Last updated on July 8th, 2023 at 10:26 am
Adjustments are still being made by leaders. The CEO, who took over in 2021, wrote in a letter to staff members, “Those decisions will be shared with impacted workers and organizations early in 2023.”
Jassy noted that the organization was currently deciding what should change in each of its businesses as part of an annual operating plan review.
How many additional roles will be impacted by the shift is still up in the air for Amazon.
The online retailer laid off some employees in the devices sector on Wednesday. A person who knows about the situation says that the company still plans to get rid of 10,000 jobs, including those in retail and human resources.
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Layoffs to Continue
The big-tech corporations have implemented a number of extreme measures ever since the global economy began to tank in the second quarter of this year, including diversifying the supply chain, pausing digital transformation, hiring freezes, and significant layoffs.
Globally, 71% of CEOs believe that a recession will reduce firm earnings by up to 10% in the next 12 months. So, if things keep going the way they are, there will have to be a lot of layoffs in the corporate sector in 2023.
Read: Amazon’s Wild Layoffs Just Started
Cutting Costs
HCL Technologies: After laying off 350 people around the world who worked on Microsoft’s news-related products, it is very likely that HCL will lay off more people in 2023.
Snap: In order to save expenses, it laid off more than 1,280 people, or more than 20% of its staff. According to a report by Engadget, it had laid off roughly 1,300 of its 6,400 workers.
Better.com: After beginning to reduce its employment in 2021 by letting go of 900 workers, it let go of another 1,200 to 1,500 workers and, in the next several months, 3,100 more who were employed in India and the US. TechCrunch says that it is likely to get rid of 250 or more jobs in the coming months.
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Changing Strategies
One of the main big-tech businesses, Meta, has seen its CEO’s net worth drop to almost half as a result of the economic slump. In a recent restructuring, Meta let go of 11,000 employees, or around 13% of the workforce. Mark Zuckerberg also hinted in a statement that he would stop hiring and cut spending on things he didn’t have to.
Apple: The tech titan hasn’t announced any firing intentions as of yet, but it appears that it has joined the trend of cost-cutting measures brought on by the economic slump. Tim Cook, the CEO of Apple, said that the company will put a freeze on hiring that could last until the end of 2023 and that staff cuts won’t be considered for a while.
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Twitter Saga
Musk controls Twitter. His words make it very clear that there will be more mass layoffs until 2023, even though Twitter has already lost a large number of employees.
The List Continues
Shopify:
In the month of June, Shopify let go of 10% of its workforce. Its CEO was very forthright in saying that the company had miscalculated the post-cold war trends turning to over employment.
He claimed that he increased hiring in anticipation of a corresponding rise in sales. He said that he had to fire workers because the market had changed.
It might fire more workers in 2023 if the economy continues to deteriorate.
Warning Signs an Employee Is leaving
Microsoft:
According to an Axios story, it laid off 1,800 workers in July, 200 in August, and a staggering 1,000 more recently as part of the restructuring.
Contract workers and members of the Modern Life Experiences (MLX) group, which was formed in 2018 to get back lost customers, are among the people who were fired.
According to the trend, even though the number of fired employees represents a very small percentage, there is a slight probability that it will buckle under pressure from the economy.
Madness of Growth at All Costs; Founders and Media
Netflix
made another 150 job cuts after reducing its personnel by 300 in June, ostensibly to make modifications in line with revenue costs. It lost almost 20,000 customers in February 2022, and it anticipates future viewership base declines.
Read: Tech Layoffs 2022 + Updates in Mortgage, Finance and more
