When there is an economic downturn like COVID-19 one of the things most companies do is have a review of their expenses and strategize on how to cut down their expenses. Most often than not this results in cutting down the number of staff for the company.
Most often, self-funded companies might hold off in doing this since many times these are old companies that might have experienced hardship in the past and have planned ahead for the worst-case scenarios. However, companies with external investment in most cases may have their investors bringing up the conversation of layoffs since they have an interest in the company.
The impact of coronavirus is being felt globally, not just in Canada. Many businesses are being forced to close down permanently, or better yet, temporarily. If you’ve been affected by the pandemic, it can be a tough time mentally and emotionally, and that is why we’ve written this post for you.