Many businesses have fired workers this year. One of a company’s most crucial elements is its workforce. No matter how little the business is, it simply cannot function without them. The main assets of your business are your staff.
However, in 2022, some significant, well-known businesses will lay off workers. Some of these layoffs, some of which are affecting thousands of individuals at once have stunned the corporate sector.
The layoffs were caused by several additional issues, including cost-cutting, substandard performance and financial difficulties. Even some of the businesses faced backlash for their rash choice.
Many individuals lost their jobs during the outbreak and now there is a disturbance around the world as a result of repeated layoffs. The current state of the world economy is another important factor in these layoffs. Statistics show that over 8000 employees have been fired by their companies in just the first half of 2022.
1. Lido Learning
When over 200 Lido Learning employees were laid go in February 2022, the situation they found themselves in was terrifying. Two of the most well-known investors, Anupam Mittal and Mukesh Bansal have supported Lido Learning.
The business raised close to $10 million in September 2021. Sahil Sheth, the founder of Lido Learning stated that the company wouldn’t be able to pay its employees’ salaries due to financial difficulties. Many workers were given the go-ahead to hunt for other employment.
Microsoft Corporation was established by Bill Gates and Paul Allen on April 4, 1975. Microsoft’s name was added to the list of well-known businesses cutting staff as part of a “realignment” when it made the announcement. It’s important to keep in mind that Microsoft was the first significant software company to terminate employees.
1% of Microsoft’s 1,80,000 employees across all of its offices and products, according to estimates dated July 13, 2022, would be let go. In addition to announcing layoffs, Microsoft has reportedly stopped hiring for its Windows, Teams and Office departments.
The largest streaming service revealed an unexpected turn of events by firing 150 staff members. Despite the fact that it was a tiny amount, it made the news. There are rumors that the reason for firing 150 people is that Netflix made a rash decision that slowed down the company’s income development.
The streaming juggernaut’s primary motivation, according to Netflix, is to reduce costs. One of the reasons for Netflix’s slower income growth is the fact that it lost over 2 lakh customers and appears to be losing more. Due to cost-cutting measures, 300 staff were once more let go by Netflix in May 2022.
An Indian unicorn company and B2B eCommerce platform called Udaan has joined the practice of firing employees. The company plans to lay off about 350 full-time workers in order to increase profitability and efficiency. But the business has also sacked employees at other times.
In June of the current year, 180 staff were let go as part of cost-cutting measures (2022). Prior to starting the second round of layoffs this year, the company had been in operation for a week after acquiring $120 million through convertible notes and loans.
The leading Fintech SaaS company in India, Clear, is a well-known brand that has joined the list of companies that will be laying off employees in 2022. The Bengaluru-based company laid off between 190 and 200 employees from several departments on September 15, 2022.
This number represents almost 20% of the company’s workforce. This occurs around a year after Kora Capital, Stripe and other investors provided Clear with a $75 million Series C investment round in October 2021. The business successfully closed a venture round in January 2022 for an undisclosed price. Layoffs are reportedly one of the company’s restructuring initiatives to increase cash flow.
On March 21, 2006, Jack Dorsey, Biz Stone, Evan Williams and Noah Glass established the American communications firm Twitter. One of the most well-known social networking sites is Twitter which has its US headquarters in San Francisco, California. Elon Musk, a tech tycoon, launched a $44 billion buyout that recently made news before backing out and being sued.
Twitter revealed that 30% of its recruiting team members would depart the firm in the midst of the ambiguity surrounding the Elon Musk-Twitter acquisition agreement and the imminent legal dispute. According to a WSJ article from July 7, 2022, the firm which has over 7000 employees would be firing about 100 workers.
Amazon has a huge number of employees working in their warehouses which has caused a delay in production. Because of Covid leave, it was allegedly understaffed during the pandemic but as soon as the staff at their warehouses started to show up again, everything changed.
However, reports claim that on July 31, 2022, Amazon would have to fire 100,000 workers. We are about to witness the largest sequential decline in history. Most of the fired employees are still employed by Amazon’s fulfillment centers and distribution network. More than 1.5 million people are employed by the Andy Jassy-run company.
Walmart Inc., a well-known American retail giant, said that it would cut hundreds of corporate employees. On August 3, 2022, Walmart announced that it will have to fire over 200 workers. Its corporate headquarters in Arkansas provided this. The burden of the transformation would fall on many areas, including marketing, the global technology and real estate.
Rosen Sharma, Jay Vaishnav and Suman Saraf founded BlueStacks in 2011. The second-largest PC gaming platform in the world, BlueStacks, is based in Campbell, California and links PC gamers to the Android gaming community.
The company has expanded significantly thanks to the high demand for Android smartphones. News reports from July 20, 2022 state that 60 Indian employees have been let go. Most employees were informed via video conferences by BlueStacks that their services will no longer be required starting with July 18, 2022.
The corporation has fewer employees at its offices in London, Tokyo, Seoul and Beijing, in addition to India. According to the reports, there may have been up to 150 layoffs overall or 120 to 150 employees. The business’s internal restructuring is what led to the layoffs. According to sources, BlueStacks provided medical insurance and one month’s pay as severance for the fired employees.
TikTok, a platform for hosting short-form videos is owned by the Chinese business ByteDance. TikTok has seen amazing growth in India and throughout the world as a result of its viral, short-form content.
As a result, TikTok has been outlawed in various countries after complaints. The platform is expanding, with 8 new users joining TikTok every second. There were more than 1 billion active users each month as of July 2022.
According to rumors, TikTok, a well-known and disputed ByteDance affiliate has begun laying off staff members in the EU, EK and US. Over 100 TikTok employees may be affected by these layoffs, according to rumors. There are currently about 10,000 individuals working for the company worldwide. The company’s plans for a global restructure include the TikTok layoffs.
Everyone was stunned by the decision of one of India’s largest EdTech companies to fire 600 employees or 10% of its staff, last year. In April, it was an impulsive choice. The employees’ subpar results were cited as one of the grounds for the layoff. In addition, a slowdown in startup financing in India has been cited as influencing this choice.
Vedantu has let a lot of employees go. Vedantu let go of 424 full-time and contract staff in May 2022. The previous year, 200 of its employees had been let go. According to Vedantu, this is being done to extend its capital runway.
Furthermore, it is asserted that layoffs at Edtech companies are a result of school closings and a return to conventional classroom instruction. According to news dated August 3, 2022, Vedantu once more let go of 100 workers across departments. This was accomplished as a result of Vedantu’s planned company reorganization procedure.
Cars24 has lost almost 600 people or 6% of its workforce. Those fired included workers from numerous departments and positions. Without providing any further explanation, the corporation has only said that the employee’s departure was due to poor performance. Every year, employers fire workers who don’t give their jobs their all. Cars24 decided to let go of employees because it wants to grow internationally.
Meesho swiftly and unexpectedly fired 150 employees from the company’s supermarket division in April. Farmigo, the name of the supermarket division of the well-known reselling business in India, has been replaced by Meesho Superstore.
The business is considering fusing its primary app with its grocery store. The layoffs are attributed to the reorganized stores. This is based on their prior performance for the sector and how well they have adapted to the new Meesho Superstore structure.
The Better.com layoffs most recently are the most contentious. The business has faced criticism since it let go of over 900 workers on a single Zoom transaction last year. So far this year, they have let go of about 3000 of their staff.
The employee’s weak performance, says the employer, led to the layoffs. They claim that the employees’ dismissals were the result of poor output and performance. The corporation has laid off more than 50% of its workers since December 2021.
Online grocery company Blinkit has let go of a portion of its staff. They claim it represents 5% of their staff. The majority of the layoffs occurred in the cities of Mumbai, Kolkata and Hyderabad.
Nearly 600 crores of rupees have been invested by the corporation to concentrate on its 10-minute delivery service. In addition to firing its employees, the online grocery company often pays its suppliers later than expected. Cost-cutting measures are cited as the primary justification for the layoff.
When OkCredit, a business that works with digital ledgers, let go of about 40 of its employees in February, the market was shocked. The business claimed that the sudden decision was brought on by changes in the organization’s priorities.
This resulted in a restructuring of the business and the responsibilities that its employees played, which in turn resulted in the termination of certain employees.
A recent company called Furlenco lends out furniture to its clients. Approximately 200 staff would reportedly be let go by the corporation, according to reports. According to reports, the organization has ceased operations entirely in places like Kolkata, Jaipur, Chandigarh and Mysuru. The corporation terminated a large number of employees in the customer service and grievance management divisions, mostly attributing the terminations to restructuring.
Trell, a social commerce startup, appears to be operating without any problems. It is said that while investigating any potential financial issues, it decided to let go of 300 employees or around 50% of its workforce.
The majority of the considerations that contributed to this choice may be linked to the EY India probe. The organization explicitly admitted that the layoffs were required for organizational and operational improvements. The company fills the open positions.
Ford, an American carmaker, revealed in April that it will be firing 580 US employees. The choice was decided as soon as the firm made the announcement that it will restructure and concentrate on producing electric vehicles.
The engineering department is mostly to blame for the firings because the development of electric vehicles required a variety of diverse skill sets. The corporation argues that this is done in order to satisfy the needs of the company going forward.
An individual’s weight is tracked through the Noom wellness app which also has a section for mental health. In April, the corporation let go of 500 employees or 25% of its workforce. A change in coaching methodology is the only defense against the layoff. The coaching approach was modified for the benefit of the company and the employees were let go.
Before reporting its financial results for the first quarter of 2022, consumer trading and investment service provider Robinhood stated that 300 of its employees or 9% of its staff, would be let go. There are 300 people employed there permanently. According to sources, the primary cause of the termination was the company’s downturn in business since becoming public the previous year, in 2021—the year before.
Swiss-based multinational food and beverage corporation Nestlé was founded. The international food processing business recently shut down its Californian Sweet Earth Food division. As a result, 104 workers were let go.
The choice was made after it became apparent that the business producing plant-based meat was experiencing poor growth and financial losses. Sweet Earth Food Facility, which sells meatless plant-based food items, was acquired by Nestle in 2017.
The biggest store in the UK, Tesco wants to transform overnight. Due to a decline in demand, 300 supermarkets frequently close their meat and fish counters. Tesco’s 1600 employees may lose their employment as a result of this decision. The supermarket business is prepared to restructure in the event of job losses.
Unilever, a significant consumer goods corporation, announced that 1500 people would be laid off. In actuality, it decided to expand globally after failing to acquire GlaxoSmithKline’s consumer health sector. Unilever has made the decision to restructure the business, choose a more aggressive operational strategy and react more quickly to altering consumer preferences in order to achieve growth.
Mfine is a Bangalore-based digital health platform that offers various services, including diagnostic procedures and medical consultations. A dramatic turn of events at the health platform resulted in the termination of over 500 corporate workers. More than half of their workers are impacted. The business began hiring extra staff as early as April, but when the fundraising need worsened, it decided to fire them.
A Swedish fintech business that offers online financial services is called Klarna. The CEO of the business informed the staff via a pre-recorded video that 10% of the company’s global workers will be laid off. This choice will have an effect on more than 700 employees. The CEO asserts that the conflict between Ukraine and Russia and a potential recession are to blame for this dramatic action.
A chain of movie theaters in Canada is called Cineplex. The pandemic scenario has caused many issues around the world, including issues for the theater chain. The corporation declared in January that it would have to lay off 5000 workers as theaters in Ontario closed. This choice was taken in reaction to Corona’s Omicron version gaining popularity across the nation. The layoff, it is claimed, is only momentary.
In January, the UK-based Primark worldwide clothing chain will lay off 400 employees. According to reports, the management structure would be simplified. Primark’s sales decreased as the omicron version increased and the inflation seemed to worsen. For the organization’s restructuring, the layoff was now required.
30. Royal Mail
Royal Mail, the country’s postal service, has existed for centuries. The company chose to fire 700 employees in January 2022. The business took this choice as a result of delivery delays brought on by Covid-related issues. It was determined to terminate 700 employees in order to implement reform and restructure the business in response to complaints about the postal service’s performance.
In February, the Chinese ride-hailing business DiDi made the decision to cut 20% of its workforce. Almost 3000 employees lost their employment as a result of this decision.
According to reports, the company decided to take this action in reaction to pressure from authorities that it has been facing since an investigation was opened last year. The decision was made to conduct a thorough investigation after the company suffered a loss and a sharp decline in the value of its stock.
32. Conde Nast
One of the largest media conglomerates in the world, Conde Nast is the parent company of numerous prestigious brands such as Vanity Fair, GQ, and Vogue. The publisher of Vogue Russia and other publications abruptly announced that they will stop selling them in Russia and lay off 90% of their personnel. The main defense offered for this decision was Russia’s incursion into Ukraine. The agreement between Conde Nast and Russia has been canceled.
Bangalore, India is home to the corporate offices of Rupeek, a business that offers loans for digital gold. It might exist in more than 35 cities. The company laid off about 200 workers or about 10-15% of its workforce.
Layoffs were carried out by numerous teams and departments. Rupeek claimed that the corporation intended to lower the size and compatibility of its organizational structure in order to lay off some workers and cut costs.
On the website Coinbase, users may buy and sell cryptocurrencies. No one works at the company’s physical headquarters, instead, they all do their jobs from home. It is reputed to be the largest cryptocurrency exchange platform.
The corporation said that it would fire 1100 workers or about 18% of its workforce. According to the company, it has made the decision to control and restrict Coinbase’s spending given the current state of the market.
Everyone was shocked when the three-year-old e-commerce business CityMall announced the firing of 191 of its employees. The Gurugram-based company’s name may be found on the list of businesses that fired workers in 2022 despite getting $75 million. The corporation argues that this layoff was caused by the structural adjustments being made.
Byju’s, the largest Edtech company in India made the decision to lay off 2500 workers. Despite having a value of about $21 billion, the unicorn decided to fire its staff. This choice has been attributed to cost-cutting efforts.
Tesla experienced a shock as it was creating its cutting-edge driving assistance features for Autopilot. Following Musk’s announcement that the company had 10% fewer employees, Tesla took the unexpected decision to let go of 200 staff who were working on the autopilot feature.
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- 1 1. Lido Learning
- 2 2. Microsoft
- 3 3. Netflix
- 4 4. Udaan
- 5 5. Clear
- 6 6. Twitter
- 7 7. Amazon
- 8 8. Walmart
- 9 9. BlueStacks
- 10 10. TikTok
- 11 11. Unacademy
- 12 12. Vedantu
- 13 13. Cars24
- 14 14. Meesho
- 15 15. Better.Com
- 16 16. Blinkit
- 17 17. OkCredit
- 18 18. Furlenco
- 19 19. Trell
- 20 20. Ford
- 21 21. Noom
- 22 22. Robinhood
- 23 23. Nestlé
- 24 24. Tesco
- 25 25. Unilever
- 26 26. Mfine
- 27 27. Klarna
- 28 28. Cineplex
- 29 29. Primark
- 30 30. Royal Mail
- 31 31. DiDi
- 32 32. Conde Nast
- 33 33. Rupeek
- 34 34. Coinbase
- 35 35. CityMall
- 36 36. Byju’s
- 37 37. Tesla