That is not all; the company will relocate its office from Tokyo to Kawasaki. The objective of the job cuts is to achieve 10 per cent profit margin by 2027 and attain better stability.

After a decade of financial struggle, Toshiba was bought over by a group led by Japan Industrial Partners (JIP) in a $13 billion deal.

The job cuts do not come as a shocker. In April 2024, Toshiba had revealed that it was contemplating a significant downsizing of its workforce in Japan, eyeing a reduction of about 5,000 positions. At the time, it was reported that the move would affect roughly seven per cent of its domestic staff.

The focus of these job cuts was primarily be on back-office roles within the company’s headquarters, with plans to implement them through voluntary retirement schemes. This proposed reduction would be the largest since the fallout from the 2015 accounting scandal.

The move, then, was anticipated to incur a loss of about 100 billion yen ($646 million), covering expenses such as special retirement packages and outplacement services. This restructuring is part of Toshiba’s attempt to streamline its operations by consolidating its energy, infrastructure, devices and IT divisions into its main headquarters, aiming for greater efficiency and synergy.

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Primarily, the employees at the smaller offices of Walmart  in Atlanta, Dallas or Toronto have been asked to relocate as per the Wall Street Journal.

However, as per reports, employees may be allowed to work remotely part time, provided they spend most of their time working from the physical office.

The workforce strength of Walmart at the start of 2024, was about 2.1 million, globally. It has been trying to reduce the headcount for a year now, in preparation for automation. In fact, it hopes to automate about 65 per cent of its stores over the next two years.

In March 2023, Walmart had laid off several employees at its five e-commerce fulfilment centres across the US due to a reduction or elimination of evening and weekend shifts. The impacted workers had been assured by the company that they would receive payment for 90 days during their job search at other Walmart locations, including technologically advanced e-commerce distribution centres. At the time, these layoffs had raised concerns about a possible economic recession in the US,

Cut to February 2024, in a bid to attract and retain talent in a competitive labour market, Walmart rolled out a two-pronged strategy— stock grants for managers and a 3-for-1 stock split. This move came amidst rising inflation and pressure to lower grocery prices, while the retail giant grappled with high turnover, particularly among managers.

By offering stock grants of up to $20,000, coupled with a revamped compensation package boasting higher base salaries and potential bonuses of 200 per cent, Walmart aimed to incentivise an ownership mentality and long-term commitment among its managers.

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Most of those impacted were involved in the development of the tech responsible for Google’s best offerings as well as its global information technology infrastructure and user safety.

Asim Husain, vice president, Google Developer Ecosystem, conveyed to the employees that the company now wishes to work more closely with its partners and developer communities, which is why relocation to high-growth workforce locations was being considered.

As has been the practice, Google has offered severance packages as well as outplacement support to those impacted. The laid off employees will be allowed to apply for other positions within the organisation.

On 30 April, Google had let go employees from its Python, Flutter and Dart teams as part of a global restructuring. The reason for the headcount reduction was cited as the need for increasing efficiency and eliminating bureaucracy. The tech firm had, however, made it clear at the time that the layoffs were not companywide.

Before that, Google had grabbed headlines when it fired some employees who participated in sit-in protests against the company’s controversial $1.2 billion contract with Israel.

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That means, those in the top ranks are not being spared at Tesla. To add to that, there are reports that hundreds of employees will also be laid off.

It is pertinent to mention here that on 16 April Tesla had announced a significant restructuring plan, resulting in a 10 per cent reduction of its global workforce, potentially affecting around 14,000 employees worldwide. The move was to streamline operations and slash costs amidst recent challenges.

Now, with Rebecca Tinucci, senior director, supercharger business and Daniel Ho, head of new products reportedly being let go, it is clear that Tesla’s senior executives are at risk too. Additionally, Musk has also conveyed that those working in Tinucci’s and Ho’s teams will also be asked to leave. That means, about 500 employees will be affected as Tesla tries to desperately reduce headcount and cut costs.

Rohan Patel, who heads Tesla’s public policy will also depart in this attempt to streamline operations in preparation for the next phase of growth. Drew Baglino, chief, battery development is also reported to have left.

Electric car sales have fallen as Tesla posted a net profit of only about $1.13 billion in January to March 2024, which is way below expectations. The company had actually posted net profit of $2.51 billiion last year.

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This isn’t the first time the company is reducing its workforce size. In December 2021, the Indian startup had laid off 150 of its staff members at a time when the world was gripped by the fear of recession. At the time, the company had told media that the difficult decision had to be made because the market had not behaved as expected and the company had been unable to see growth at the rate it had expected. Roles in quality analytics, product and marketing as well as subject-matter expert (SME) roles were impacted during that layoff round.

The latest layoff round accounts for about 15-20 per cent of the workforce and the company has reportedly assured the impacted employees of the required support in terms of severance, insurance coverage extension and outplacement service.

As per media reports, the affected employees will be paid two months’ salary and even leave encashment.

Tushar Vashisht, Mathew Cherian and Sachin Shenoy had founded the digital health and wellness firm in 2012, making health and fitness services accessible via technology.

The brand’s AI-enabled HealthifySnap feature is popular with fitness freaks as it identifies the foods and provides their nutritional details so that meals can be tracked accurately. It also offers a personalised AI coach for guidance and notifications.

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With the initial phase of layoffs having already been executed in March, the company confirmed that further reductions are anticipated by early May, as reported by Reuters.

As of end of 2023, Whirlpool had a workforce strength of 59,000 employees worldwide.
The decision to downsize comes as part of a broader effort to streamline operations and curtail expenses, with a target of trimming costs by a substantial $400 million this year.

However, the path to cost reduction is fraught with obstacles, including escalating labour, transportation and logistics expenses, exacerbated by persistent inflationary pressures.

Furthermore, the workforce reduction move aligns with Whirlpool’s overarching objectives of bolstering financial results and fostering sustainable long-term growth. In a regulatory filing, the company disclosed its intention to execute the plan, projecting restructuring charges of approximately $50 million for the year 2024.

In addition to the workforce reduction announcement, Whirlpool reported a 3.4 per cent decline in first-quarter net sales, amounting to $4.49 billion. This dip underscores broader challenges faced by the company amidst shifting consumer preferences and macroeconomic uncertainties.

In light of these market dynamics, Whirlpool is making strategic adjustments to its product lineup. The company is scaling back discounts on large appliances while diversifying its offerings to include smaller countertop appliances such as KitchenAid stand mixers and battery-powered blenders.

Additionally, Whirlpool is venturing into new territory with the introduction of fully automatic espresso makers, aiming to tap into more lucrative product segments. These strategic moves underscore Whirlpool’s commitment to adapt and thrive in a rapidly-evolving market landscape.

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In December 2023, the sports brand had revealed its intention to launch a cost-saving initiative that will bring down expenditure by $2 billion in three years’ time. At the time, the company had also revealed that it would be spending about $400 million in severance pay to the impacted employees. Two months later, in February 2024, Nike had revealed its plans to do away with two per cent of its global workforce. That is, it was gearing to axe at least 1,600 jobs. It was also revealed that those working at the Nike stores and distribution centres, as well as the members of the innovation team were expected to be spared.

The next phase of trimming will take place in June end.

The workforce strength of Nike as of 31 May, 2023, was about 83,700.

This isn’t the first time Nike is trying to axe jobs. In 2020, it had let go 700 amidst the pandemic.

Meanwhile, Nike has found itself amidst a controversy due to an Olympic 2024 uniform meant for the US track and field members. The uniform was criticised for being too skimpy.

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The layoff will primarily affect back-office roles and tech employees, mostly in London, New York and Hong Kong. About 20 traders and portfolio managers or money managers will also be laid off.

Globally, the asset management firm has over 1,100 employees across its offices in NewYork, London, Hong Kong, Abu Dhabi and others. In India, the firm has an office in Bengaluru.

It is reported that over 20 traders were let go in March 2024 too.

The firm has over the years invested on creating a robust infrastructure systems. Therefore, it now needs less people for maintenance.

It is pertinent to mention here that the hedge fund had increased its headcount substantially in the last few years. In fact, from a team of 150, it managed to grow to a 1,000+ strong global team in just about the last five years. This growth is attributed to increase in the assets under management from six billion dollars to 35.

However, media reports say that the firm is still hiring in various areas including digital assets, relative value bond investing and systematic equities.

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For gamers, this is disappointing news because this means, the next edition of the popular ‘Gand Theft Auto’ series—which was to be out some time next year— may be delayed further.

The company is planning to discard or cancel some of its games that are in the development stage, to reduce costs. The move is expected to save the company over $165 million annually.

While the gaming industry saw a boom and surge in demand during the pandemic, things have not been as bright post the pandemic. The spending behavior of customers has been inconsistent given the economic uncertainty.

Reports based on research have apparently shown that gamers are spending less time playing. Growth in revenue may, in all probability, will be way lower than pre-pandemic levels for another at least another year or so.

Interestingly, Take-Two is in the process of acquiring Gearbox Software from the Embracer Group.

The New York City-based American video-game holding company was founded by Ryan Brant in 1993. It publishes popular games including Battleborn, BioShock, Borderlands, Evolve, Mafia, Sid Meier’s Civilization, The Darkness, XCOM.

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As per the latest report by Bloomberg, over 600 employees have been rendered jobless in California after Apple closed its car and smartwatch display projects. The number was revealed in the filings with the California Employment Development Department.

While The electric car project had not been publicised and was mostly kept under wraps, it had eaten up a lot of resources over the past ten years or so, which had begun to worry senior executives. Additionally, the leadership of the team as well as its strategies had undergone many changes over time. The display project was experiencing many challenges in terms of costs, engineering issues and supplier matters.

In February itself, the impacted employees, mainly comprising hardware engineers and car designers were given three months to get themselves moved to other suitable roles within Apple failing which they were told that they would have to leave the company.

It is reported that about 371 people were let go at the primary car project office in Santa Clara, California. There was a ripple effect in the satellite offices too.

As was revealed in February, some team members were reassigned to other teams, including those working on the artificial intelligence (AI) and robotics projects.

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The main banking division, that is, Citibank will see 363 employees being laid off, while others will be let go from the technology and broker-dealer divisions as per the financial institution’s filings with the State Department of Labour.

On 20 March, Citigroup had revealed its decision to trim up to 168 positions at the Dublin office. At the time, it had 3,000 employees in |Ireland. The layoff was part of Citigroup’s aim to slash 20,000 jobs over the next two years.

In early March, Citigroup had announced that it would let go 286 of its employees in New York as part of its attempt to cut its workforce strength by eight per cent, globally. It had stated then that it hoped to complete this reorganisation by 2026.

The recent job cuts do not really come as a surprise as the reorgansiation exercise was planned last year itself with the aim of simplifying the organisational structure and concentrating on the areas with potential for profit.

It is pertinent to mention here that Jane Fraser, CEO, Citigroup, witnessed her total compensation rising by six per cent to $26 million in Februaru 2024, reflecting a $1.5 million base salary, a $3.7 million cash bonus, and $20.8 million in deferred stock.

This increase was attributed to her successful execution of major organisational changes, praised as the most significant since the 2008 financial crisis.

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Money Control reports that the termination process was sudden and immediate, with one employee, who tried to record the call, being blocked by the HR executive who made the call. He had already been told that that was his last working day, and that his name was on the list of employees to be let go that had been shared by the management. The employees were reportedly not given any reason for the termination, which led to speculations that it could be because of the inability to meet targets or because they belonged to a certain pay band.

The phone calls are being followed up by emails asking the affected employees to hand over all the property that was assigned to them by the company so that their full and final settlement can be processed. This round of layoffs has had maximum impact on the members of the sales team.

It is expected that in this latest round of terminations at least 100 will be affected, and the number may even go up to 500.

Earlier, the processing of salaries in February was delayed multiple times due to the funds raised through the rights issue (special stock sale) being kept in a separate account as per the request of some important investors. The total amounted to approximately $250-$300 million. At the time, Raveendran, founder and CEO, Byju’s, had written to over 20,000 employees, expressing regret and citing challenges in processing salaries due to capital shortages and the delay despite available funds.

Byju’s has let go at least 10,000 employees over a period of two years amidst a funds crunch.

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The trimming will be carried out in the coming months and will see people being terminated basis their performance, as is the annual process. The move, as per Bloomberg, will affect employees in various arms including research, global markets, and investment banking

The British multinational universal bank is calling this just another review process, which is undertaken regularly so that only the best are retained in the talent pool. The exact number of terminations has yet to be communicated officially by the bank.

The objective of the layoffs is to enhance profitability in the investment banking division and to be able to respond to investors who have been doubting the viability of the institution’s Wall Street operations. The investment bank division is supposedly eating up more capital compared to other divisions.

Plans have been laid out to increase profitability under the guidance of CS Venkatarishnan, chief executive officer, Barclays. As part of these plans, its advisory will be given a boost. Additionally, the institution will be focusing on industries that will be most active in the near future. The aim is to ensure that the bank consumes less but contributes more, which will result in higher returns.

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The airline, owned by the Tata Group, has assured that it is fulfilling all obligations as per contract.

The last year and a half has seen the airline evaluating the suitability of individual employees for various non-flying roles. Two rounds of VR schemes were also offered during this time, along with opportunities for the employees to reskill themselves.

Efforts have been on to ensure more agility and efficiency within the organsiation, in alignment with a business model that will support expansion.

In July of 2023, in an endeavour to ensure that staff members were made aware of what was expected of them, Air India had decided to state job descriptions with clarity and also lay out specific goals for its workforce. For this, it had relied on a new performance-management system for the non-flying employees. This was part of the Tata Group’s attempts to revive the national carrier, and in the process, bring about more transparency and fairness in the appraisal system. This digitised performance-management process, under the Rise.AI project of the carrier, was intended to clearly convey what the employees were expected to deliver. The new system was also aligned with the pre-existing Vihaan.AI goals of the airline. Vihaan.AI was the name given to the Tata Group’s transformation plan for Air India under which it intends to grow the airline’s fleet and network, and also revamp its customer proposition, ensuring reliability, sustainability and innovation.

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This news comes after CEO Arvind Krishna indicated a shift towards AI in May 2023, suggesting a pause in hiring for roles replaceable by automation. The company has already shed positions through voluntary redundancy programs, aiming to streamline operations particularly in Europe.

The announcement, delivered by chief communications officer Jonathan Adashek in a brief meeting, reflects IBM’s strategy to adapt to a changing market landscape. This could involve increased use of AI to enhance efficiency, potentially mirroring the plan announced last year to replace nearly 8,000 jobs with AI-powered solutions.

Despite the layoffs, IBM expects to maintain its overall headcount by the end of the year. This aligns with comments by CFO James Kavanaugh in January, suggesting similar restructuring costs to 2023, when the company reduced its workforce by 3,900.

IBM’s decision reflects broader trends within the tech industry. With over 200 tech companies laying off nearly 50,000 employees in 2024 alone, including giants like Alphabet, Amazon, and Unity, the industry is undergoing a significant shift. Economic uncertainties and post-pandemic adjustments likely play a role in these cutbacks. Additionally, in the competitive AI space, IBM may be facing pressure from stronger players like Microsoft, Google, and Amazon.

As the industry evolves, IBM’s restructuring efforts aim to position the company for future success by leveraging AI and streamlining operations. While the immediate impact falls on marketing and communications employees, this move signifies a larger strategic shift within IBM.

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The lender’s filings reveal that this is a major overhaul for the organisation, and probably its biggest.

It is expected that about 239 jobs will be cut in its primary banking unit, while 44 people will be let go from the broker-dealer arm. Three from the technology team will also be rendered jobless.

The job cuts do not come as a shock or a surprise because early this year the organisation had revealed its intention to axe 20,000 jobs by 2026. At the time, the organization had experienced a tough time with losses amounting to about $1.8 billion.

The reorgansiation exercise was also planned last year itself with the aim of simplifying the organisational structure and concentrating on the areas with potential for profit.

Recently, Citibank appointed Vis Raghavan as the head of its banking business. It is pertinent to mention here that Raghavan has moved from JP Morgan where he completed a successful tenure of about 20 years. At Citi, Raghavan will be second-in-command to Jane Fraser, CEO, Citi. He will serve as executive vice-chair, heading investment, corporate and commercial banking. Interestingly, the 57-year-old Raghavan has decided to move from JP Morgan close on the heels of being appointed the only head of investment banking there.

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The electric car project had not been publicised and was mostly kept under wraps. However, it had eaten up a lot of resources over the past ten years or so, which had begun to worry senior executives. Additionally, the leadership of the team as well as its strategies had undergone many changes over time.

The impacted employees, especially the hardware engineers and car designers have been given three months to get themselves moved to other suitable roles within Apple failing which they will have to leave the company.

The project was started as a new means of income for Apple at a time when sale of hardware had more or less stagnated. Once ready, the car was expected to be sold at a price of about $100,000.

Project Titan was the name given to the electric car project within the organisation. Almost 5,000 people were part of the project once, which was headed by Dough Field (who was once associated with Tesla and had moved on to join Ford).

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Creditors and employees are expected to be informed soon of the measures to be adopted next.

If the business goes into administration, it will not only bring some relief from debts, but will also make the business leaner. This move, it is hoped, will help revitalise the UK brand and make it stable and secure for the future.

It is true that the company has been battling a financial crisis for some time now.

Launched in 1976, The Body Shop was sold by the owner, late Dame Anita Roddick, to L’Oreal, the French cosmetics brand, for £652m in 2006, a year before she died. A decade later, L’Oreal sold The Body Shop to Brazil’s Natura for about £800 million. Recently, it was bought over by Aurelius, the equity firm.

The brand reportedly has about 10,000 direct employees and 12,000 indirect ones who are employed by the franchises. It operates about 3,000 stores in more than 70 countries.

Its retail operations in India began in 2006, under Quest Retail, an Indian franchise.

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The company has also closed offices in six locations in an attempt to save about $7 million a year.

Once well know for the smartphones it manufactured and other related devices, BlackBerry is now ready to focus on increasing profits and cash flow. It hopes to achieve $100 million in yearly net profit improvements. It also seeks to expand margins and reduce costs so that it is able to attain about $55 million of the targeted $100 million within this quarter itself.

By the fourth quarter of FY2025, BlackBerry hopes to achieve positive operating cash flow.

BlackBerry has been able to set up its IoT and cybersecurity divisions as individual entities, with the help of teams constituted for the purpose and consultants from outside. Not long ago, it managed to raise $200 million by offering convertible debentures. This move helped it to reduce its debts and ensure liquidity and stability in the longer term.

The BlackBerry line of phones and services was originally established and maintained by the Canadian company, BlackBerry, from 1999 to 2016. Later, it was licensed to multiple companies.

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The airline, citing the need to align ‘companywide costs with operational requirements,’ aims to shave off its Rs 60 crore monthly salary bill. Employees have already started receiving termination notices, adding to the existing hardship of delayed January salaries. Despite assurances of ‘no funding delays’ and ongoing fundraising efforts, SpiceJet’s financial struggles are evident.

Last year, in May, on the occasion of its 18th anniversary, SpiceJet had announced that it would increase the salary of its captains to Rs 7.5 lakhs per month for flying 75 hours. This salary hike was to be effective from May, 2023. Additionally, a tenure-linked monthly loyalty reward programme was also introduced for captains, which can amount to up to a lakh per month, in addition to their regular remuneration.

Trainers and first officers had also seen an increase in their salaries proportionate to the hike given to the captains. In November 2022, SpiceJet had already revised the salaries of its pilots, raising the captains’ salary to Rs 7 lakhs per month for 80 hours of flying.

SpiceJet’s troubles extend beyond internal issues. The Delhi High Court recently ordered the airline to settle outstanding dues of $ 4 million to engine lessors by February 15th. This adds to a string of legal battles with creditors and lessors over unpaid dues, resulting in court reprimands and settlements.

SpiceJet’s troubles are further compounded by a shrinking fleet and intensifying competition. Compared to its 2019 peak of 118 planes and 16,000 employees, it now operates just 30 planes and employs 9,000. This decline coincides with the emergence of new budget carriers such as Akasa Air, further squeezing SpiceJet’s market share.

Despite the challenges, SpiceJet managed to secure over $108 million in January, aligning with its $ 270 million fundraising target. However, the recent court order directing a Rs 50 crore payment to former promoters and another insolvency petition filed by a creditor raise concerns about its long-term viability.

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It is expected that the figure will be made public post the earnings call later this week. The company reportedly feels that its revenues were below expectations because of a decrease in orders.

After eliminating 4000 roles in 2022, the US-based tech infrastructure firm had announced plans to cut more jobs in Silicon Valley, in September 2023, in an attempt to restructure.

The company had said then that with heightened competition, particularly in cloud-based networking companies, it wished to pivot its attention towards software and services while moving away from hardware.

At the time, Cisco had stated that it would provide severance packages to all the departing employees, and also assist them in securing new employment opportunities using outplacement services. It had clarified that the layoffs had nothing to do with cost cutting, as the company’s financial health was quite robust. The primary goal of this rebalancing The company had revealed its intention then to allocate resources strategically toward the company’s transformation, enabling better fulfilment of customer expectations in the evolving technology landscape.

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The laid-off employees will be given support in terms of money and benefits. They will also be helped with outplacement. Additionally, they will be allowed to apply for new roles within Amazon too.

It is pertinent to mention here that One Medical, which also offers virtual care and in-person care services, was acquired by Amazon in an over three billion dollar deal in February, 2023. Amazon Pharmacy, on the other hand, was launched earlier, in 2020, post acquisition of Pill Pack about two years before that. Pill Pack used to be a firm that offered prescription-by-mail service.

Neil Lindsay, senior vice president, Amazon Health Services, has reportedly informed the employees that the company is looking at areas where its resources can be relocated and invest more in innovations and experiences that will have a direct effect on the stakeholders, that is, the platform’s members, patients and customers.

The healthcare businesses have witnessed growth with customer satisfaction reaching more than satisfactory levels for Amazon Clinic. Therefore, Amazon will continue its efforts to simplify the healthcare process and system, say media reports.

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In September 2023, Snap had axed about 150 jobs in the augmented reality (AR) division. The year before that, in August 2022, Snapchat, the multimedia instant messaging app and service, had laid off some members of its team (20 per cent of the workforce) when Snap had reported losses of almost $10 billion and its shares dipped following the poor quarterly performance in July 2022.

The company has assured support to the impacted employees. In fact, as per a regulatory filing, Snap will end up spending $55 million to $75 million in this round of layoffs.

Snap is reportedly trying to reorganise the workforce and do away with hierarchies wherever possible, so that there is more and better collaboration amongst the employees, in person. The revenue of the social-media platform primarily relies on digital advertising.

As a positive corrective measure, the company has initiated a $500 million share buyback scheme.

It was only last week that Evan Spiegel, CEO, Snap, had to appear before the Senate Judiciary Committee, to testify in the issue of the adverse impact of the platform on impressionable young minds.

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With a December quarter margin of 16 per cent, Wipro lags behind TCS (25 per cent), Infosys (20.5 per cent), and HCL Tech (19.8 per cent).

This pressure, coupled with a post-pandemic slowdown in its consulting business, particularly after acquiring Capco – for $1.45 billion in 2021, a major investment initiative by CEO Thierry Delaporte – has forced the company’s hand.

The restructuring primarily focuses on mid-level executives stationed onsite, with termination notices issued earlier this month.

Wipro’s ‘Left-Shift’ strategy aims to streamline operations by delegating tasks traditionally handled by higher tiers to lower ones, leveraging automation and optimising efficiency.

In response to queries, a Wipro spokesperson emphasised the company’s commitment to aligning business strategies with the evolving market landscape. The spokesperson stated that Wipro is investing in technology and talent to enhance client and employee experiences.

Despite the necessity for cost optimisation, CEO Thierry Delaporte faces criticism for the loss of senior talent and the potential impact on employee morale. However, the company remains committed to a strategy that balances margin improvement and sustainable growth.

Wipro, while acknowledging the need to adapt to a changing market, emphasises its commitment to both clients and employees through investments in technology and talent development.

The company’s restructuring marks a critical juncture in its journey. The success of its ‘Left-Shift’ strategy and its ability to balance margin improvement with sustainable growth will determine whether this move paves the way for future success or stumbles under the weight of employee discontent.

In a broader context, Wipro’s move reflects a global trend in the tech industry, where companies, including global peers like SAP, Alphabet, Microsoft, and PayPal, are implementing job cuts to improve profit margins.

Recent financial results showed a decline in Wipro’s total headcount for the fifth consecutive quarter, reporting a net reduction of 4,473 employees during the October to December quarter of 2023. However, the attrition level eased, reaching a 10-quarter low of 14.2 per cent for the third quarter of the financial year.

Wipro’s cost-cutting measures are indicative of IT solutions firms globally, reducing headcounts as they invest in artificial intelligence (AI) to maximise profits. The strategic restructuring aligns with Wipro’s vision to build a resilient, agile, and high-performance organisation in a rapidly evolving market environment.

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This move, it is hoped, will help bag funding from external investors for various projects and ventures by the lab, which is referred to as ‘The moonshot factory’.
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The lab will work on partnering with financial partners and others while maintaining a lean, agile and cost-efficient team. By focusing on inventing technologies that will offer solutions to global challenges, X lab hopes to concentrate on its strength, that is, innovations.

Founded by Larry Page and Sergey Brin, the X Lab was established to address global issues including access to Internet and even climate change. However, funds and financial backing has always been an issue.

Meanwhile, the Alphabet Workers Union, that speaks on behalf of the workers, says that due to mass layoffs, the union is planning protests to question how Google makes decisions and communicates with its employees. On 18 January 2024, the Alphabet Workers Union had arranged protests at five Google offices across the US, from California to New York.

A senior software engineer and communications chair of the union, expressed concerns about the chaos and anxiety caused by the layoff rounds. Google, however, had defended its actions, saying it was investing responsibly in priorities and opportunities.

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Around 800 employees, representing 90 per cent of Vroom’s non-UACC and CarStory staff, are expected to be impacted by this drastic restructuring plan. The company aims to complete the workforce reduction by March 31, 2024.

CEO Thomas Shortt acknowledged their previous intentions to raise capital but conceded that “despite significant efforts, we ultimately were unable to raise the necessary capital in the current market.” This financial hurdle forced Vroom’s hand, leading to the difficult decision to shutter its core business.

Vroom will suspend all transactions through its vroom.com platform, sell off its existing car inventory through wholesale channels, and halt further vehicle purchases. This complete exit from the e-commerce space marks a significant departure from the company’s initial vision.

While the e-commerce arm faces closure, Vroom’s other ventures, United Auto Credit Corporation (UACC) and CarStory, will continue operating as usual. UACC, an automotive finance company, and CarStory, an AI-powered analytics platform, serve third-party customers and remain unaffected by this restructuring.

The shutdown of Vroom’s e-commerce operations casts a cloud over the company’s future. The remaining businesses, while functional, may face challenges in carrying the weight of the entire company. The success of Vroom’s restructuring plan hinges on the performance of UACC and CarStory, leaving investors and employees alike wondering about the company’s long-term viability.

This dramatic move by Vroom highlights the challenges faced by online car retailers in the current economic climate. The company’s struggle to secure funding and its subsequent pivot suggest a broader shift in the industry, with a focus on financial sustainability and a potential consolidation of the online used car market. The success of Vroom’s restructuring plan will be closely watched, offering valuable insights into the future of this dynamic and evolving sector.

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CEO Jamie Iannone outlined the reasons behind the layoffs, emphasising the necessity for organisational changes to improve responsiveness, hasten decision-making processes, and enhance overall efficiency. This move comes despite eBay making significant profits, highlighting a broader industry trend of companies reassessing their workforce post-pandemic.

“While we are making progress against our strategy, our overall headcount and expenses have outpaced the growth of our business.”

Jamie Iannone

In a letter to employees, Iannone stated, “While we are making progress against our strategy, our overall headcount and expenses have outpaced the growth of our business.” The company aims to align and consolidate specific teams, emphasising an end-to-end experience to meet global customer needs better.

The layoffs at eBay come amid a broader industry-wide reconsideration of workforce structures. Major tech companies, including Google, Amazon, and Meta, have implemented similar measures, citing a need for restructuring and cost-cutting after rapid hiring during the pandemic. This wave of layoffs has persisted, underscoring the challenges companies face in balancing workforce growth with evolving business landscapes.

Google recently laid off over 1,000 employees from various departments, while Amazon announced job cuts in its Prime Video and Amazon MGM Studios divisions. Meta, the company behind Facebook, Instagram, and WhatsApp, trimmed its headcount by 60, primarily in technical program management, as part of its strategy to streamline operations.

Riot Games, the maker of the popular video game League of Legends, also joined the layoff trend by slashing 11 per cent of its staff, approximately 530 employees. TikTok, the rising social media platform, implemented layoffs by letting go of around 60 employees as part of a broader effort to reduce costs.

The eBay layoffs, despite the company’s profitable quarter, underscore the challenges companies face in aligning workforce growth with business sustainability. This move aims to position eBay for increased efficiency and agility in response to evolving market dynamics and customer expectations. As the industry grapples with these challenges, the trend of reassessing workforce structures and implementing layoffs seems set to continue.

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The objective is reportedly to cut costs. The cuts will primarily be carried out in New York, Austin, Los Angeles and some locations outside of the US. The exact number of employees impacted has not been officially communicated yet. Some media reports even peg the figure at 100.

A townhall meeting is to take place today, 23 January following this announcement.

TikTok’s US workforce is about 7,000 strong, whereas its parent company, ByteDance has over 1,50,000 employees worldwide.

In October 2023, TikTok had grabbed headlines when it came to light that the popular short-video app had asked its managers to give lower ratings to employees during performance reviews. At the time, the company had told the media that the move was aimed at ensuring a fair distribution of performance ratings among its over one lakh employees worldwide. Reportedly, in mid-October, senior management and human resources staff conveyed to managers the directive to increase the allocation of performance evaluations at the bottom end of the company’s bell-curve rating system. This adjustment was also expected to significantly raise the number of subpar ratings assigned to certain teams, possibly doubling or even tripling them.

Earlier last year, the firm had also modified its bonus structure in a way that some employees believed would lead to smaller bonus payouts. TikTok’s annual bonuses are typically determined based on an individual’s performance reviews.

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These blast furnaces are bad for the environment as they cause a lot of pollution. Therefore, the UK government has been urging steel companies to look at greener alternatives. Last year, reports AFP, the UK government granted funds of about $634 million to steel manufacturers to come up with a better technique of steel production that will not harm the environment. The funds, however, could not stop 3000 jobs from becoming redundant. Earlier, 8,000 jobs were to be impacted, but the introduction of an electric furnace had managed to save 5,000 jobs.

Tata Steel has been in discussions with the workers’ unions for some time now, to come up with a solution that will ensure long-term sustainability and a future marked by ‘green steel’.

However, the unions reportedly maintain that their suggestion of a better alternative—which was apparently more cost effective and which would not have resulted in layoffs—was not taken into account.

Tata Steel is relying on the UK government for help and support in its endeavour to reduce emissions and decarbonise.

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In an internal memo obtained by The Verge, Pichai outlined plans to remove layers across several departments, aiming to streamline operations and drive velocity in the tech giant.

This news comes just weeks after Google announced layoffs across several departments, including its voice assistant and hardware teams. These initial cuts, while smaller in scale compared to the massive 12,000 employee reduction in 2023, still raised concerns about the company’s direction and the impact on employee morale. While Pichai assured these cuts won’t reach the scale of last year’s layoff, he acknowledged the emotional toll on the workforce.

January has already been punctuated by Google’s restructuring, with hundreds of employees let go from departments such as Pixel, Nest, and Fitbit.

In his memo, Pichai assured employees that the planned cuts wouldn’t be as extensive as last year’s, stating they “will not touch every team”. However, his emphasis on removing layers and driving velocity in specific areas fuelled speculation about potential targets within the company. Some speculate that departments facing redundancy due to automation and AI advancements might be the hardest hit.

While Pichai didn’t explicitly mention the role of AI in the impending layoffs, it’s undeniable that automation is rapidly transforming the tech landscape. As artificial intelligence becomes adept at tasks previously handled by humans, it’s natural for companies to adapt their workforce structures accordingly. This trend, however, raises ethical questions about job displacement and the need for retraining programs to equip workers for the changing job market.

The announcement of further layoffs also throws into question Google’s commitment to its employees, especially after the company’s significant revenue growth in recent quarters. Critics argue that prioritising shareholder value over employee wellbeing is shortsighted and could damage Google’s competitive edge in the long run.

The coming months will be crucial in determining the scope and impact of Google’s planned workforce reductions. Employees across the company are undoubtedly anxious about their future, while the tech industry watches closely to see how Google navigates this delicate balance between streamlining operations and maintaining employee morale.

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Sundar Pichai, CEO, Google, has conveyed that the employees should brace for more job cuts in 2024.

As per a report by The Verge, Pichai has indicated in a memo that Google will focus on “removing layers to simplify execution and drive velocity” in certain areas. He also clarified that the scale of job cuts will not be the same as that of last year, nor will it impact all teams.

YouTube’s workforce was about 7,137 strong before the latest cuts. Employees were informed of the cuts by Mary Ellen Coe, chief business officer, YouTube, via an e-mail.

Over the last one year, the ads slump has affected YouTube’s finances. Additionally, it has received strong competition from TikTok, the short-video service that youngsters widely use across the globe.

This has prompted the parent company, Google to seek out ways to cut costs.

Last week’s layoff announcement impacted jobs in Google Assistant, that is, Google’s voice-operated product; its core-engineering division; and also across its augmented reality (AR) projects. Organisational changes have been going on at Google for some time now as part of which many roles have been done away with, worldwide.

YouTube plans to make meaningful investments in bigger priorities and better opportunities.

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Rodericks is a lawyer who stayed on with Twitter after it was acquired by Musk and later renamed X. Earlier, Rodericks lead Twitter’s threat disruption team, which aimed to tackle misinformation on the platform.

However, last fall, he, along with other trust and safety workers, lost their jobs. This was part of a series of layoffs over several months where Musk implemented extensive cost-cutting measures, leading to the departure of several thousand Twitter employees.

Currently, Rodericks is suspended from the job. Rodericks took legal action against X and won in Ireland, which stopped him from being immediately fired. In this case, he argued that the attempt to fire him was not genuine and was based on his supposed involvement with tweets criticising Musk.

On 15 January, 2024, the Irish court granted permission to Rodericks to officially notify Musk about defamation claims.

The defamation claims centre around a tweet Musk posted after a round of layoffs that included Rodericks’s team focused on election integrity. Musk’s tweet, commenting on the team’s elimination, said, “Oh, you mean the ‘Election integrity’ team that was undermining election integrity? Yeah, they’re gone.”

According to Rodericks’ legal team, this tweet clearly refers to him, as he was one of the remaining employees working on election integrity.

Despite Rodericks asking Musk to remove the tweet and make amends, there was no response. The tweet is still up, and when Rodericks approached Twitter’s Ireland unit, they claimed the tweet didn’t violate rules and denied responsibility.

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A balancing act: Efficiency vs. passion

Carrigan’s words tread a delicate line. He praises the ‘amazing listening experiences’ delivered in 2023 and expresses gratitude to departing employees for their ‘valuable contributions.’ However, he also emphasises the need to ‘position us for continued success’ in a ‘challenging landscape’. This juxtaposition highlights the tension between maintaining efficiency and fostering the passion that drives Audible’s success.

Adapting to the ‘new normal’: Leaner, meaner, more efficient?

Carrigan’s focus on ‘getting leaner and more efficient’ speaks to a wider trend within Amazon and beyond. The ‘challenging landscape’ he mentions could refer to factors such as increased competition, rising costs, or evolving consumer preferences. Whatever the cause, Carrigan’s message suggests that Audible, like many other companies, is adapting to a ‘new normal’ where efficiency is paramount.

Unanswered questions and uncertain futures

While Carrigan’s statement provides some clarity on the reasons behind the layoffs, it also raises questions. The specific impact on content, services, and employee morale remains unclear. Additionally, the broader context of Amazon’s cost-cutting efforts leaves one wondering: is this a one-time measure for Audible, or a sign of a deeper restructuring within the tech giant?

A turning point for audible?

The Audible layoffs mark a significant turning point for the company. Carrigan’s words offer a glimpse into the challenges it faces and the strategies it is considering. Whether this signals a successful adaptation or a misstep towards homogenisation within the larger Amazon machine remains to be seen. Only time will tell if Audible can maintain its unique identity and thrive in this ‘leaner, meaner’ environment.

This approach focuses on CEO Carrigan’s statement, analysing his justifications for the layoffs and the underlying challenges facing Audible. It highlights the tension between efficiency and passion, raises unanswered questions about the future, and frames the layoffs as a potential turning point for the company. This approach leaves the audience with a sense of intrigue and anticipation, eager to see how Audible navigates this complex and uncertain landscape.

The memo

All,

Today I have some difficult news to share with you. As we begin a new year, we’ve made the tough decision to reduce roles within our organisation.

I want to acknowledge the strong year we had in 2023, in which we delivered amazing listening experiences for our customers thanks to outstanding collaboration with creators and partners. Our business is in good shape, and that is because of the hard work of each and every one of you. However, to position us for continued success in the coming year and into the future, given the increasingly challenging landscape we face, we have to take this difficult decision now. As a company driven by our People Principles and in particular Activate Caring, we did not take this route without considerable thought. But getting leaner and more efficient is the way we will need to operate now—and in the foreseeable future—in order to continue delivering best-in-class audio storytelling to our customers around the world.

A big part of what makes working at Audible so special is our many talented and dedicated employees who bring their passion to work each and every day. It’s also what makes it even harder to say goodbye to people we care about.

Approximately five per cent of our workforce is impacted by this reduction. Those employees have already received a meeting invite for a conversation with their HR business partners and team leaders.

I recognise the impact this will have on those transitioning out of Audible as well as all of you who remain. Thanks to all who are leaving us for their valuable contributions. Please be assured we will be supporting our departing colleagues as they look for their next opportunity. This is a hard moment, and many of you understandably feel uncertainty about the future. I want you to know that we’re making these decisions to strengthen our business for the long term.

We are well positioned to continue our momentum and sustain the global growth that will keep us the leader in audio storytelling. I will be sharing more about the road ahead, and answering your questions, at January’s Global Allofus meeting.

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During an all-hands meeting, Jason Citron, CEO, Discord, announced job cuts, stating in an internal memo that the layoffs are aimed at improving collaboration and enhancing organisational agility. The decision will affect 170 employees across different company departments.

In a message to the staff, Citron disclosed that the company’s staff size has significantly risen in recent years, growing five times since 2020. He acknowledged that the rapid expansion led to decreased efficiency as the firm took on more projects.

This is the biggest round of layoffs so far. This follows a smaller set of layoffs in August 2023. The reason for these job cuts isn’t just an attempt at saving money but also fixing the issue of having too many employees.

This downsizing trend is sweeping across the tech industry. Google, for example, is also letting go of some employees, especially in areas such as hardware and engineering. It’s not just Discord; big companies such as Amazon are also reducing their workforce.

Interestingly, many tech firms, including major players such as Amazon and Meta, also followed the pattern of hiring extensively post-pandemic. However, last year, most of these companies announced widespread layoffs, letting go of thousands of employees worldwide across different departments.

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This is the third round of layoffs at the multinational investment-management corporation. In January 2023, it had let go 500 of its employees.

The layoffs do not mean that the company is pausing hiring. In fact, BlackRock intends to continue hiring people to ensure growth.

In a memo to the staff, Larry Fink, CEO and chairman, BlackRock, has shared that the cuts will impact businesses across the firm.

The reason for this downsizing is said to be the uncertainties and changes that are being experienced by the asset-management industry in general. The company clarifies that the firm has built a strong relationship with its clients and that 2024 will witness strong momentum. It has also increased its investment in artificial intelligence (AI) technology with an aim to improve productivity, ensure efficiency and transform processes.

In July 2023, BlackRock joined forces with the financial services arm of Jio. At the time of the announcement, BlackRock and Jio Financial Services, each planned to invest up to $150 million in the 50-50 venture.

The venture named, Jio BlackRock was aimed at placing the combined strength and scale of the two entities “in the hands of millions of investors in India”.

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Last year, Twitch saw its chief customer officer, chief content officer, chief product officer as well as chief revenue officer, putting in their papers within a period of a few months. The platform undertook two rounds of job cuts last year, impacting 400 people.

Although Twitch has been relying on infrastructure provided by Amazon, the platform has reportedly been finding it very financially challenging to run the website, which supports over one billion hours of live video content on a monthly basis. The business has clearly not made profits.

On 6 December 2023, Twitch announced that it will cease operations in South Korea in February 2024, citing high operating expenses and network fees as the primary reasons. In a blog post, Dan Clancy, CEO, Twitch, had stated last month that the platform had been facing substantial financial losses in Korea, and that there was no viable way for the business to operate in a more sustainable fashion in Korea.

In October, 2023, the video-streaming platform had reportedly let go of 400 employees. This downsizing, revealed by user Zach Bussey, was lower in scale than the one in March, 2023.

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This was revealed in a regulatory filing by the company, as per media reports.

This layoff exercise, across departments, will take place over the next three months.

Many game creators use the Unity software to create their games, including the widely played and popular ‘Pokemon Go’, ‘Beat Saber’ and ‘Hearthstone’.

It was in November 2023 that Jim Whitehurst, CEO, Unity had indicated his intentions to go for a major rehaul. At the time, he’d said that the objective was to ensure profits and success in the longer run by focusing on the primary business.

This isn’t the first round of layoffs at Unity. In November, 2023, it had let go of 265 employees.

Several gaming companies have had to resort to layoffs because of the macroeconomic environment and associated uncertainties. Globally, thousands have been laid off in the gaming space.

Epic Games, known for the game Fortnite, let go 16 per cent of its employees. Ubisoft, associated with Far Cry and Assassin’s Creed let go over 120 members from its worforce. Embracer Group shut down several studios and laid off more than 900 employees post buying the IP rights to The Lord of the Rings.

Experts have predicted that things may not be easy for gaming companies in India in 2024 either. Indian gaming startups may have to bear the burden of the additional GST cost for the next couple of years in order to retain their customer base, which will affect their topline. With limited finances at their disposal it will be very difficult for them to bear this burden and they may have to shut shop.

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The layoffs affected both full-time and part-time staff, as well as contractors, leaving the proptech startup on the brink of closure. Jesse DePinto, CEO, has, as reported by TechCrunch, informed the workforce that the company intends to pursue state receivership as an alternative to bankruptcy.

Just two months before its downfall, Frontdesk displayed optimism by posting job openings, including a chief of staff role, on LinkedIn. The report highlighted that, in the past two years, global tech companies, including startups, terminated over 4,25,000 employees, with more than 36,000 job cuts in India during the same period.

In 2023, the global technology and startup sectors witnessed the layoffs of nearly 2,60,000 employees. The ongoing trend of employee layoffs, attributed to global macroeconomic conditions, has affected big tech firms and startups across the industry spectrum.

Established in 2017, Frontdesk has successfully managed over 1,000 furnished apartments throughout the US. Despite securing approximately $26 million from investors such as JetBlue Ventures, Veritas Investments and Sand Hill Angels, the startup, which had initially sought to raise additional funds, ultimately failed in its endeavour.

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The last time the company decided to trim its workforce, about 700 employees had been rendered jobless amidst the pandemic, in 2020.

As per media reports this second major layoff round is because the company has been forced to take measures to cut costs across various divisions due to dwindling sales. Sales over the last quarter have gone up merely by one per cent. In 2017, Nike had trimmed its workforce by about 745 in Oregon, where it happens to be the largest company. Globally, Nike has a workforce of well over 83,000 as of 31 May..

While the profit margins had improved there is uncertainty regarding the company’s retail business. Additionally, the share prices of the company tanked too, falling by ten per cent. This latest round of layoffs, which is being projected as a restructuring exercise is expected to help make the processes more efficient, effective and smooth within the organisation.

On 6 December 2023, the employees received an email in which Nike outlined several executive changes aimed at speeding up decision-making and addressing consumer needs.

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Although the laid-off people also include non-performers, it is clear that the layoffs are a step towards cutting costs, and the impact has reportedly been felt the most by the marketing and operations teams.

The increasing reliance on AI is aimed at improving efficiency, getting rid of repetitive jobs and moving towards better growth.

The company is expected to save at least 10 per cent on employee costs by automating processes using AI.

However, these layoffs are not an indication of a hiring freeze going forward. In fact, the company is planning to hire about 15,000 people to be part of its main payments business in 2024. The firm also has plans to expand its insurance and wealth businesses.

One97 Communications is the parent company of Paytm. The company had recently decided to focus more on high-ticket loans and reduce small-ticket loans. This decision had led to the firm’s shares dropping by 20 per cent.

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The job-cutting exercise may spill into the new year too. Right now, as per media reports, the impact will be seen on employees in the research and development (R&D) wing at Folsom, in Sacramento County.

Folsom serves as the site for the development of graphics processors, software, SSDs and chipsets, that is, its primary R&D facility.

The company is trying to cut costs and is taking various measures to do so. Some of these measures will require reductions at the workplace to make the business more profitable and lean in the longer term. That is why, the possibility of more jobs being axed in 2024 cannot be ruled out.

Intel has already let go almost 550 at Folsom this year, that is, more than 10 per cent of the team there.

In 2022, the company had indicated that it would be trimming its costs and expenditure by $10 billion in about three years’ time. This exercise, it was then implied, would involve downsizing, reducing hours and even sale of certain divisions.

In California itself, Intel has a 13,000-strong team presently.

The workforce trimming is clearly being resorted to because of the challenging macroeconomic environment. Reports say that jobs may be cut in its client-computing and data-centre divisions too in the near future.

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The high competition and the uncertainty of the macro environment are the reasons cited for the decision to trim the workforce.

Josh Silverman, CEO, Etsy, has informed employees in a letter that even though the marketplace has expanded two-fold since 2019, drastic changes are required to stay competitive. The company is looking at restructuring and streamlining for cost-effectiveness.

While employee costs have grown, the sales have not increased for Etsy sellers at the expected rate, despite adopting cost-cutting measures and alteration in recruitment strategies, including a hiring freeze. Sustainability is the need of the hour, and the company is now resorting to layoffs to make that happen.

The Etsy marketplace sells handmade products and brings buyers and local artisans in touch with each other, worldwide. The firm now wishes to focus on improving sales for the seven million sellers associated with it from around the globe. It seeks to ensure value for all its stakeholders.These layoffs are part of this much-required internal restructuring.

The firm will incur a cost of at least $25 million in paying severance to the affected employees, along with other benefits. The restructuring exercise will be completed by the end of Q1, 2024.

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The reason for the layoffs is the falling demand. The firm has been struggling for the past several quarters and does not expect demand to grow much next year either. That is why it has resort to this extreme step of downsizing, for the future stability of the company.

During the pandemic, the company ‘s sales had gone up as the demand for toys has surged. That was because people were confined to their homes and parents spent on toys to keep their children engaged.

Chris Cocks, CEO, Hasbro, has reportedly been apologetic for announcing the layoff at a time when people are looking forward to Christmas.

The layoffs will be executed over a period of a year and a half to two years.

The toy firm had already axed about 800 jobs in a bid to cut costs and save up to $300m (£238m). In January, when it revealed its intention to cut some jobs, the company had admitted that while its digital gaming business was doing well, the demand for its traditional toys had fallen.

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The layoffs began last week starting with the vice president rank.

The impacted employees are still wondering how they could have been terminated because of their performance issues when no performance evaluation had taken place at all. They were simply summoned by the HR and personally told that they are being terminated, without any warning.

The company, however, maintains that the business is progressing just as planned and even hiring is happening wherever required. As per the firm, terminations based on performance are not unknown or new at the startup.

Having received funding from Blackstone in the first half of 2021, Simplilearn had been strategically using the finance to enhance its workforce and marketing. Maximum hiring had taken place in the product, tech and marketing teams. In fact, by June 2022, its tech team had grown from 60 to 200. In 2022, it had expanded its team by about 800.

In fact, in June last year, Krishna Kumar, founder, Simplilearn had revealed that as part of the expansion plan, in India and abroad, the company would be making substantial investments in its workforce by the end of 2022.

However, the year 2023 saw many edtech startups facing funding challenges, with several resorting to downsizing in order to stay profitable.

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Media reports suggest that certain departments have been instructed to create backup lists for potential layoffs, possibly increasing the initial workforce reduction from 10 per cent to a range of 20 to 30 per cent within the unit. The cuts are expected to primarily target non-core businesses, or those that are incapable of yielding immediate returns, or demand substantial investments.

These extra job cuts follow Nio’s announcement in November about reducing 10 per cent of its workforce to enhance efficiency and cut costs amid increasing competition. In China, the demand for electric vehicles has declined, with consumers showing a preference for more cost-effective plug-in hybrids.

However, the company representative reportedly clarified that there haven’t been additional job cuts, and that the company is commited to making necessary adjustments in the markets it operates.

In a letter to the staff, William Li, CEO, Nio, described the earlier layoffs as a tough but essential decision due to fierce competition.

Li mentioned this week that Nio is looking to make its organization more efficient and reduce costs. Despite receiving a $738.5 million funding in June from an Abu Dhabi government-backed fund, Nio is thinking about cutting more jobs, indicating ongoing financial difficulties despite the recent investment.

The Shanghai-based electric vehicle manufacturer, is known for its unique battery-swapping stations. With over $5 billion in investments, the company plans to expand to 25 countries and regions by 2025, as announced about two years ago.

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It is reported that the VW brand posted maximum sales but the lower operating profit margin in the first quarter of this year.

Over the next three years, the VW Group wishes to take the return on sales up from 3.6 per cent in 2022 to 6.5 per cent. The Group endeavours to ensure that all its mainstream brands do well and also ensure that they are differentiated better, even while reducing unnecessary expenditure. It also seeks to do away with redundancies and get rid of all the unwanted processes. Negotiations are already underway with its works council regarding the same with the aim of becoming a more efficient organisation.

Its huge workforce has the protection of the powerful unions as well as its own works council, comprising elected staff representatives who negotiate with the management.

It is pertinent to mention here that the works council had said the Group would cut costs without axing jobs. The works council intends to make VW keep its word on that front and ensure that jobs are secure for the next six years.

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With Amazon deciding to shift priorities and deciding to concentrate more on generative artificial intelligence (AI), hundreds of employees from its voice-assistant unit may be rendered jobless. The exact number of people to be laid off is yet to be known, although reports say that employees in the US, Canada and India will be affected.

Very recently, employees were let go in the music and gaming divisions, as well as the human resources department.

The news does not come as a complete shock since there have been indication of Amazon’s devices and services business failing to be profitable. Alexa, the voice assistant could be relied on to set timers, handle search queries, play music, supply jokes and trivia, find a phone, and even serve as a home automation hub. Right now, the company feels it needs to put in maximum efforts on generative AI as that is what matters most to its customers. After all, the technology can not only generate fresh and creative content, but also generate images, code and text from available data. Therefore, Amazon would be able to enhance Alexa’s features and make it even more spontaneous, sharp and supportive by investing in generative AI.

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About 500 jobs are to be axed at Pfizer’s facility in the UK. The company’s Pharmaceutical Sciences Small Molecule (PSSM) division is facing job cuts as part of its companywide measures to cut costs. This is the site where Viagra was first discovered by the scientists of the firm.

Although the exact time of execution of the layoffs is yet to be known, the site itself will continue to function but with a smaller workforce.

Pfizer had pumped in about ten million pounds sterling for the plant’s technological advancement so that the COVID-19 drugs could be prepared at a fast pace.

At the site, many are employed in divisions other than PSSM, that is, medical and safety, regulatory, clinical development and operations. These roles are expected to continue, while changes will be made overall.

With this move, the pharmaceutical firm is inching closer to its goal of saving $3.5 billion in yearly expenses by the end of next year, that is, 2024.

The company is not sure whether or how much of its COVID vaccines will sell. This is another reason for downsizing.

Earlier this year, Pfizer India was in the news for implementing a paternity leave policy for its employees in an effort to promote diversity and inclusion within the organisation. This new paternity leave policy allows a leave of 12 weeks for both biological and adoptive fathers, which can be taken at any time within a period of two years after the birth or adoption of a child.

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As per the reports provided by the firm, its Delta Class spaceships are expected to achieve positive cash flow from the service of the new spaceships in about three years.

Closing the quarter with a cash and marketable securities position of around $1.1 billion, the company saw a slight uptick from the previous quarter. It projects that this financial position will be adequate for the introduction of the Delta Class and the attainment of positive cash flow by 2026.

The company completed six successful spaceflights in less than six months, maintaining the production schedule for the Delta Class spaceships to start generating revenue in 2026.

The flight frequency of Delta Class has also increased, with the Delta ships expected to fly eight times per month, compared to the previous four times per month instead of four. This stands in contrast to Unity, which can only fly on a monthly basis.

In response to these developments, the company announced a workforce reduction affecting 185 employees. Though these job cuts will cost the firm about $5 million, they are expected to help save the company $25 million annually.

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