183 CEOs reveal plans to lay off workers by December
More Kenyan workers will soon be rendered jobless after 183 Chief Executive Officers (CEOs) revealed plans to reduce their workforce
More Kenyan workers will soon be rendered jobless after 183 Chief Executive Officers (CEOs) revealed plans to reduce their workforce.
In a survey conducted by the Central Bank of Kenya among 1,000 CEOs across various sectors of the economy, the layoffs will be done between October and December 2024.
Those planning to undertake the layoffs cited various reasons such as the cost of doing business among others.
Additionally, it was revealed that most businesses were affected during the political disruptions and protests that were witnessed between June and July.
“The cost of doing business – high production and operational cost, political disturbances, and liquidity constraints arising from the high cost of credit and subdued consumer demand resulting from lower disposable income continue to pose a threat to the prospects,” read the report in part.
Meanwhile, 696 CEOs revealed that they will be retaining their current workforce as is.
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Only 121 CEOs out of 1,00O plan to undertake recruitment in their companies in the coming three months.
Those who plan to retain their employees and employ others noted that there would be a better business environment in the coming months.
“A higher proportion of respondents expect business activity to improve in 2024Q4 relative to 2024Q3. More respondents expect higher demand orders and production volume, stability in sales growth and the number of full-time employees.
“Additionally, prices of goods and services (input and output costs) are expected to decline, reflective of price developments in the domestic and global markets,” read the report in part.
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