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Fintech company Block announced Thursday it was laying off about half its workforce, adding more than 4,000 workers to the unemployment ranks overnight.
When a significant share of a company’s workers face a sudden job loss, that can trigger a number of unique financial and career challenges, experts say.
With mass layoffs, “you really are in a very ‘Hunger Games’-like competition against a lot of people to get the very few jobs that are available,” said career coach Tessa White, founder of The Job Doctor.
Data suggest the number of layoffs is on the rise: Layoff announcements among U.S. employers in January were the highest to start a year since 2009, according to outplacement firm Challenger, Gray & Christmas.
