I decided to make this into a Megathread since new layoffs and layoff related stories IS going to happen literally everyday for the next few months.
I will try to make this thread a place you can come to see the current status of how these greedy corps put people out of jobs for only two reasons actually:
Make stock price go up cause investors are being assholes atm
Attempt to lower worker wages by "taking back power from them via firing them"
Layoffs are actually more expensive than keeping workers and don't actually do anything. Actual studies and experts have found they actually HURT efficiency and productivity. Yet the privileged rich people at the top....don't care. Infact they ACTIVELY want to implement things that are AGAINST productivity and efficiency like trying to END work from home because.... they love the feeling of talking down and being in control of their workers lives. Literally. This isn't even hyperbole, it has been discussed in articles.
Pinterests new round of layoffs comes weeks after its last cuts
Pinterest is reportedly laying off around 150 people after it already cut jobs in December, according to Bloomberg. Bloombergs report says thats less than five percent of Pinterests workforce, and that they affect several different teams. The company says its making organizational changes to further set us up to deliver against our company priorities and our long-term strategy, according to a statement sent to The Verge by spokesperson Meredith Klein. It did not specify how many employees were being laid off. The people who are losing their jobs will receive separation packages, benefits and other services, according to Klein.
here have been a lot of recent layoffs in tech, with Amazon cutting 18,000 jobs, Google letting go of 12,000 workers, and Meta, Microsoft, and more eliminating thousands of employees. But the fact that Pinterest is reducing its headcount so soon after its last round is concerning.
Some Salesforce employees just found out theyre part of the 10% layoff announced last month
When Salesforce announced it was laying off 10% of its workforce last month, you might have assumed that meant that everyone who was affected was informed at that time. With social media flush with people talking about Salesforce layoffs today, the company says these are part of that original announcement, but some folks are learning about their fate today.
The overall number of approximately 7000 people announced at the beginning of January remains unchanged, according to the company. These are part of the reductions we announced in January, a company spokesperson told TechCrunch.
Some of todays announcements are hitting in Europe with the Irish Independent reporting that 200 of 2100 Irish employees were laid off today, fitting in with that 10% target. CEO Marc Benioff reportedly telegraphed that the sales group could be targeted in a company meeting last month, telling employees that remote workers werent as productive as folks in the office, and that half the sales team accounted for 96% of the revenue, suggesting that the other half accounted for just 4%. It seems likely that department could take a big hit.
Regardless, more people learned they are out of work today, joining the sad parade of tech employees being laid off in recent months. At the time of the announcement, Benioff said that the company had hired too many people during the pandemic.As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn were now facing, and I take responsibility for that, Benioff said.
Salesforce has been under pressure to cut costs from activist investors. Just last week Elliott Management announced it had taken a multi-billion dollar investment in Salesforce. That was after Starboard Value took a significant stake in October. Two other activists, ValueAct and Inclusive Capital are also operating inside the company. Having four activists at the same time is probably contributing to the pressure to increase profitability and reduce spending, which often translates into workers being let go.
On Friday, the company announced it was bringing on three new members to its board of directors, which was likely a nod to the activists, who like to have board representation as part of their strategy. These layoffs are also probably another step in appeasing the demands of the activist investors.
Note: Salesforce has been under pressure to cut costs from activist investors.
Again actual studies show layoffs are damaging, don't accomplish much at all. Yet investors are being idiots demanding them.
US layoff hit two-year high in Jan 2023, experts predict 'more in store'
The employment sector in the United States have seen two contradictory figures in the December 2022 to January 2023 period, wherein the US economy reported an 11 million rise in job opening in December, while on the other hand, layoff in the US also hit a more than two-year high in January 2023.
Big techs in their effort to build a strategic resistance to an assumed impending recession has indulged in rampant and extremely fast-paced layoffs impacting a whopping 102,943 workers in the US job sector, according to a report published by Layoffs.fyi.
The report has further informed that the numbers of layoff have marked as a more than two fold jump from December 2022 and a an almost five year rise than the numbers recorded in 2021. The report was filed by employment firm Challenger, Gray & Christmas Inc.
Companies like Google, Microsoft, Amazon, Goldman Sachs, Meta cut thousands of jobs to strengthen and retain the functioning of their core structure. In their bid to said through the demand downturn, the companies layoff thousands of employees. The massive layoff comes as consumer and corporate spending shrinks due to high inflation and rising interest rates.
Several experts have attributed the drastic measures to the surging demand induced large scale hiring the companies had undertaken during the Covid pandemic lockdown. The report has clarified that the need to correct the pandemic time excess have been most evident in tech companies followed by retailers. The report says tech sector slashed 41,829 jobs last month, the highest across industries.
Retail followed suit by slashing 13,000 positions in January 2023. Financial firm also jumped ship and terminated 10,603 jobs last month, up from 696 roles a year earlier. Interestingly, it should be noted that for 18 straight months, employers have posted at least 10 million openings a level never reached before 2021 in Labor Department data going back to 2000. The number of openings in December meant that there were about two vacancies for every unemployed American.
On Wednesday, AP reported that employers in US hired 6.17 million workers in December, up from 6.03 million in November. US job market has seen a significant turmoil with initial wave of great resignation which cooled down by December 2022.
In January 2022, tech layoffs were marked at 510 as against 84,049 in January 2023. Further tech layoffs in Covid-19 increased from 9628 in the Q1 of 2020 to 84,374 in Q1 of 2023. Apart from that, Retail saw the highest layoffs in 2022, clocking an alarming 20,014 layoffs in 2022 as against 8,002 in 2020. This was followed by consumer sector in US economy that slashed 19,856 jobs in 2022 as against 6,063 in 2020.
According to the report, Google still takes the crown for the highest layoffs, terminating the employment of 12,000 employees from their San Francisco office, followed by Meta (11,000), Microsoft (10,000) and Amazon (10,000).
While these are the numbers for Amazon layoff in 2022, the e-retail platform slashed another 8,000 jobs in 2023.
Meanwhile, Philips also cut jobs in 2022 (4000 employees) and again in 2023 (6,000 employees). Other companies like Salesforce (8,000), Booking.com (4,375) joined the league of companies that laid off employees in huge numbers.
Indian online education platform Byju's also saw shedding of jobs twice in two moths, wherein, in December 2022 it lay off 2500 employees and in February 2023 the company laid off another 1500 employees.
The list prepared by Challenger, Gray & Christmas Inc has listed 2148 companies that laid off employees ahead of a probable recession.
I like how the word "investor" is used when the behavior is more like that of parasites.
An economic meta has emerged where long term sustainability means little to the top investors, it's about maximizing explosive short term growth and then trying to determine the best time to cash out before these decisions have consequences. People criticize crypto (rightfully, for a lot of different things) but the same thought processes behind pump-and-dump, HODL, bag holders, etc. can be clearly seen now across all markets.
This system is holding on by duct tape and string.
I like how the word "investor" is used when the behavior is more like that of parasites.
An economic meta has emerged where long term sustainability means little to the top investors, it's about maximizing explosive short term growth and then trying to determine the best time to cash out before these decisions have consequences. People criticize crypto (rightfully, for a lot of different things) but the same thought processes behind pump-and-dump, HODL, bag holders, etc. can be clearly seen now across all markets.
This system is holding on by duct tape and string.
Its looking more and more that way. Its really sad too. Im hoping some company finally bucks the trend and focuses long term and just makes slightly less but is more consistent overall.
I think another problem is the fiduciary duty to keep making as much money as possible. Its what lead to alot of this short sightedness.
Its looking more and more that way. Its really sad too. Im hoping some company finally bucks the trend and focuses long term and just makes slightly less but is more consistent overall.
I think another problem is the fiduciary duty to keep making as much money as possible. Its what lead to alot of this short sightedness.
There are companies that do. They are private meaning NO stock holders and the owner is nice.