Meta CEO Mark Zuckerberg anointed 2023 the “year of efficiency” on an earnings call earlier this month. He’s not the only one. All too often, talk of corporate efficiency foretells the possibility of mass layoffs—or is a direct aftereffect of job cuts.
Although layoffs are touted as cost-saving measures, they often incur sizable short-term expenses because companies must pay for hundreds, sometimes thousands, of severance packages at once. “Layoffs are expensive from day one. And before they save an employer money, they cost a bundle,” writes Fortune’s Geoff Colvin.
