Layoff – DevopsCurry

Tech Layoffs 2024: McKinsey — Firm offers staff 9 months’ salary to quit, report claims

Saurabh Gupta — Mon, 15 Apr 2024 18:46:08 +0000

Global consulting firm McKinsey & Co. announced plans to eliminate almost 360 jobs globally. This will affect around 3 per cent of its specialist and technically-skilled workforce and will impact employees across various divisions, including design, data engineering, cloud, and software, Bloomberg reported citing people in the know.

“We invest to grow capabilities that match our clients’ priorities and adjust the size of a small number of others as appropriate. As part of this process, some roles will be eliminated within this small number of capabilities,” a spokesperson from McKinsey said in a statement, reveals the report.

At McKinsey, employees in client-facing roles who underperform typically leave after being advised to do so, a situation described as being “counselled to leave.” This suggests that the company does not wish to involve them in client projects and suggests they seek opportunities elsewhere. However, in this instance, employees in good standing are opting to leave on their own accord. Those who opt for the nine months’ pay offer would still be required to leave even if they were unable to secure alternative employment during that time.

Last year, McKinsey underwent an unusual round of layoffs, aiming to cut approximately 1,400 positions, primarily among support staff rather than those in client-facing roles.

Another reports also states that McKinsey has offered to pay hundreds of senior employees if they wish to leave the company and look for other jobs as the company attempts to reduce headcount amid a a sector-wide downturn, a report claimed.

The company has also reportedly told employees that during this period, they will continue to receive their full salary. This could amount to hundreds of thousands of pounds if employees utilise the entire nine-month duration. These managers will also have access to McKinsey’s resources and career coaching services,

McKinsey previously attempted to reduce its workforce amid a downturn as in 2023, the company announced plans to cut approximately 1,400 jobs, which accounts for around 3% of its workforce, Bloomberg then reported.

In February this year, McKinsey gave poor performance ratings to 3,000 employees who were then given around three months to improve their performance or they could leave the company, the report added.

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Tech layoffs 2024 : Nearly 90% IT professionals in US are worried about job loss in 2024, finds survey from Authority Hacker

Saurabh Gupta — Mon, 15 Apr 2024 18:27:57 +0000

Tech layoffs In the first two months of 2024, we have seen about 193 companies laying off nearly 50,000 of their staff. Incidentally, in March so far seven companies have laid off close to 500 employees. Considering the rapid pace at which companies are resizing and undergoing an organisational overhaul, it seems there’s more to worry about for millions of tech professionals.

According to Layoffs.fyi, there have been more than 296,000 tech layoffs since 2023, with 33,000 coming in the first 5 weeks of 2024.

Now a new report by Authority Hacker claims that as many as 54.58 per cent of workers are increasingly worried about the possibility of job loss, and the tech sector is visibly distressed the most. The report states that professionals working in IT-Services and Data (89.66 per cent) and Software Development (74.42%) are experiencing the highest levels of anxiety related to job security.

As many as 72.42 per cent of workers surveyed admitted that they are feeling uneasy about the impact of AI on their jobs over the next five years.

Fear of job loss has rippled across the American workforce — 54.58% of full-time workers have increased concerns about job loss, with 27.08% feeling significant concern.

Based on the size, the report highlighted that employees in companies as large as 500-1000 employees (74.33 per cent) particularly feel they are vulnerable as they perceive a higher risk of job loss. Meanwhile, sectors that rely heavily on computers such as Software (67.44 per cent), finance (67.75 per cent), and Human Resources (64.29 per cent) expressed high levels of concern about job loss.

On the other hand, sectors that involve human interpersonal interactions such as education (43.04 per cent) and real estate (44.68 per cent), seem to be least concerned about the impact of AI on their jobs. The survey by Authority Hacker was conducted on 1,200 full-time employees across the US.

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Tech Layoff 2024: Dell Becomes Latest Tech Giant To Do Layoffs, Fires 6,000 Employees

Saurabh Gupta — Mon, 15 Apr 2024 18:19:18 +0000

Tech Layoff 2024 .As the Information Technology industry struggles with its challenges, major tech giants have been on a layoff spree in March this year. The downsizing of the company size is mostly being attributed to “cost-cutting” .

Dell Technologies has announced yet another round of layoffs earlier this week, which has resulted in the termination of approximately 6,000 employees. This move adds to the tech giant’s significant reduction in headcount, which amounted to 13,000 employees over the last fiscal year, surpassing the initially projected numbers.

The company announced layoffs this month in response to an 11% decline in revenue from its fourth-quarter earnings, which was partially caused by the weak demand for its personal computers for almost two years.

The layoffs are part of Dell’s broader cost-cutting initiative, which includes measures such as limiting external hiring and implementing employee reorganizations and team restructuring.

End of work-from-home model

Dell was known for its hybrid work culture, but the company has changed its policy for remote workers. A recent report suggested that to get promotions, remote workers must switch to a hybrid work model, which requires them to spend at least three days a week in an office. This change has caused concerns among employees about their career growth and less flexibility.

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Tech Layoffs 2024: Edtech poster boy Byju’s continue with layoffs

Saurabh Gupta — Mon, 15 Apr 2024 18:10:58 +0000

Layoffs , Edtech company Byju’s initiated layoffs on phone calls and is letting go employees without putting them on a performance improvement plan (PIP), Moneycontrol reported citing people in the know. The company is also not asking employees to serve a notice period, the report claimed.

Troubled edtech Byju’s has laid off about 500 staffers, largely across sales and marketing functions, at a time when it is struggling to raise capital for day-to-day operations, as per sources familiar with the development.

In the past two years, Byju’s has sacked at least over 10,000 employees as the company grapples with dwindling funds and legal showdowns with investors and stakeholders. Currently, nearly 14,000 employees are on the payroll of Byju’s India entity.

A Byju’s spokesperson told Moneycontrol, “We are in the final stages of a business restructuring exercise announced in October 2023 to simplify operating structures, reduce the cost base, and improve cash flow management.”

In the current wave of layoffs, Byju’s is following phone calls with emails that read, “This is to confirm that your last working day with Think and Learn Pvt Ltd will be March 31, 2024. Your full and final settlement will be done as per the exit policy. Please hand over all the assets and proprietary information of the Company that are in your possession to enable processing your full and final settlement. In case of any queries on exit formalities, please contact separations@byjus.com.”

The once-leading Edtech company is dealing with a massive cash crunch. Byju’s has conducted several rounds of layoffs since the beginning of 2022 as the company grapples with slowing demand and a limited financial runway.

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Tech Layfoffs 2024: Tech giant Apple Inc lays off 600 employees after car and smart screen projects shut shop

Saurabh Gupta — Mon, 15 Apr 2024 18:03:53 +0000

The global Tech industry continues to reel under layoffs as more and more companies are sacking staff from across departments.Based on Layoffs.fyi, so far 235 companies have laid off 57,785 employees in 2024. In January, 121 companies sacked 34,007 employees, and in February 74 companies axed 15,379 jobs. Although March saw a substantial decrease in layoffs, the month was marked by the biggest layoff from Dell with the company reducing its workforce by 13,000 jobs.

The latest to join is the Tech giant Apple that has reportedly laid off 600 employees across its self-driving car and smartwatch screen projects, news agency Bloomberg reported on Friday. Both projects were scrapped earlier this year. Apple began to shutter its initiatives after they failed to take off as expected. Apple has started laying off employees from its retail division. It is worth noting that these are the first reported layoffs of full-time employees at Apple.

The affected Apple employees worked at eight different facilities in Santa Clara, according to the WARN notice posted by California. These employees were officially informed of the cuts on March 28 and the changes are effective May 27, the filing said.

“Companies must file a report to the state agency for each California address that includes employees affected by a layoff. At least 87 of the people worked at an address corresponding to a secret Apple facility for its next-generation screen development, while the others were located at buildings related to the car project,” the report added.

The report noted that 371 employees were released at Apple’s main car-related office in Santa Clara, California, while dozens more at multiple satellite offices were also impacted.

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Workforce LayOffs 2023: Airtable, low-code software platform to layoff about 27 per cent of the workforce

Admin-Devopscurry — Mon, 18 Sep 2023 15:45:57 +0000

Workforce ; The latest startup to join the layoff winter is Airtable, a low-code platform for building collaborative app has announced to lay off about 27 per cent of the workforce or 237 employees, in the second round of job cuts.

The company CEO, Howie Liu in a message to its employees revealed that the company will be offering severance pay and compensation to the impacted employees. The company has also announced the employees will also get 6 months of healthcare premium coverage, along with an additional cash payment to cover other Airtable-provided benefits for the next 60 days.

The layoffs will be company-wide, with the largest impact on product and sales teams focused on selling and servicing smaller clients, the report mentioned. In December last year, Airtable laid off over 250 employees, or 20 percent of its workforce across business development, engineering, and other teams.

“The market has tipped towards favouring efficient growth over growth at all costs. We must operate the business in a more mature way that puts us on a path to become a public company and to have durability and efficiency in how we grow,” Howie Liu, Airtable’s founder and CEO, was quoted as saying.

Airtable was founded in 2013 by Liu and Co-founders Andrew Ofstad and Emmett Nicholas, as a cloud-based spreadsheet startup to rival Microsoft Excel. The Airtable app is a cloud-based relational database that looks like a spreadhseet and can be used by nontechnical workers to analyze data as well as plan and collaborate on projects. Airtable currently has six offices across the globe.

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