Layoffs are sweeping across North American businesses in 2022, with companies like Peloton, Re/Max, and Netflix among those making cuts. The extent of layoffs is alarming. According to a recent survey by consultant PwC, half of the respondents said they are reducing headcount or plan to, and 52% have implemented hiring freezes. More than four in 10 are rescinding job offers. A similar number are reducing or eliminating the sign-on bonuses that had become common to attract talent in a tight job market. The reason for the layoffs is twofold: business growth is slowing while labor costs are increasing. As a result, American companies are forced to slash headcount. Layoffs have a devastating effect on workers and their families. Not only do they lose their jobs and income, but they also lose their sense of security and stability. They worry about how they will pay their bills and support their families. The good news is that programs are available to help workers affected by layoffs. The most well-known is unemployment insurance, which provides temporary financial assistance while someone is looking for a new

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