Tech Layoffs Coming Tidal Wave - The Tracker

[SlugSlinger]

Meta to cut 10,000 jobs in second round of layoffs​

March 14 (Reuters) - Facebook-parent Meta Platforms (META.O) said on Tuesday it would cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn.

Meta shares jumped 6% on the news. The widely-anticipated job cuts are part of a restructuring that will see the company scrap hiring plans for 5,000 openings, kill off lower-priority projects and "flatten" layers of middle management.

They followed the company's first mass layoff in the fall, which eliminated more than 11,000 jobs, or 13% of its workforce at the time, after a hiring spree that doubled the employee count it had as of 2020.

 

[SlugSlinger]

Amazon to cut another 9,000 jobs in new round of layoffs​

​

Amazon is to cut 9,000 jobs across its global business, as the second big cull of staff at the online retailer this year.

The company said the cuts would fall mostly in its cloud services, advertising and Twitch livestreaming units. They come more than two months after Amazon announced it had expanded staff-cutting plans to affect more than 18,000 workers. In January it also revealed separate plans to shut three UK warehouses and seven delivery stations, affecting more than 1,200 further jobs.



Amazon’s chief executive, Andy Jassy, said in a letter to workers that the company had added a substantial amount of staff in the past few years, but the uncertain economy has forced it to choose cost and headcount cuts. Amazon employs more than 1.5 million people worldwide.

The company has been systematically cutting back on expenses across the business, announcing earlier this month that it was pausing the construction on part of its second headquarters in Alexandria, Virginia. Amazon has also been slowing down the global expansion of its network of distribution centers, warehouses and other facilities since at least 2022, in some cases scrapping planned projects entirely.

The second round of deep cuts follows a similar move by Meta, the parent company of Facebook, WhatsApp and Instagram. Last week it announced plans to cut a further 10,000 jobs this year and also instituted a hiring freeze, having already announced 11,000 job cuts in November last year.

Twitter has also announced multiple rounds of redundancies since Elon Musk’s $44bn (£36bn) takeover last autumn, amid a sharp drop-off in the advertising bookings that represent the majority of its revenue. Other tech firms that have announced significant layoffs include Microsoft, Google owner Alphabet and business software company Salesforce.

Tech firms laid off more than 150,000 workers globally last year, according to the website Layoffs.fyi, with a further 139,000 layoffs already announced in 2023, including Amazon’s latest announcement. Tech firms have been cutting jobs due to uncertain economic conditions in big markets such as the US, as well as adjusting their cost bases after expanding too much during the coronavirus pandemic.

In his letter to workers on Monday, Jassy said: “As we’ve just concluded the second phase of our operating plan this past week, I’m writing to share that we intend to eliminate about 9,000 more positions in the next few weeks – mostly in AWS, PXT, advertising and Twitch.

“This was a difficult decision, but one that we think is best for the company long term. To those ultimately impacted by these reductions, I want to thank you for the work you have done on behalf of customers and the company.

 

[SlugSlinger]

Job listing platform Indeed lays off 2,200 employees​

Amanda Silberling1:21 PM CDT•March 22, 2023
At a company that helps people find jobs, 2,200 employees will now have to embark on a job search of their own. Indeed laid off 15% of employees today, CEO Chris Hyams announced in an all-hands meeting.

In a blog post, Hyams elaborated on the decision by explaining that the job market is expected to continue to cool down. Indeed makes its money by allowing companies to sponsor job listings, which shows the listing to more job seekers. But Hyams said that as of last quarter, sponsored job volumes were down 33% year over year, and total job openings were down 3.5%.

“With future job openings at or below pre-pandemic levels, our organization is simply too big for what lies ahead,” Hyams wrote. “We have held out longer than many other companies, but the revenue trends are undeniable. So I have decided to act now.”

The CEO will take a 25% cut in base pay himself.

Employees were emailed about their job status within an hour of the announcement — the subject lines of these emails either read “Your Position Has Been Impacted” or “Your Position Has Not Been Impacted.” Employees in the U.K., Ireland, the Netherlands and Japan may still be in limbo, due to local regulations.

Indeed is offering at least 16 weeks of base salary pay, compensation for accrued PTO, a cash payout for RSUs that haven’t vested and access to career placement and mental health services. U.S. employees are eligible for four months of health insurance via COBRA. They can also keep their work laptop, which will be immediately disconnected from Indeed business systems; but Slack, email and Workday access won’t be immediately impacted, so people can say bye to colleagues and remove personal materials from their laptops, which will be reset remotely.

Hyams wrote that these cuts are impacting nearly every team, at every function, level and region. The company consulted HR, legal and DEIB+ teams to ensure that the layoffs did not disproportionately impact underrepresented minorities in the U.S.

 

[SlugSlinger]

Major Disney Layoffs Are Coming. It's Being Described As 'A Bloodbath'​

The Walt Disney Company is planning a huge layoff, about 7,000 jobs, and the cuts are likely to begin soon.

 

[Judi]

....learn to code.

 

[OKRuss]

....learn to code.

and learn Hindu because you'll not be living in the U.S.

 

[WoodsCraft]

....learn to code.

The H1B and AI authored code are getting ready to put a lot of people out of work ...

 

[Choprzrul]

IMHO, if you are going to work in IT, work for either a government entity or a utility company.....those 2 always seem to have money to pay wages.....

.

 

[SlugSlinger]

Along the lines of Amazon ->

​

Exclusive-Walmart laying off hundreds of US workers at five e-commerce fulfillment centers​

Hundreds of workers at five U.S. Walmart facilities that fulfill e-commerce orders are being asked to find jobs within 90 days at other company locations, a spokesperson confirmed to Reuters.

About 200 workers at Pedricktown, New Jersey, and hundreds of others at Fort Worth, Texas; Chino, California; Davenport, Florida; and Bethlehem, Pennsylvania were let go due to a reduction or elimination in evening and weekend shifts, the spokesperson said.

The layoffs at Walmart, a retail bellwether because of its size, could be a harbinger of further turmoil in the U.S. economy, which many economists predict could enter recession this year.

Fears of an upcoming recession have already led retailers to announce 17,456 job cuts so far in 2023, compared with 761 in the same period last year, according to a March report by Challenger, Gray and Christmas.

 

[Letfreedomring]

Seems silly that all the jobs reports say that there is record employment growth yet all these headlines say the opposite. Wonder which one is misinformation?