The majority of the top companies in the world are on a layoff spree, especially the IT giants. Tens of thousands of employees have been laid off, even at once by some companies. The employment sector is in shambles currently.
Cost-cutting, subpar performance and financial difficulties are some of the reasons behind the substantial layoffs that occurred amid inflationary pressures and the global economic recession as per report published by jagranjosh.com
In response to weak consumer spending, rising interest rates, and the soaring effects of inflation across the global economic and financial markets, the major IT companies in the world have either frozen their recruitment process or laid off employees.
1-The largest tech layoff of 2022 occurred when Meta, the parent organization of Facebook, Instagram, and WhatsApp, announced on November 9 that it would be letting go of more than 11,000 employees, almost 13% of its workforce.
Also read: E-recruitment activity marginally dips in Nov. : Report
2-The layoffs were first announced by Amazon in mid-November, affecting about 3% of its corporate employees. The company’s device segment, which includes its Alexa products, as well as its retail and human resources businesses, were the main targets of its layoffs. It is the largest employment reduction that Amazon has ever experienced.
3-In one of the most surprising turns of events of the decade, billionaire and Tesla founder Elon Musk acquired the social networking platform Twitter for $40 billion, making it one of the most expensive acquisitions in history. Over 3700 employees were laid off after Musk took over the social networking platform, accounting for over 50% of the platform’s global workforce, including senior executives and the former CEO, Parag Agarwal.
4-One of the biggest automobile manufacturers in the world, Ford, announced in the month of April that 580 of its US employees would be laid off. Later, in August the company began its second layoff, firing over 3,000 employees and contract workers. The corporation wants to adopt new technologies that were not previously vital to its operations, which is reported to be the cause of the layoffs and resource redeployment.
5-Although substantially fewer in layoff numbers as compared to the IT giants, Better.com’s layoffs are probably the most controversial to date. In 2021, the company and its CEO came under intense fire for sacking over 900 employees on a single Zoom call. It sacked roughly 1,000 workers in April after laying off about 2,000 workers in March, and around 250 employees in August, approximating 3250 of its employees this year alone.
6-American tech giant Microsoft became the first tech behemoth to begin laying off employees. It began its layoffs as part of a “realignment” process. Microsoft sacked 1,800 workers in July 2022, and 200 more workers a month later. It made its third round of layoffs in 2022 by sacking almost 1,000 workers in October.
7-One of the biggest Ed-tech companies in the world, BYJU’S fired 2,500 employees, around 5% of its workforce in October. The co-founder and CEO of the company attributed macroeconomic factors and the company’s plans to become more profitable by the end of the current fiscal year as the key reasons behind the layoffs. The company is currently valued at $22 million.
8-The instant delivery service platform Blinkit, formerly called Grofers, sacked over 5% of its workforce, which amounts to approximately 1600 employees. The majority of the layoffs took place in the cities of Hyderabad, Kolkata, and Mumbai. The company has cited cost-saving measures as the key reason behind the layoff.
9-The consumer goods conglomerate Unilever announced its decision to lay off 1,500 employees in January 2022. The decision to make this global in effect follows its inability to acquire GlaxoSmithKline’s consumer health sector.
10-DoorDash Inc., the US-based online food ordering and delivery service is laying off around 1,250 employees, accounting for 6% of its whole staff. The platform’s CEO has stated that the key reason for the layoffs is to control costs in order to deal with a decrease in demand.
11- Cisco Systems Inc. has joined the list of companies that are firing their employees to cut costs. The company has reportedly kicked out nearly 4000 employees as part of the mass lay-off it announced last month.
(Source: Jagranjosh.com)
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