Tag: layoffs

Sundar Pichai took home $226 mn in 2022 amid layoffs at Google

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San Francisco: Amid job cuts at Google’s parent company Alphabet, its CEO Sundar Pichai took home a whopping compensation of nearly $226 million in 2022.
According to the tech giant’s filing with the US Securities and Exchange Commission (SEC), Pichaia’s compensation included stock awards of about $218 million.
Pichai’s salary, however, has remained steady at $2 million for the past three years, according to reports.

On January 20, Google CEO confirmed in a letter to employees that about 12,000 people will be laid off globally, accounting for more than 6 per cent of the total workforce.
Amid layoffs, tech giant Google is also creating several cost-cutting measures such as cutting down on free snacks and workout classes for its existing employees, the media reported.
The company’s micro kitchen that provides free snacks like cereal, espresso, and seltzer water have been closed on days that typically have a significantly lower volume.
The company also discontinued spending on personal equipment like laptops, according to an internal memo.
Tech giant Google also informed its employees via an email that fewer of them will be promoted to more senior levels this year as compared to the past.

Google India terminated more than 400 employees and some of the impacted workers took to LinkedIn to share their plight.
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#Sundar #Pichai #home #layoffs #Google
( With inputs from www.siasat.com )

April 22, 2023
Amazon, Google CEOs ‘hint’ at more layoffs amid economic meltdown

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New Delhi: As tech layoffs continue unabated in 2023, Amazon and Google CEOs have hinted at more layoffs as the companies continue to evaluate business.
In a letter to company shareholders, Amazon CEO Andy Jassy said that they reprioritised where to spend resources, which ultimately led to the hard decision to eliminate 27,000 corporate roles.
“There are a number of other changes that we’ve made over the last several months to streamline our overall costs, and like most leadership teams, we’ll continue to evaluate what we’re seeing in our business and proceed adaptively,” the Amazon CEO wrote.

Jassy said that the company had to conduct a thorough analysis of each business and invention within the company to determine whether they had strong potential to generate revenue, operating income, free cash flow, and return on invested capital in the long run.
Meanwhile, Pichai said that the company is “literally looking at every aspect of what we do” in an effort to re-engineer its cost base permanently.
In a recent interview with Wall Street Journal, the Alphabet and Google CEO said: “We are trying to accomplish that across many different ways. We’re literally looking at every aspect of what we do, and as we said on our last earnings call, we’re thinking about how to re-engineer our cost base in a durable way.”
“We are definitely being focused on creating durable savings. We are pleased with the progress, but there’s more work left to do,” he was quoted as saying.
Google had in January laid off 12,000 employees in its first round of layoffs.

“We’ve decided to reduce our workforce by approximately 12,000 roles. We’ve already sent a separate email to employees in the US who are affected. In other countries, this process will take longer due to local laws and practices,” Pichai had said in a statement.
Amazon initially eliminated 18,000 positions in January, saying that as “we completed the second phase of our planning this month, it led us to these additional 9,000 role reductions”.
In March, the e-commerce giant announced to lay off another 9,000 employees in Amazon Web Services (AWS), Twitch, advertising, and HR.
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#Amazon #Google #CEOs #hint #layoffs #economic #meltdown
( With inputs from www.siasat.com )

April 15, 2023
Amid layoffs, tech firms continue to exploit H-1B visa programme: Study

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New York: Amid massive ongoing layoffs in the tech sector, the top 30 H-1B visa employers hired 34,000 new workers in 2022 and laid off at least 85,000 workers in 2022 and early 2023, an Economic Policy Institute (EPI) analysis found.
According to EPI researchers, tech and outsourcing companies are exploiting the highly-skilled H-1B visa program, created to fill labor shortages in professional fields, by laying-off a bevy of workers employed in firms like Meta, Microsoft, Google, Amazon, etc.
“Most employers hire H-1B workers because they can be underpaid and are de facto indentured to the employer,” the EPI research said.

Also, 13 of the top 30 H-1B visa employers were outsourcing firms that underpay migrant workers and offshore US jobs to countries where labor costs are much lower.
“Its implementation has been bungled by the US Departments of Labor and Homeland Security,” the analysis said, adding that since employers aren’t required to test the US labor market to see if any workers are available before hiring an H-1B worker or pay their H-1B workers a fair wage, employers have exploited the program.
ECI said, in 2022, 48,000 employers registered with United States Citizenship and Immigration Services (USCIS) in hopes of hiring at least one H-1B worker, and nearly 30,000 employers ultimately hired at least one new H-1B worker.
Citing an example, the ECI research said Amazon was at the top of the list in terms of both new H-1B workers and layoffs. It hired 6,400 new H-1B workers in 2022, and hired the most new H-1B workers in 2021 as well, when it hired nearly 6,200 workers. The tech giant has either recently laid off or plans to lay off 27,150 of its employees — more than twice the number of H-1B workers it hired in 2021 and 2022 combined.
Google and Meta, both long-time top H-1B employers, together hired over 3,100 new H-1B workers last year.The duo laid off 33,000 employees, almost 11 times the number of new H-1B workers they hired in 2022.

The H-1B program is the largest US temporary work visa program, with a total of approximately 600,000 workers employed by 50,000 employers.
Most of these workers are employed in occupations like computer systems analysis and software development.
Visas for new workers are capped at 85,000 per year, but many employers are exempt from that annual cap, including universities and their affiliated nonprofit entities, nonprofit research organizations, and government research organizations.
The study urged President Joe Biden to “implement regulations and policy guidance to prevent misuse of the program, stop the exploitation of college-educated migrant workers, and ensure the program is consistent with congressional intent”.
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#layoffs #tech #firms #continue #exploit #H1B #visa #programme #Study
( With inputs from www.siasat.com )

April 13, 2023
Amid layoffs, techies now hit by soaring rents in Bengaluru

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Bengaluru: Soaring rents in Bengaluru have emerged as a major challenge for the software professionals who are already affected by salary cuts and fear of layoffs.
As companies are slowly coming out of hybrid working mode and making reporting to office compulsory, techies from across the country are coming back to Bengaluru and settling down.
The rents for flats, independent houses and residential facilities in Bengaluru, especially those which are close to IT parks, have almost doubled.

The techies, especially those in early phase of their career, are finding it difficult to afford exorbitant rents and they are considering to migrate to distant localities that have afforable rents as well as good connectivity with their workplaces. Bachelors are coming together to share the living space while married ones are finding it hard, explain industry sources.
Magicbricks Property Index Report for January to March revealed that residential demand (searches) in Bengaluru increased 10.3 per cent QoQ, making it amongst the top 3 preferred metros in India.
During the same time, residential supply (active listings) observed a marginal decline of 1.1 per cent QoQ and the demand-supply mismatch led to an increase of 2.5 per cent in the average property rates.
The average rates of ready-to-move and under-construction properties increased 2.5 per cent and 2 per cent QoQ, respectively.
The report also stated that Bengaluru records the second highest increase in residential demand (10.3 per cent QoQ).

Sarjapur Road emerged as the most preferred residential area in Bengaluru, the report said.
The report also revealed that 3BHK configurations gained the highest traction commanding a share of 48 per cent in the total residential demand during this (January-March) quarter and 43 per cent share in the total supply (listing).
This was followed by 2BHK configurations which held 38 per cent share of the demand and 43 per cent of the supply in the city.
Elaborating on the trends, Sudhir Pai, CEO, Magicbricks commented: “Several multilateral agencies have projected that the Indian economy will grow by 6-7 per cent in FY23, despite the global slowdown. The recent Union Budget has also introduced several encouraging initiatives, including substantial allocations to PMAY and UIDF, which have set the wheels in motion for facilitating employment opportunities and infrastructure development.
“Given the under-served demand for home-ownership in the affordable and mid-range segment, we are optimistic about the growth trajectory for residential demand in the coming quarters as well. We anticipate that the market will stabilise, supplemented by new projects and expedited delivery of under-construction properties, which will open up new avenues for investment and innovation.”
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#layoffs #techies #hit #soaring #rents #Bengaluru
( With inputs from www.siasat.com )

April 7, 2023
McDonald’s temporarily shuts US offices, plans major layoffs

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New York: Fast food giant McDonald’s has temporarily shut its offices in the US this week as it gears up to lay off several employees as part of the restructuring plan amid the global economic meltdown, the media reported.
According to Wall Street Journal, the Chicago-based burger major told US employees, and some international staff, “that they should work from home from Monday through Wednesday so it can deliver staffing decisions virtually”.
“During the week of April 3, we will communicate key decisions related to roles and staffing levels across the organization,” the company said in an internal email.

“We want to ensure the comfort and confidentiality of our people during the notification period,” the company added.
McDonald’s was yet to comment on the development or on the number of employees being laid off.
In January, the company said it planned to make “difficult” decisions about changes to its corporate staffing levels by April.
CEO Chris Kempczinski had said at the time that he expected to save money as part of the workforce assessment.
McDonald’s employs more than 1,50,000 people globally in corporate roles and its owned restaurants with 70 percent of them located outside of the US.

The company has conducted several rounds of layoffs in recent years.
In 2018, McDonald’s said that the company was cutting its management to be “more dynamic, nimble and competitive”.
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#McDonalds #temporarily #shuts #offices #plans #major #layoffs
( With inputs from www.siasat.com )

April 3, 2023
Tech layoffs, economic slowdown hamper office space demand in India

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New Delhi: Global economic slowdown, tech layoffs and hybrid work have impacted gross leasing of office space in India, as flexible office space providers share reached almost at par with traditional tech companies in the first quarter of 2023, a report has shown.
Leasing by flex space operators in Q1 2023 inched closer to that of technology companies for the first time ever, according to the report by Colliers India.
Flex space occupiers leased 2.1 million square feet of space, accounting for 20 per cent, a little behind the technology sector’s share at 22 per cent.

Together, both the sectors accounted for nearly 42 per cent of the total leasing across top six cities.
“Share of technology sector has declined steadily from 34 per cent in Q1 2022 to 22 per cent in Q1 2023, as corporates continue to focus on building in operational efficiencies through a hybrid model,” said Peush Jain, Managing Director, Office services, India, Colliers.
While Hybrid working has impacted demand for conventional office spaces, it has also fuelled demand for flex spaces across top markets.
“As long-term growth drivers for the tech sector remain strong in India, the technology sector will continue to drive office leasing activity through a mix of conventional and flex spaces,” Jain added.
Bengaluru and Delhi-NCR were the most preferred locations for top flex operators for their portfolio expansion.

Bengaluru accounted for nearly half of the total flex leasing during the quarter, followed by Delhi-NCR at 30 per cent share.
Occupiers’ interest in flex spaces remain unabated as they continue to blend their conventional real estate portfolio in a bid to control costs while providing convenient ways to work for their employees.
Large technology occupiers have also been leasing spaces in flex spaces due to their added benefits such as flexible lease terms, lower capex and modern workplace designs, said the report.
This coupled with ongoing recessionary conditions and layoffs in the technology sector has led to a relative pushback in conventional leasing by these occupiers.
The year 2023 has begun on a cautious note registering a 19 per cent YoY decline in leasing activity across top 6 cities at 10.1 million square feet during the first quarter.
“Although office absorption is currently facing temporary downward pressures, leasing activity will likely pick up especially towards the latter part of the year, driven by strong growth fundamentals,” said Vimal Nadar, Senior Director and Head of Research, Colliers India.
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#Tech #layoffs #economic #slowdown #hamper #office #space #demand #India
( With inputs from www.siasat.com )

April 2, 2023
Adobe won’t do mass layoffs, says its chief people officer

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San Francisco: Bucking the layoff trend that has hit companies across the spectrum, software major Adobe has said it will not perform company-wide layoffs.
Unlike other Silicon Valley tech giants, Adobe will not do any mass layoffs this year, according to its Chief People Officer Gloria Chen.
In an interview with Bloomberg Television, she said that “We are committed to not having company-wide layoffs.”
“We’re actually committed to continuing to grow here,” Chen said, as Adobe opened its fourth office, based in San Jose, California that has the capacity for 3,000 employees.
In December, Adobe laid off some 100 employees from its sales team amid the rough global macroeconomic conditions.
Adobe said that the company “shifted some employees to positions that support critical initiatives” and removed “a small number” of other jobs.
“Adobe is not doing company-wide layoffs and we are still hiring for critical roles,” the software major had said in a statement.
Adobe will post its Q1 quarterly earnings results on March 15.

The company achieved revenue of $4.53 billion in its fourth quarter of fiscal year 2022, which represents 10 per cent year-over-year growth.
Adobe achieved revenue of $17.61 billion in fiscal year 2022, which represents 12 per cent year-over-year growth.
“Adobe drove record revenue and operating income in fiscal 2022,” said Shantanu Narayen, chairman and CEO, Adobe. “Our market opportunity, unparalleled innovation, operational rigor and exceptional talent position us well to drive our next decade of growth.”
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#Adobe #wont #mass #layoffs #chief #people #officer
( With inputs from www.siasat.com )

March 10, 2023
Turkey bans layoffs, offers salary support in earthquake zone

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Ankara: Turkey has launched a temporary salary support scheme and banned job cuts in southern provinces hit by the devastating February 6 earthquakes that killed over 42,000 people in the country as well as in Neighbouring Syria, an official gazette said.
The government will provide salary support for employers in provinces under the state of emergency to partially cover the wages of their workers.
Employers will be able to benefit from the allowance if their workplaces are “heavily or moderately damaged”.
In addition, the government also banned layoffs in the earthquake zone, except for reasons of not complying with the rules of morality and goodwill, closure of the workplace, and expiry of the employment contract, said the report.
The move aims to safeguard workers and businesses in the region from the economic impact of the devastating earthquakes.
The earthquakes could cost up to $84 billion, or about 10 per cent of the country’s gross domestic product (GDP), according to a report from the Turkish Enterprise and Business Confederation (TURKONFED).
A total of $70.7 billion of financial damage will result from housing loss, $10.4 billion from national income loss and $2.9 billion from loss of working days, the TURKONFED said in its preliminary report issued four days after the quakes.
The 10 quake-hit provinces, where some 13.5 million people lived, account for 9.3 per cent of the country’s GDP and 8.7 per cent of Turkey’s total exports, with cereals, pulses, oil seeds and their products, steel, agricultural products, textiles and raw materials, and ready-made clothing products as the leading export items from the region.

However, given a mass exodus from the disaster region, it is unlikely for the factories in the region to find enough workers even if they are able to resume production.
In the southern province of Mersin that neighbours the disaster-affected region, 47 institutions and NGOs made a joint statement on Wednesday, saying the population of the province increased by 40 per cent in two weeks because of migration after the earthquake.
“There are 70,000 families coming from the quake region, and an estimated 40,000 will stay here,” Vahap Secer, Mayor of Mersin Metropolitan Municipality, said in a statement, calling for housing projects in his province too.
Turks have already been struggling for several years with rampant inflation and currency turmoil.
The massive earthquakes hitting the country on February 6 have further added to their woes.
(Except for the headline, the story has not been edited by Siasat staff and is published from a syndicated feed.)
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#Turkey #bans #layoffs #offers #salary #support #earthquake #zone
( With inputs from www.siasat.com )

February 23, 2023
McKinsey to slash 2,000 jobs in one of biggest layoffs

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San Francisco: Global consulting firm McKinsey & Co is reportedly planning to slash about 2,000 jobs in one of the largest layoffs, the media reported.
The job cut is likely to focus on support staff who do not have direct contact with clients, reports Bloomberg.
The layoffs are reportedly part of ‘Project Magnolia’, which the consulting firm hopes will help preserve the compensation pool of its partners.
“We are redesigning the way our non-client-serving teams operate for the first time in more than a decade, so that these teams can effectively support and scale with our firm,” a company spokesperson was quoted as saying.
Last week, reports surfaced that global consulting firm KPMG is laying off 2 per cent of its workforce that will impact about 700 employees in the US, owing to a “sharp slowdown in its consulting business”.
According to The Financial Times, KPMG became the first of the Big Four accountancy firms (EY, Deloitte, and PwC) to reduce jobs amid global macroeconomic conditions.
According to the report, KPMG has also been struggling with the collapse in merger and acquisition activity, which has hit its deal advisory business.
The Big Four financial accounting firms went on a hiring spree in the wake of the pandemic, as demand for IT consulting and deal advisory work had surged.

Last month, global investment firm Goldman Sachs fired more than 3,000 employees.
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#McKinsey #slash #jobs #biggest #layoffs
( With inputs from www.siasat.com )

February 22, 2023
Indian-origin teen girl missing in US fearing family’s deportation amid layoffs

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New York: An Indian-American teenager Tanvi Marupally has gone missing in the US and according to the local police, she ran away from home due to fear of her family being deported amid mass layoffs in the tech industry.
The incident happened in the US state of Arkansas and the community and Conway Police Department “continue to search for a missing 14-year-old girl and now there’s a reward for whoever can find her,” reports kark.com.
Marupally was last seen on January 17 near Conway Junior High School heading north on Davis Street.
According to the report, she was wearing a purple coat, pink pullover, blue shirt and blue jeans.
“Police said they believe one of the possible reasons why Tanvi ran away was a fear of her family being deported,” the report mentioned.
Tanvi’s father informed the Conway police department that acehe is no longer at risk of losing his job and that leaving the country is not a concern at this time”.
Charlie Crossman who owns Crossman Printing said he has made over one thousand fliers in the hopes of helping spread the word about Marupally.
“I hope just to get the word out there’s people I talk to about Tanvi and they don’t know about her. They live on Conway,” Crossman was quoted as saying.

Crossman spoke with Marupally’s parents when they came to his printing shop for assistance.
“They came in and I guess they had heard we were giving away flyers for people that wanted to hand them out and we helped them also go to a mailer,” Crossman added.
Marupally’s family is offering a $5,000 reward in hopes of bringing her home.
The news comes as thousands of Indian-origin tech employees on H1-B visa have lost jobs and have 60 days to find a new one, else leave the country.
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#Indianorigin #teen #girl #missing #fearing #familys #deportation #layoffs
( With inputs from www.siasat.com )

February 11, 2023