Layoffs can help you

I was checking out the news recently and “LAYOFFS” seemed to be the next big thing. The more I read, the scarier it got,

“Almost all large-scale IT companies have or are already freezing and slowing down hiring in the face of sluggish consumer spending, higher interest rates, and the soaring impacts of inflation across the global economic and financial markets.”

Holy shit! This was not something to joke about, Twitter, Meta, Disney. If these big brands were not bullet-proof, what about the hot-shot startups? I mean, tens and thousands of IT employees and aspirants amid inflation pressures and recession concerns. Could the situation get even worse?

I decided to explore the news and checking out what people are saying about this!

Amazon

Amazon has already sacked 80000 people from April to September. And it doesn’t stop there! The headcount will have to be reduced by another 10000 people according to recent news. This would include 3% of corporate employees and 1% of global workforce.

The new focus will be on the “Device Organisation” department, this includes your favourite voice assistant, Alexa. The employees from other underperforming units have been told to look for work elsewhere. So sad.

Meta

Zuckerberg recently wrote a letter for all the Meta employees. This explained why he had to cut off more than 11000 jobs or 13% of workforce.

“Due to covid there was a sudden need for E-Commerce and the industry blew up. This translated to an outsized revenue growth. The trends didn’t continue the way I thought post-covid. Macroeconomic downturn tied with increased competition meant ads signal loss. The priority needed to be shifted to the backbone of the company. This included AI discovery engine, Ads & Business Plaform.”

The biggest bummer was the downfall of the Reality Labs(AR & VR) Division which has lost almost 9.4 billion so far. Following are the severances for the people who have been asked to leave:

• Severance: 16 weeks base + 2 weeks additional

• Health insurance: cover the cost for 6 months

• Immigration support including visa grace period

Twitter

We all know about the whole Musk fiasco going on! He’s laid off more than 50% of his staff(and asked some of them to return). Now Musk has been known to predict the future, so maybe not a bad idea after all? I mean, Twitter WAS loosing 4 million dollars daily and the revenue DID fall by 1% in 2022.

Is the worst over or do you think other businesses might see a similar trend of layoffs?

Right to us about what you think and we would love to share it with the world!

Also we would love to know your thoughts about the newsletter, any feedback or even topics you would want us to cover more!

See you on Friday ♥️