MJP –
The worldwide economic downturn has not abated, and many businesses across a wide range of sectors have announced massive layoffs or hiring freezes.
Often motivated by a desire to save money and simplify processes, these actions mirror the overall instability and unpredictability of the market.
A list of some of the larger companies that have lately made such moves is shown below.
1. Powerhouses in Technology A Sentiment of Crunch Time
a. Meta (formerly Facebook):
Meta stated in early 2023 that it would be laying off nine thousand people, or around 10% of its workforce. Ad revenue has been falling and competition has been heating up in the social media industry, so the decision was inevitable. Meta has also put a hiring freeze in place across multiple departments to concentrate on its metaverse projects.
b) Google:
In mid-2023, Alphabet, Google’s parent firm, announced the layoff of about 12,000 workers, or about 6% of its worldwide workforce. Tech giant redirected attention to core industries and artificial intelligence development. To control costs, the whole organization was told to stop hiring.
Second! Changes in the Financial Sector
a. Goldman Sachs:
Around 3,200 positions were announced to be terminated in late 2022 by Goldman Sachs as a result of downturns in investment banking and overall profits. Additionally, to readjust its strategy to the evolving market, the bank has announced a hiring freeze for specific departments.
b. JPMorgan Chase:
As a result of falling demand and increasing interest rates, JPMorgan Chase chose to freeze hiring in certain departments, especially those dealing with mortgage lending. This freeze was not as widespread as some of its competitors, but it was nonetheless enacted. Additionally, hundreds of workers in these departments were let go by the bank.
3. Retail and Online Sales As part of its largest massive layoff to date
a. Amazon
Amazon announced in early 2023 that it would be cutting 18,000 jobs, mostly in its corporate personnel and Amazon Web Services (AWS) division. In preparation for changes in customer behavior during the pandemic, the corporation has also imposed a moratorium on hiring new employees, particularly for its retail division.
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b. Walmart:
The biggest retailer in the world, Walmart, has announced that 1,500 workers will be let go from underperforming stores and administrative roles. A hiring freeze for managerial jobs was also instituted by the corporation, to make the most of the current people and resources.
4. Downsizing in the Automotive Industry
a. Ford Motor Company:
In mid-2023, Ford announced the elimination of 8,000 jobs, primarily in its combustion engine division, in reaction to the worldwide scarcity of semiconductors and efforts to shift focus towards electric vehicles.
As part of its shift towards electric vehicle (EV) development, the carmaker has temporarily halted employment for related traditional professions.
b. GM:
To save costs, GM put a hiring freeze in place across multiple divisions and laid off approximately 5,000 contract workers. The corporation highlighted its dedication to electric and autonomous car developments in the wake of these layoffs.
5. Changes in the Healthcare Industry
a. Pfizer:
2,000 people were laid off from Pfizer’s vaccine production plants as the industry’s peak demand for COVID-19 vaccines waned. The pharmaceutical behemoth also put a stop to hiring in non-essential departments as it adapted to life after the pandemic.
b. Johnson & Johnson:
As a result of a drop in elective procedures caused by the pandemic, J&J has announced plans to lay off 1,000 employees, chiefly in its medical equipment sector. Various parts also put a selective hiring freeze into effect.
In Summary
Companies are confronted with the difficulties of an ever-changing economic climate, as shown by the spate of large-scale layoffs and hiring freezes.
Other sectors are shifting their focus to take advantage of new technology and consumer needs as they adapt to the post-pandemic world. Employees and job searchers need to be updated and flexible because the business world is always changing.
