Layoffs are mounting as concerns of a weakening economy grow.
Job cuts have affected several industries – from media to Wall Street to the crypto world – in recent months, However, the tech industry has undeniably taken the biggest hit as companies try to feverishly cut costs after hiring too rapidly during the COVID-19 pandemic.
Alphabet
Google parent company Alphabet Inc. announced that it plans to cut 12,000 jobs to weather the current economy.
CEO Sundar Pichai said the cuts affect teams globally, including recruiting, some corporate functions as well as some engineering and products teams.
Affected employees in the U.S. were notified by email, Pichai said in a blog post.
Pichai said he takes full responsibility for the decisions that led the company to this point.
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“Over the past two years we’ve seen periods of dramatic growth. To match and fuel that growth, we hired for a different economic reality than the one we face today,” he said.
Amazon
Amazon said in early January that it would lay off more than 18,000 employees in what will be its largest workforce reduction to date. The company started cutting jobs on Jan. 18.
The layoffs mostly impact the company’s Amazon Stores division – which encompasses its e-commerce business as well as the company’s brick-and-mortar stores – and its PXT organizations, which handle human resources and other functions.
CEO Andy Jassy first warned employees in November that layoffs were on the horizon given the uncertain economy and the fact that the company rapidly hired over the course of the pandemic.
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Microsoft
Microsoft announced on Jan. 18 that it’s cutting 10,000 positions.
The move, which will take place at the end of the third quarter, is “in response to macroeconomic conditions and changing customer priorities,” according to a filing with the Securities and Exchange Commission.
Newell Brands
Newell Brands announced on Jan. 23 that it will eliminate 13% of its office positions as part of a restructuring and savings initiative called “Project Phoenix.”
The company’s portfolio of well-known brands includes Rubbermaid, FoodSaver, Calphalon, Sistema, Sharpie, Paper Mate, Dymo, Expo, Elmer’s and Yankee Candle.
“We expect to unlock significant savings from the restructuring initiatives, which should help partially offset the impact of macro-economic pressures on the business, while making us a more nimble and agile organization,” CEO Ravi Saligram said in a statement.
Wayfair
Wayfair is also cutting its global workforce again.
The discount home retailer plans to shed 10% of its global workforce – or 1,750 jobs – as outlined in a Jan. 20 filing with the Securities and Exchange Commission. The move is part of ongoing plans to thin out management and become more agile in the current environment.
“In hindsight, similar to our technology peers, we scaled our spend too quickly over the last few years,” CEO Niraj Shah said.
The company already axed 5% of its global workforce in August.
OVER 25,000 GLOBAL TECH WORKERS LAID OFF SINCE START OF 2023
WeWork
WeWork announced on Jan. 19 that it is cutting its global workforce.
In order to continue to streamline operations and optimize its portfolio, the company said it is cutting 300 positions.
FOX Business’ Lorraine Taylor and The Associated Press contributed to this report.