The topic of layoffs can be quite sensitive and personal for many. A company layoff refers to when a business decides to terminate the employment of its workforce. This is not due to the performance of the employees. It’s usually because of economic conditions and instability that can change business needs.
Some reasons why companies are forced to layoff their employees include:
- Financial challenges
- Organizational changes (think mergers/acquisitions)
- Economic downturns
- Outsourching
Layoffs in 2023
In 2023, many companies announced cuts across their workforce. Some big names that were forced to terminate their employees include IBM, Google, Wells Fargo and Robinhood.
Here is a comprehensive list of some companies that had layoffs in the year 2023:
- Google layoffs
Approximately 6% of the workforce was laid off in 2023.
- Wells Fargo layoffs
Wells Fargo reduced its employees by approximately 40,000 in 2023.
- IBM Layoff
The CEO of IBM recently announced that about 7800 jobs can be replaced by AI, which means there is a high probability of a mass layoff in the near future.
- Robinhood layoffs
Robinhood recently slashed 7% of its total workforce in 2023.
- CVS layoffs
As of August 1, CVS has announced the layoff of 5000 employees across the company in 9 states.
- Cisco Layoffs
Cisco is reported to lay off about 350 employees in the year 2023.
- Intel Layoffs
As a part of its ongoing cost-cutting efforts, Intel is expected to eliminate more than 300 employees in California.
- Microsoft Layoffs
In January, Microsoft announced that it would be laying off 10,000 employees. This number is expected to increase by the end of 2023.
HR Outsourcing Companies- Stravatek
If you are expected to face an economic downturn or structural reorganization, you need to be well-prepared as a business for layoffs. Economic conditions are still staggering in 2023. An HR outsourcing company like Stravatek can assist you in multiple ways so that your layoff process is managed professionally.
We can assist you in devising a plan that aligns with your objectives and minimizes disruptions. We can also help you craft clear and empathetic messaging so that you can communicate with your employees and stakeholders. If your business requires training for your managers so that they terminate employees themselves, we can train your managers so that they are able to communicate effectively and answer questions. We can also help you track the effectiveness of your layoffs, and report metrics on the success of your decision to lay off. For complete HR service, visit: HR Expert.
By leveraging our expertise in HR, you can ensure that you will be able to navigate through these tough circumstances with ease. Get in touch with us today to learn more.