Companies lay off staff due to economic difficulties created by the COVID-19 pandemic

guest · Jan 25, 2021

stapp said: ↑

https://www.bbc.co.uk/news/business-53733929
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Debenhams shuts stores, costing 12,000 jobs
January 25, 2021
https://today.rtl.lu/news/business-and-tech/a/1660855.html

UK department store chain Debenhams is to shut all its outlets, administrators for the collapsed group said Monday, with the loss of around 12,000 jobs.

Arcadia and Debenhams collapsed last month -- together risking the loss of 25,000 jobs -- having struggled to transition from a bricks-and-mortar business long before the coronavirus pandemic forced shoppers online.

"The importance of the bricks-and-mortar traditionally associated with retail brands has now fully waned," noted Gordon Fletcher at the University of Salford Business School.
"This is not a new realisation that has only been discovered during the pandemic.
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Debenhams' stores will reopen following the lifting of the UK lockdown solely to liquidate stock, administrators FRP Advisory, brought in to salvage parts of the business, said in a statement Monday.

"Regrettably, all the UK stores will then be permanently closed," it added.
A source close to the company told AFP this meant that around 12,000 jobs would disappear.
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guest · Jul 26, 2022

Shopify is laying off 1,000 employees
It’s cutting 10 percent of its workers
July 26, 2022

Shopify is laying off 10 percent of its workforce, a move that affects about 1,000 of its employees, as first reported by The Wall Street Journal. In a memo posted on Shopify’s website, CEO Tobi Lütke says the company “has to go through a reduction in workforce” that mostly affects those working in recruiting, support, and sales.

Lütke notes that the e-commerce company is also cutting down on “over-specialized” and duplicate roles as well as “groups that were convenient to have but too far removed from building products.” He attributes the layoffs to a miscalculated bet that the e-commerce industry would continue to grow beyond the COVID-19 pandemic.
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Shopify is but one of a string of companies cutting down on jobs due to the fallout from the post-pandemic economy.
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Shopify: Changes to Shopify’s team

How we got here
When the Covid pandemic set in, almost all retail shifted online because of shelter-in-place orders. Demand for Shopify skyrocketed.
Before the pandemic, ecommerce growth had been steady and predictable.

It’s now clear that bet didn’t pay off. What we see now is the mix reverting to roughly where pre-Covid data would have suggested it should be at this point.
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guest · Aug 12, 2022

Calm cuts 20% of staff, following its COVID-19 boom
August 12, 2022

The firm behind the meditation app, Calm, has reduced its workforce by 20%, according to The Wall Street Journal. A memo was sent out to staff about the lay-offs by CEO David Ko. The firm hires around 400 people and 90 were laid off. The news was passed along to the press by people familiar with the matter.

The action taken by Calm seems to become a bit clearer when SensorTower’s data is factored in. According to The Telegraph, who has SensorTower data, Calm has seen downloads drop by 30% over the last year as the COVID-19 pandemic receded and people return to normal. Given that Calm relies on paying customers, the decline in users probably means it couldn’t afford its level of staffing.
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guest · Sep 3, 2022

Snap plans to lay off 20 percent of employees
By Alex Heath @alexeheath - August 30, 2022

Snap is planning to lay off approximately 20 percent of its more than 6,400 employees, according to people familiar with the matter.

The layoffs, which Snap has been planning for the past several weeks, will begin on Wednesday and hit some departments harder than others, the people said.
Though the scale of the layoffs is significant, it shouldn’t necessarily come as a surprise: Snap’s stock price has lost nearly 80 percent of its value since the beginning of this year, and the company said in May that it would slow hiring and look for ways to cut costs
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Like its other tech peers, Snap hired aggressively during the pandemic. It entered March of 2020 with roughly 3,427 full-time employees and ended last quarter with 6,446, a 38 percent increase from the same time last year.

The problem is that Snap’s business hasn’t fared well coming out of the pandemic, thanks to recession fears and the trouble it had navigating Apple’s crackdown on ad tracking across iOS apps.
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guest · Jan 4, 2023

Salesforce to cut workforce by 10% after hiring ‘too many people’ during the pandemic
By Paul Sawers @psawers - January 4, 2023

Salesforce has announced that it’s cutting some 10% of its workforce, impacting more than 7,000 employees, while it will also shutter offices in “certain markets.”
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In a letter to employees and a corresponding filing with the Securities and Exchange Commission (SEC), Salesforce CEO Marc Benioff referenced the “challenging” environment in which it’s operating, pointing to the “more measured approach” its customers are making with their purchasing decisions.

Similar to other companies hit by significant layoffs over the past year, Benioff added that Salesforce had hired too many people through the pandemic during the boom times. For context, the company claimed 79,000 employees last February, a 30% increase on 2020.

“I’ve been thinking a lot about how we came to this moment,” Benioff wrote. “As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we’re now facing, and I take responsibility for that.”
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stapp · Jan 5, 2023

Amazon aims to shed more than 18,000 roles as it cuts costs, the technology giant's boss says.
He added the announcement was brought forward "because one of our teammates leaked this information externally".

The job cuts amount to around 6% of the company's roughly 300,000-strong corporate workforce.
Amazon is the latest big technology firm to unveil major layoffs as the cost of living crisis sees customers cut back on spending.
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https://www.bbc.co.uk/news/business-64171008

reasonablePrivacy · Jan 22, 2023

Site with data about announced lay offs
https://layoffs.fyi/

guest · Feb 2, 2023

mood said: ↑

Salesforce to cut workforce by 10% after hiring ‘too many people’ during the pandemic
By Paul Sawers @psawers - January 4, 2023
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Some Salesforce employees just found out they’re part of the 10% layoff announced last month
By Ron Miller @ron_miller - February 2, 2023

When Salesforce announced it was laying off 10% of its workforce last month, you might have assumed that meant that everyone who was affected was informed at that time. With social media flush with people talking about Salesforce layoffs today, the company says these are part of that original announcement, but some folks are learning about their fate today.
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The overall number of approximately 7000 people announced at the beginning of January remains unchanged, according to the company. “These are part of the reductions we announced in January,” a company spokesperson told TechCrunch.
Some of today’s announcements are hitting in Europe with the Irish Independent reporting that 200 of 2100 Irish employees were laid off today, fitting in with that 10% target.

CEO Marc Benioff reportedly telegraphed that the sales group could be targeted in a company meeting last month, telling employees that remote workers weren’t as productive as folks in the office, and that half the sales team accounted for 96% of the revenue, suggesting that the other half accounted for just 4%. It seems likely that department could take a big hit.
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Regardless, more people learned they are out of work today, joining the sad parade of tech employees being laid off in recent months. At the time of the announcement, Benioff said that the company had hired too many people during the pandemic.”As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we’re now facing, and I take responsibility for that,” Benioff said.
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