, significant corporate tax cuts, and checks of as much as $1,200 for taxpayers.

Additionally, other companies are stepping up to the plate. Capital One is “extending PTO for all employees to take care of their families.” During this time of crisis, Salesforce is urging employees to take care of their health and family first, and saying that they understand if people cannot be as productive. Additionally, they are offering a $250 reimbursement to set up a home office. People on the platform also mention that Facebook biannual bonuses will be paid as though all employees received “Exceeds Expectations” on their rating. Although times are dark and uncertain, it is these actions that remind us that we are in this, together. To survive a pandemic, we must take care of our teams and emerge together.

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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