Tech Layoffs Coming Tidal Wave - The Tracker

[SlugSlinger]

Walt Disney Begins 7,000 Layoffs​

Monday, 27 March 2023 02:43 PM EDT

Walt Disney Co on Monday began 7,000 layoffs announced earlier this year, as it seeks to control costs and create a more “streamlined” business, according to a letter Chief Executive Bob Iger sent to employees and seen by Reuters.

 

[SlugSlinger]

McDonald’s temporarily shuts US offices ahead of layoffs​

 

[trekrok]

McDonald’s temporarily shuts US offices ahead of layoffs​

That's a class act there..

Hope everyone enjoys waiting around to get fired on a zoom call.

CEO Chris Kempczinski announced in January that the company would be cutting jobs as part of a broader corporate restructuring. McDonald’s told employees that they’ll be notified virtually, starting Monday and ending Wednesday, if they’re affected by the cuts.

 

[SlugSlinger]

Seeing it more and more. From a boys club to a girly club.

 

[SlugSlinger]

Best Buy Is Closing 17 Stores This Week, With Dozens More to Come​

Best Buy is cutting hundreds of employees nationwide, the retail giant confirmed Friday, as high inflation and economic instability continue to push major U.S. companies to reduce their headcounts, following major layoffs this month at Redfin, Walmart and McDonald’s.

 

[SlugSlinger]

Meta to begin newest round of mass layoffs​

Meta is set to start cutting jobs on Wednesday as the company seeks to eliminate another 10,000 jobs in a move to cut costs.

The round of cuts on Wednesday affected employees across a number of the company’s products, including Facebook, Instagram and WhatsApp.

 

[SlugSlinger]

Oil prices are a leading indicator of economic performance.

It’s not looking pretty.

 

[OKRuss]

Interesting article with a different 'spin' on the tech layoffs or really remote worker layoffs specifically. In the war over remote work, companies are turning full-time jobs into low-paying gigs

Employers are quiet quitting on the whole idea of traditional full-time employment. In a survey conducted by the Atlanta Fed last year, businesses said remote work had led them to stock up on part-time employees, temps, independent contractors, and outsourced positions both at home and abroad. If workers are going to be remote, the thinking seems to go, why not get the cheapest remote workers available? Fewer full-time jobs means fewer costly benefits: healthcare, pensions, on-the-job training, a steady paycheck. In the age of WFH, companies are gig-ifying the American office.

Now, the employers could possibly lose valuable employees with a knowledge base potentially from decades of work. You can't just let that walk out the door but you can retain the most knowledgeable and replace the others. Our company mentioned the use of more offshore/offsite vendors under the premise of having their work be more mundane with employees getting the more complicated projects. BUT, as the offshore/offsite add knowledge, they'll take on those more complicated projects assuming it will save the company $$(read increase executive bonuses/pay). Yeah, I'm a touch cynic on this topic!

 

[SlugSlinger]

Interesting article with a different 'spin' on the tech layoffs or really remote worker layoffs specifically. In the war over remote work, companies are turning full-time jobs into low-paying gigs

Employers are quiet quitting on the whole idea of traditional full-time employment. In a survey conducted by the Atlanta Fed last year, businesses said remote work had led them to stock up on part-time employees, temps, independent contractors, and outsourced positions both at home and abroad. If workers are going to be remote, the thinking seems to go, why not get the cheapest remote workers available? Fewer full-time jobs means fewer costly benefits: healthcare, pensions, on-the-job training, a steady paycheck. In the age of WFH, companies are gig-ifying the American office.

Now, the employers could possibly lose valuable employees with a knowledge base potentially from decades of work. You can't just let that walk out the door but you can retain the most knowledgeable and replace the others. Our company mentioned the use of more offshore/offsite vendors under the premise of having their work be more mundane with employees getting the more complicated projects. BUT, as the offshore/offsite add knowledge, they'll take on those more complicated projects assuming it will save the company $$(read increase executive bonuses/pay). Yeah, I'm a touch cynic on this topic!

I was promoted into a data scientist role. My job is to automate those mundane processes to free up the professionals to spend time on analysis. This type of process improvement may actually reduce the need for cheap offsite or offshore labor.

I have helped reduce 100s of hours spent by accounting and finance professionals. At some point fewer people in general will be needed. Especially once AI is implemented more.

 

[cowadle]

Interesting article with a different 'spin' on the tech layoffs or really remote worker layoffs specifically. In the war over remote work, companies are turning full-time jobs into low-paying gigs

Employers are quiet quitting on the whole idea of traditional full-time employment. In a survey conducted by the Atlanta Fed last year, businesses said remote work had led them to stock up on part-time employees, temps, independent contractors, and outsourced positions both at home and abroad. If workers are going to be remote, the thinking seems to go, why not get the cheapest remote workers available? Fewer full-time jobs means fewer costly benefits: healthcare, pensions, on-the-job training, a steady paycheck. In the age of WFH, companies are gig-ifying the American office.

Now, the employers could possibly lose valuable employees with a knowledge base potentially from decades of work. You can't just let that walk out the door but you can retain the most knowledgeable and replace the others. Our company mentioned the use of more offshore/offsite vendors under the premise of having their work be more mundane with employees getting the more complicated projects. BUT, as the offshore/offsite add knowledge, they'll take on those more complicated projects assuming it will save the company $$(read increase executive bonuses/pay). Yeah, I'm a touch cynic on this topic!

remote emplyees can be located in many locations across the world and also be compensated with many different currency and be taxed or not at many different rates.