The constant job layoffs have been a concern, especially in the IT sector. In the last week, many people were laid off, in companies like Tata Consultancy(6333,) Infosys(7250,) and HCL(2299). As per reports in the next six months, many more jobs will be cut off & new graduates will face employment difficulties. Considering the situation of huge companies, start-ups are going to work hard to thrive, with no media attention.
To cut the cost of the National Geographic magazine, the company removed the last batch of 19 staff writers, including the magazine editor and senior writer. The publication has seen a slew of editorial changes brought about by several ownership changes since 2015 including the removal of six top editors in September. Now, the magazine will employ freelance writers to piece together its issues to work with the remaining editors.
Amazon continues to layoff more employees in various verticals of India. This fresh round of downsizing is part of the broader layoffs announced by CEO Andy Jassy in March, affecting approximately 9,000 employees. The process is ongoing, people familiar of the matter said, adding that the employees are being laid off from Web Services, Human Resources and Support department. This another wave of layoff which Amazon employees are witnessing.… read-more
In another major layoff, Disney fired approximately 7,000 employees, on February 8. Disney CEO Bob Iger announced the mass layoff to cut costs, confirmed sources. The move was "necessary to address the challenges we're facing today," said Bob. Its current forecasts indicate Disney+ will hit profitability by the end of fiscal 2024. Moreover, Disney's direct-to-consumer division, which includes its streaming services, saw a 13% increase in… read-more
Courtesy: The Free Press Journal
After Amazon, Microsoft and Google, the Dutch online market OLX also announced to laying off 15% staff. On January 31, a company spokesperson said, "OLX is reducing its global workforce by 15% which affects staff across all countries, business units and job functions. We are taking necessary measures to reduce cost structure in light of changing macroeconomic conditions." The layoff will impact approximately 15,000 staff at OLX.
Courtesy: Hindustan Times
Netflix is increasingly losing paid members, which is one of the key reasons why the company's revenue growth has slowed over time. Netflix has acknowledged that it has executed the second phase of layoffs, dismissing around 300 employees. Due to weak profits and slow revenue growth, Netflix previously fired over 150 people. Netflix's choice to terminate employees is motivated by company objectives rather than individual performance.
Courtesy: India Today
Elon Musk said on June 21 that Tesla will decrease 10% of its salaried personnel over the following three months as the business navigates global macroeconomic circumstances. This would result in a 3.5% reduction in Tesla's overall personnel. Tesla employs over 100,000 employees throughout its locations, and the headcount increased by more than 40% last year. It began another round of layoffs last week, this time encompassing hourly staff. … read-more
Courtesy: Zee News
Vistara's Chief Executive Officer, Leslie Thng, said that there will be no 'lay offs' but the 'salary cuts' will be reviewed. "With the intent of protecting all jobs at Vistara, we have had to make the difficult decision of reducing some staff costs by salary cuts," he further added. The CEO stated that salary review for Vistara's 4000 employees will take place in January 2021.
Courtesy: Deccan Herald
IT major Accenture is looking to reduce 5% of its global workforce, implying that around 10,000 jobs can be axed from India. As reported by Australian Financial Review (AFR) on August 25, Accenture CEO Julie Sweet stated that 5% of the employees are transitioned out every year, and new people are hired to replace them. However, this year the company is not planning to hire any more, she hinted.
Courtesy: Times Of India