(FOX BUSINESS) – The number of companies implementing layoffs is growing with most citing challenging economic conditions and recession fears as the driver. Even with high borrowing rates and persistent inflation, Stanford Graduate School of Business professor Jeffrey Pfeffer noted that companies tend to copy each other "in almost mindless imitation."
"It is a process called social influence—people, including managers look to what others are doing (and saying) in a process of social contagion," Pfeffer said, adding that this can even occur with layoffs.
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Dr. Yalda Safai, a psychiatrist based out of New York City, told FOX Business that panic, hysteria and anxiety are contagious. With recession fears growing, "a lot of the companies, out of panic, started to lay off people," Safai said.
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