The wave of layoffs that has swept across some of the world’s largest companies this month, including industry leaders like Tesla and McKinsey, has not only resulted in significant job cuts but also sent ripples through the global economy. In an attempt to streamline costs and enhance productivity, these companies have decided to let go of hundreds of employees.
The technology sector has been dealing with tough times for quite some time now, but the after-effects of the global pandemic are now also quite visible in the other sectors as they try to navigate the losses in different ways, including laying off employees to save money and invest that money elsewhere. Some tech companies are replacing human resources with artificial intelligence as they believe it will be more efficient for their clients. Here is the list of some of the biggest firing sprees done by the biggest firms in April 2024.
Tesla Layoffs:
Similar to numerous other firms, Elon Musk’s EV maker, Tesla is facing challenges with diminishing sales and heightened price competition. Consequently, the company found itself compelled to undertake several rounds of layoffs in April, resulting in the job loss of thousands of employees. The firm plans to reduce its workforce by 10 per cent.
Google Layoffs:
The tech giant has announced multiple layoffs this month and fired hundreds of its employees, including the one announced in the Amazon Web Services division. Some of the teams affected by the layoffs included the finance, Python, and real estate teams.
Apple Layoffs:
Apple, the creator of the iPhone, has laid off more than 600 employees in California this month, according to filings with the California Employment Development. This workforce reduction has impacted individuals engaged in projects related to car and smartwatch displays as the company aims to wrap up these initiatives.
Whirlpool Layoffs:
Whirlpool announced its plans to lay off approximately 1,000 salaried employees globally this month. The home appliance manufacturer initiated job cuts in March and foresees a second round of reductions by early May. The Wall Street Journal, citing remarks from the company’s chief financial officer, Jim Peters, reports that the US-based firm seeks to trim costs by as much as $400 million this year.
McKinsey Layoffs:
McKinsey fired approximately 360 positions this month as the consulting firm faces reduced demand for its services. These layoffs were executed on a global scale and will affect employees across various divisions, encompassing design, data engineering, cloud, and software.
Nike Layoffs:
Nike laid off around 740 employees at its global headquarters in Oregon. The leading sportswear manufacturer’s decision to implement these job cuts is in response to its forecasted revenue decline in the first half of fiscal year 2024-25, and it aims to manage expenses accordingly.
Also Read: Major Layoffs In 2024: Tesla, Apple, McKinsey, Google, Amazon And Many More