Daily Management Review

Job Losses Extend Beyond The Technology Sector


Job Losses Extend Beyond The Technology Sector
Many American and Canadian businesses, primarily in the media and technology industries, have started the year with workforce reductions in an effort to control expenses in an unstable economic climate.
Here is a summary of the 2024 layoffs that have been disclosed thus far:
Less than 5% of workers at Buy with Prime, 5% at Audible, the company that sells audiobooks and podcasts, several hundred at streaming and studio operations, 35% at Twitch, and a few hundred at Amazon Pharmacy and One Medical are among the staff that Amazon has laid off.
Alphabet has laid off hundreds of people in its advertising sales team, hundreds in its hardware team (which makes Pixel, Nest, and Fitbit devices), hundreds in its augmented reality team, and several dozen in its section dedicated to exploring new technologies, X Lab.
Activision Blizzard and Xbox, two of Microsoft's gaming operations, are expected to lose 1,900 employees.
IBM intends to increase hiring for roles focused on AI in 2024 while laying off a portion of its workforce.
eBay, an online retailer, intends to eliminate roughly 1,000 positions, or 9% of its present staff.
Unity Software, a producer of videogame software, plans to eliminate 1,800 jobs, or roughly 25% of its staff.
DocuSign intends to lay off 400 workers, or around 6% of its present staff. The bulk of the layoffs will occur in the company's sales and marketing departments.
Snap intends to eliminate 528 positions, or 10% of its staff worldwide.
Approximately 700 individuals, or 1% of its global workforce, are being let go by Salesforce.
The massive network company Cisco intends to reorganise its operations, which will include firing thousands of workers.
Aurora Innovation, a business that develops autonomous car technologies, fires 3% of its staff.
Due to excess manpower after some series' production is finished, Walt Disney's Pixar Animation Studios plans to lay off employees.
This year, Comcast-owned Sky, a British media conglomerate, intends to eliminate roughly 1,000 jobs across its businesses.
Ninety-four journalists who are members of the newspaper union will be let go by the Los Angeles Times.
Layoffs at Paramount Global are planned in an amount that has not been disclosed.
Business Insider intends to reduce its workforce by approximately 8%.
Bell Canada intends to cut 4,800 positions.
Financial Services
This year, PayPal Holdings plans to lay off roughly 2,500 employees, or 9% of its total staff worldwide.
Block Inc., a payments company, has begun to eliminate staff without specific titles as part of its previously announced objectives.
Over the next two years, Citigroup intends to cut 20,000 positions from its workforce.
As it incorporates fintech company Adenza into its operations, exchange operator Nasdaq intends to eliminate hundreds of positions.
BlackRock, the biggest asset manager in the world, plans to reduce roughly 3% of its present workforce by the end of 2024, but it anticipates having a higher headcount by then.
Consumer and Retail
The massive makeup company Estee Lauder intends to reduce its global workforce by 3% to 5%.
Wayfair intends to let go of 1,650 workers, or around 13% of its total staff.
The American department store chain Macy's is closing five locations and laying off 2,350 employees.
Levi Strauss & Co. intends to eliminate between 10% and 15% of corporate positions worldwide.
Less than 5% of Hershey's employees will be impacted by the reorganisation plan that the company is considering.
Novavax is reducing its personnel by roughly 12%.
Lockheed Martin, a manufacturer and defence contractor, intends to eliminate 1% of its workforce.
After a challenging year, United Parcel Service intends to slash $1 billion in expenses by eliminating 12,000 positions.
Natural Resources
As part of a cost-cutting strategy, US miner Piedmont Lithium will lay off 27% of its employees.