2023-01-25 22:00:00

Commentary: Layoff survivors guilt those who survive the cuts are also hurt

Logo Channel NewsAsia
Channel NewsAsia
By Elizabeth Nair

Best News Website or Mobile Service

WAN-IFRA Digital Media Awards Worldwide

Best News Website or Mobile Service

Digital Media Awards Worldwide

SINGAPORE: Microsoft cutting 10,000 jobs. Google-parent Alphabet slashing 12,000 of its employees. Amazon.com shedding 18,000 jobs. Salesforce axing 10 per cent of its work force.

January has been a brutal month for tech workers - with job cuts coming rapidly and in big numbers.

In the past month alone, there have been nearly 60,000 tech layoffs, according to Layoffs.fyi, a website that tracks job cuts in the industry.

Spotify on Monday (Jan 23) joined in the carnage, announcing it will shed 6 per cent of its work force.

There are bound to be more layoffs as the tech sector backtracks on its rampant hiring during the pandemic, in anticipation of a looming recession. A top tech analyst has warned that another 15 per cent to 20 per cent of big tech employees could be without jobs over the next six months.

Ultimately, it keeps coming back to, simply, these companies added too many people too fast, Gene Munster, managing partner at Deepwater Asset Management told CNBC on Jan 23.

Continue read on channelnewsasia.com

Logo The Economist
Business / FinanceBy The Economist2023-03-29 21:06:23
A sk an investor to describe the outlook for commercial property and you will get a colourful response. Office is a dumpster fire, says Daniel McNamara of...

Logo The Economist
Business / FinanceBy The Economist2023-03-27 17:53:28
T o understand the shift in tone that has taken place in Silicon Valley in recent months, look no further than Mark Zuckerbergs declaration in February that...

Logo Nasdaq
Business / FinanceBy Rtt News2023-03-29 01:50:39
(RTTNews) - Lucid Group Inc. (LCID) disclosed in a regulatory filing on Tuesday that it will eliminate 18% of its workforce, including employees and...

Logo Fortune
Business / FinanceBy Chloe Taylor2023-03-28 10:33:52
The returning CEO also said that for those who remained at the company there would be challenges ahead.

Logo South China Morning Post
Business / FinanceBy Tracy Qu2023-03-29 13:30:15
Kuaishou narrowed its net loss to US$218 million in the fourth quarter from US$902 million in the same period in 2021 For the whole of 2022, the company...

Business / FinanceBy Melissa Repko2023-03-23 17:37:28
Key Points Walmart is laying off hundreds of employees at e-commerce fulfillment centers across the country. The big-box giant joins a growing list of...

Logo Nasdaq
Business / FinanceBy Market Beat2023-03-29 14:15:00
Despite massively underperforming the broader market in 2022, the tech sector has underperformed this year. Nowhere is this more obvious than in the major...

Logo EIN Presswire
Gallimore believes the changes AI brings are incentives for the industry to upskill. While the loss of jobs due to AI sounds worrisome to many, Gallimore...

Logo Nasdaq
Business / FinanceBy Nerd Wallet2023-03-29 19:23:09
During the early days of the COVID-19 pandemic, the sudden shift to remote work for many launched a wave of think pieces about whether the trend would keep...

Logo Nasdaq
TechnologyBy Zacks2023-03-29 15:30:27
It has been about a month since the last earnings report for PRA Group (PRAA). Shares have lost about 10.4% in that time frame, underperforming the S&P...

Logo BBC
TechnologyBy Https://Www Facebook Com/Bbcnews2023-03-29 03:28:59
By Annabelle Liang Business reporter Shares of Chinese technology giant Alibaba have jumped after it announced a plan to break up the company. The firm says...

Logo Benzinga
Business / FinanceBy Lisa Levin2023-03-29 09:40:32
US stocks closed slightly lower on Tuesday amid a drop in technology stocks. The S&P 500 technology index dropped 0.5% on Tuesday, extending losses for...

Logo PR Newswire
ARLINGTON, Va., March 29, 2023 /PRNewswire/ -- As Spring Break approaches, new Eagle Hill Consulting research finds a large share of workers say they aren't...

Logo PR Newswire
HONG KONG, March 29, 2023 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, SSE: 600938) today announced its 2022 annual results for the year ended...

Logo Nasdaq
TechnologyBy Zacks2023-03-29 15:30:30
A month has gone by since the last earnings report for Workday (WDAY). Shares have added about 2.3% in that time frame, outperforming the S&P 500. Will...

Logo PR Newswire
Women's Power Gap research quantifies the glass ceiling in Massachusetts' 75 largest public companies*, showing a 60% drop-off for women in final ascent to...

Logo GlobeNewswire
EconomyPress Release2023-03-29 10:00:00
57% of Canadians surveyed report being targeted by scams; retail, logistics, financial services, and travel and leisure sectors see highest increase in...

Logo The Business Journals
Business / Finance2023-03-28 18:59:12
A Central Florida Walmart distribution center will lay off up to 400 employees.

Logo EIN Presswire
Enterprise Strategy Group Report Identifies SaaS Application Backup Disconnects TORONTO, ONTARIO, CANADA, March 29, 2023/ EINPresswire.com / -- Asigra Inc.,...