Layoffs Decline in 2003

John Wolz

Did the number of employees in your company change during 2003?
Just over a quarter of FIN Survey participants reported employee layoffs during 2003, down from the 40% of fastener companies that laid off employees in 2002.
About 20% of companies added staff in 2003, while 48.8% reported employment remained stable during the year.
A year ago 22% of companies anticipated increases in employment, with 35.5% expecting no change and just under 10% planning to reduce their workforce.

In 2004, 29.1% of fastener companies plan to hire more employees, and less than 4% say they will eliminate jobs. A 62.2% majority predicts staffing levels will remain stable in the coming year.
Nearly 27% of manufacturers reported job reductions in 2003, while 24.4% added jobs and 41.5% of fastener makers left their workforce unchanged. Distributors reported similar figures for 2003, with 28.9% reducing the number of employees, 51.8% leaving their workforce unchanged and 19.3% adding more jobs.
In the coming year almost 32% of manufacturers plan to add jobs, while a 58.5% majority intend to maintain current staffing levels, presenting a stable job outlook over the next 12 months. Only 2.4% of manufacturers intend to lay off employees. For distributors, 27.7% predict job growth in 2004, 63.9% anticipate no staff changes, and 4.8% forecast layoffs. \ �2004 FastenerNews.com