In the corporate sector, mass layoffs are a terrible but frequent occurrence that often leaves employees unsure of how they’ll be affected and what to do in the event that they receive a pink slip. The US employment market is now healthy, with low unemployment rates and rapid job creation, but as many firms struggle to adjust to the changing economy, this might all change soon.
With all of this in mind, mass layoffs have already started this year at several US corporations.
Alphabet’s main firm, Google, said Friday that it will be letting 12,000 employees go.
Google’s CEO, Sundar Pichai, said in an email to the business’s workforce that the company will start making layoffs in the United States right away. According to him, the procedure in other nations “will take longer owing to local laws and procedures.” In November, CNBC reported that Google staff members had been anticipating layoffs due to company-wide budget cuts and modifications to the company’s performance evaluation process.
As the software company prepares for slower sales growth, Microsoft is laying off 10,000 employees through March 31. Additionally, the business is incurring a $1.2 billion charge.
In a statement to staffers that was published on the business website on Wednesday, CEO Satya Nadella declared, “I’m optimistic that Microsoft will emerge from this stronger and more competitive.” He said that some workers would learn this week whether they will keep their jobs or not.
On January 13, Crypto.com revealed that it will be laying off 20% of its staff. According to statistics from PitchBook, the business had 2,450 workers, indicating that 490 people may have been let go. The cryptocurrency exchange developed “ambitiously,” according to CEO Kris Marszalek, but was unable to withstand Sam Bankman Fried’s empire FTX’s demise without further layoffs.
More than 18,000 people will be laid off, mostly in the human resources and retail departments, according to Amazon CEO Andy Jassy, who made the announcement earlier this month. It followed Amazon’s announcement in November that it was considering workforce reductions, particularly in its device and recruitment divisions. At the time, CNBC claimed that the corporation intended to fire around 10,000 workers.
During the Covid-19 outbreak, Amazon hired a lot of people. By the end of 2021, the company’s worldwide employment has increased from 798,000 in the fourth quarter of 2019 to over 1.6 million.
Elon Musk, the new owner of Twitter, let go of about 3,700 workers shortly after finalising his $44 billion acquisition of the company in late October, according to internal messages seen by CNBC. That is around half the workforce. Since Musk revised several restrictions about working from home and stated that he expects all workers to adhere to a “hardcore” work environment, a substantial number of staff have left the company.
Musk said in a tweet on November 4 that the firm was losing $4 million per day and that there was “no choice” but to fire workers.
Lyft said in November that it will be eliminating 700 positions, or 13% of its workforce. CEO Logan Green and President John Zimmer warned of an impending recession and soaring ride-share insurance costs in a letter to staff.
There have been two rounds of layoffs at Netflix. The streaming service cut 150 positions in May after reporting its first ten-year customer decline. It announced 300 further layoffs in late June. Netflix stated in a message to staff that while they still make large investments in the company, they have had to make these changes since their costs are rising at a slower rate than their revenue growth.
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