Top 10 Companies With The Biggest Layoffs 2023
By Balogun Kamilu Lekan
Following the current severe economic downturn, businesses all around the world, particularly computer behemoths, have started laying off employees.
The layoffs stand in stark contrast to 2022, which added 4.5 million more jobs than any other year. However, as the year progressed, the number of jobs decreased, with December’s jobs report seeing the smallest monthly gains in two years.
That contrasts with the pandemic’s employment losses when IT companies went on a hiring binge, and consumers’ purchasing patterns shifted toward e-commerce and other internet services.
Below are top companies with massive layoffs
Amazon – 18,000
Amazon stated in early January that it would eliminate 18,000 workers, including those laid off in November last year. Less than 1% of the world’s workforce would be affected, but only approximately 6% of corporate jobs.
Additionally, it is said that the number of layoffs was subject to alter once business plans were completed. The company’s global workforce increased dramatically due to the pandemic success, rising from 798,000 in the fourth quarter of 2019 to 1.6 million by the end of 2021.
Google – 12,000
Google also announced in January that it would be laying off roughly 12,000 workers last week. The cuts represent just over 6% of parent-company Alphabet’s workforce, which numbered 186,000
Meta – 11,000
Meta, the parent company of Facebook and Instagram, recently decreased its staff strength by 13%
Additionally, Meta disclosed that it would reduce discretionary spending and extend its hiring moratorium through Q1 2023, delaying any hiring until after the specified time frame. In a letter to Meta employees, it was stated that the company is also adopting other cost-cutting initiatives in addition to the layoffs.
Microsoft – 10,000
Microsoft announced on January 18 that it would be laying off 10,000, which is about 4.5% of its 220,000-person global workforce.
The global economic stagnation is responsible for the action, as stated by the software company’s chief executive officer, Satya Nadella.
Philips – 6,000
Dutch health technology firm Phillips announced it would lay off about 6,000 of its staff, representing 8% of its global workforce.
The affected staff are rewarded with $326 million (€300 million) in severance and termination-related costs.
IBM – 3,900
On January 25, International Business Machines Corp. (IBM) announced that thousands of its staff would be laid off due to the spinoff and sale of two of its business units.
The 3900 staff laid off represent 1.5% of its total workforce.
Twitter – 3,700
Elon Musk abruptly announced the layoffs of some 3,700 Twitter employees in late October, just days after finalizing his $44 billion acquisition of the social media platform. This amounted to about half of the total number of employees.
Elon Musk declared that Twitter needed to turn things around because it was losing more than $4 million per day as a result of its enormous workforce.
The affected employees are given three months’ worth of severance pay, which is 50% more than what’s necessary by law.
PayPal – 2000
On the 1st of February, PayPal disclosed that it would lay off nearly 2,000 workers, or about seven percent of its workforce. According to PayPal President and CEO Dan Schulman, the layoffs will take place over the coming weeks, with some business divisions being more negatively impacted than others.
Shopify – 1,000
Shopify, a major e-commerce company, let go of about 1,000 employees or about 10% of its global staff. The business admitted that it underestimated how long the pandemic-related e-commerce boom would endure. Shopify said it would eliminate certain positions in response to a general decline in online expenditure.
Coinbase – 1,100
Around 1,100 employees were let go by Coinbase Global as part of a cost-cutting strategy. The business initially claimed that it was scaling back its employment goals before announcing that it would stop making new job offers. Brian Armstrong, the CEO and co-founder of Coinbase, cited an approaching “crypto winter” and an anticipated U.S. recession as the causes of the company’s dramatic budget cuts.
Salesforce – 1000
Enterprise software maker, Salesforce confirmed it laid off hundreds of its employees. Although the company did not disclose the exact figure, reports quoting sources said the company fired around 1,000 employees.
The company said the declining demands in some countries and industries necessitated the staff cut.
The information in this article was curated from online sources. NewsWireNGR or its editorial team cannot independently verify all details.
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