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Verizon Communications Inc. met with customer service employees last summer, signaling imminent “restructuring” and “streamlining” measures expected to result in substantial layoffs, as reported by The Verge. With over 6,000 employees present during the call, the impact of these consolidation measures may extend beyond initial estimates. Verizon was slated to reveal details about the restructuring plan last summer, as conveyed in a prerecorded message to employees. However, no public updates have since been released. Workforce Reductions Across Companies The reported layoffs at Verizon align with a broader trend of U.S. companies, including Meta Platforms Inc. and Alphabet Inc., implementing workforce reductions due to a demand downturn attributed to elevated inflation and rising interest rates. In April, Verizon fell short of its first-quarter revenue and free cash flow estimates, citing wireless subscriber losses as inflation-weary Americans postponed device upgrades, and the...
In the past year, Meta has undergone significant transformations, particularly in its approach to workforce management. Meta’s decisions regarding layoffs have not only attracted attention but have had a substantial impact on the company’s financial performance. Meta incurred staggering losses totaling $16 billion, primarily attributed to its Metaverse endeavors, mainly its Reality Labs division responsible for Oculus goggles. This marked a significant increase from the previous year’s loss of $13.7 billion, with Meta reporting a loss of $4.6 billion in the final quarter of 2023. Meta’s Stock Surge And Improved Margins Despite these substantial deficits, Meta’s stock surged by 12% following recent updates, largely due to the company’s improved margins. Meta’s revenue increased by 16%, while operating income and profits surged by 62% and 69%, respectively. CEO Mark Zuckerberg has assured investors of further losses in the future due to ongoing investments in augmented reality/...
Following recent staff cuts in Google ‘s Augmented Reality (AR) division, the advertising sales team now faces additional layoffs, marking part of a broader restructuring initiative aimed at improving the quality of ads customer service. This move aligns with an industry trend seen in significant job cuts at companies like Amazon and Duolingo in 2024. Google’s culture, it seems, goes beyond policies; it’s about employees’ sentiments, posing a profound challenge. In January 2023, Google implemented a substantial workforce reduction, cutting 12,000 employees, equivalent to approximately 6% of its workforce. The company notified affected US staff abruptly through an early-morning email, leading to expressions of dismay among some laid-off workers. The Layoffs Are Continuing To Unfold Anticipated next is Google’s CEO addressing employee concerns and sharing insights on recent developments, including details on layoffs and their potential impacts on various roles. The CEO’s decision to...
Wells Fargo remains under the spotlight as investors respond to the financial giant’s recent announcement of workforce reduction plans. The news, which surfaced in late 2023, revealed that Wells Fargo CEO Charlie Scharf shared plans to cut the company’s workforce, anticipating severance costs ranging between $750 million to $1 billion during the fiscal fourth quarter of last year. This strategic move follows earlier layoffs at Wells Fargo disclosed last month, totaling 11,300 jobs or 4.7% of its workforce in 2023. The company’s approach under Scharf’s leadership aims to maintain a workforce presence near its various hubs across the United States. Why Are The Wells Fargo Layoffs Happening The decision to reduce headcount comes in the wake of Wells Fargo’s ongoing efforts to navigate challenges in the economic landscape. Last month, Scharf highlighted the necessity of these payments, citing the need for the company to adjust its workforce amid persistently low turnover rates. In...
The current job market has people on a roller coaster of expectations. With shifts across several industries, layoffs have been a large part of the uncertainty many people have experienced in the present landscape. The tech industry, particularly, has faced much criticism during this frustrating time as many of the tech giants announced major layoffs disproportionately affecting BIPOC individuals and women. The trend has become so pervasive that U.S. Congresswoman Barbara Lee has led the charge in calling out the impacts of the layoffs.
Growing up, you likely heard the phrase, “If it ain’t one thing, it’s another,” or “There’s always something going on.” The deeper you get into adulthood, the more phrases like those become a reality. And the current state of the job market is prime evidence. Since late 2022, companies have been announcing significant layoffs that have affected thousands of people. As 2023 began, those announcements seemed to pick up, especially regarding big tech. While the people affected by layoffs feel it the most, companies have noted the challenges and tough decisions it required to take these steps. Recently, Vice Media, Clubhouse, Paper Magazine, and Dropbox have become the latest major organizations announcing employment changes.
Have you ever received a gift that you did not want? Like it was just all-around bad? Well, that’s many people’s sentiment about this current job market. It’s dishing out notices no one wants to hear, such as layoffs and downsizing. And BuzzFeed is the latest to announce changes in its workforce.
The beautiful thing about fine art, specifically music, is that it speaks to the issues of the time. Often, those songs are made to address certain historic moments but end up being a case study of sorts for the future. It can be seen across genres in songs such as Marvin Gaye’s “What’s Going On” or Walter Hawkin’s “Thank You Lord,” where in one of the verses he sings, “economies down, people can’t get enough pay.” Although some of these songs were produced well before the issues of today, they are perpetual concerns that society has found itself facing again and again. Those same messages are on par with the pain points many people feel and are going through. One of those pain points is the economy’s impact on the job industry, and it has now impacted what is known as the happiest place on Earth. According to The Wall Street Journal, Disney is part of the long list of employers recently announcing layoffs. The Florida-based company eliminated its entire Metaverse division. At its...
Merriam-Webster’s Dictionary defines Performative as “made or done for show (as to bolster one’s own image or make a positive impression on others).” This is what the word means as it relates to disapproving, self-serving actions. At the crux of events after the George Floyd murder in 2020, several actors in the United States responded in ways that did not move policy or legislation but were assumed to appease the heightened emotions of Black people across the globe. The referenced actions were described as performative, moves that seemed to speak to culture without addressing the root cause of what was happening. One of the most pervasive actions stemming from that year was that companies across several industries made statements about justice and equity while flooding job sites with new roles that support diversity, equity, and inclusion initiatives (DEI). Persons hired to manage and lead DEI departments were tasked with providing internal and external-facing solutions. They were...
The coveted Netflix sound indicating that a new show is starting could be ringing slightly softer as subscribers leave the platform, which has led Netflix to lay off 150 employees. As of May 17, the streaming platform confirmed with NPR that they were restructuring its labor force after the first significant loss in subscriptions in a decade.
Netflix has been frequently in the headlines as of late. Shortly after news broke regarding a drop in its subscribers (over 200,000), the streaming giant recently made headlines due to reported layoffs. According to TechCrunch, the company laid off editorial staff from its in-house publication Tudum only five months after its launch.