Nokia Corporation announced its intention to reduce headcount and achieve financial stability by laying off a significant number of employees. In an attempt to simplify operations and save expenses, the corporation plans to eliminate 14,000 positions.

Slowing demand for 5G equipment forces cost-cutting measures

LinkedIn cut 668 employees across its engineering, talent, and finance teams. This marks the second round of job cuts this year for the company, affecting more than 3% of its 20,000-strong staff. LinkedIn trimmed its workforce in May by eliminating 716 positions within its sales, operations, and support departments.

LinkedIn announces second round of layoffs

In a move to counteract a noticeable decline in revenue growth, LinkedIn has announced a significant workforce reduction the social media Network for professionals owned by Microsoft will cut 668 employees across its engineering talent and finance teams. This marks the second round of job cuts this year for the company affecting more than 3% of its 20,000-strong staff.

LinkedIn announces more layoffs amid slowing revenue growth

In response to economic challenges and a notable revenue slowdown, LinkedIn, the professional social network owned by Microsoft, has embarked on a significant transformation. With over two rounds of layoffs this year, the company is reducing its workforce by 1,384 employees.

Restructuring for efficiency

LinkedIn's first major step in streamlining operations was in May when it cut 716 jobs across sales, operations, and support teams. This decision aimed to remove organisational layers, fostering agility and quicker decision-making. This wasn't just about cutting jobs; it was about optimising efficiency.

The second round of layoffs

The recent announcement of 668 job cuts in engineering, talent, and finance teams signifies LinkedIn's ongoing commitment to restructuring. This move comes as the second round of layoffs within a year, affecting over 3% of its 20,000-strong workforce. It's not an isolated event but part of a deliberate strategy.

The broader tech landscape

LinkedIn's actions reflect the broader challenges faced by the tech industry. This year, the sector has seen an unprecedented 141,516 job losses, starkly contrasting the 6,000 job cuts in the previous year. LinkedIn primarily generates its revenue through advertising sales and subscriptions. While the company reported a 5% increase in revenue in the fourth quarter of 2023, it's a decrease from the 10% growth seen in the previous quarter. LinkedIn's slowdown is attributed to reduced hiring and a decline in advertising spending.

Amid these challenges, LinkedIn remains steadfast in its commitment to strategic priorities. The platform continues to add new members to its extensive community, which boasts over 950 million users.

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In response to economic challenges and a notable revenue slowdown, LinkedIn, the professional social network owned by Microsoft, has embarked on a significant transformation.

In response to economic challenges and a notable revenue slowdown, LinkedIn, the professional social network owned by Microsoft, has embarked on a significant transformation. With over two rounds of layoffs this year, the company is reducing its workforce by 1,384 employees. Restructuring for efficiency LinkedIn's first major step in streamlining operations was in May when it cut 716 jobs across sales, operations, and support teams. This decision aimed to remove organisational layers, fostering agility and quicker decision-making. This wasn't just about cutting jobs; it was about optimising efficiency. The second round of layoffs The recent announcement of 668 job cuts in engineering, talent, and finance teams signifies LinkedIn's ongoing commitment to restructuring. This move comes as the second round of layoffs within a year, affecting over 3% of its 20,000-strong workforce. It's not an isolated event but part of a deliberate strategy. The broader tech landscape LinkedIn's actions reflect the broader challenges faced by the tech industry. This year, the sector has seen an unprecedented 141,516 job losses, starkly contrasting the 6,000 job cuts in the previous year. LinkedIn primarily generates its revenue through advertising sales and subscriptions. While the company reported a 5% increase in revenue in the fourth quarter of 2023, it's a decrease from the 10% growth seen in the previous quarter. LinkedIn's slowdown is attributed to reduced hiring and a decline in advertising spending. Amid these challenges, LinkedIn remains steadfast in its commitment to strategic priorities. The platform continues to add new members to its extensive community, which boasts over 950 million users. WATCH WION LIVE HERE

De-linking 668 employees: LinkedIn trims workforce as part of its 'restructure & streamline' strategy

A Bloomberg report citing a memo showed Elon Musk's X corp. Has agreed to try and resolve claims by hundreds of former twitter employees who feel they were robbed of severance compensation.

Elon Musk's ‘X’ seeks resolution for former layoff lawsuits

Amid challenges and triumphs, Disney navigates the evolving industry with a new strategy: price hikes & cost cuts. With over a billion dollars in operating income improvements within the streaming business over three quarters, Disney's sights are set on streamlining operations for profitability by 2024.

Disney hikes streaming prices

Zoom, the video conferencing company that became synonymous with working from home during the coronavirus pandemic, has joined the parade of companies requiring workers to show up in person.

Zoom calls employees back to office after riding work from home wave

The latest to join the layoff spree is the Pokemon Go maker Niantic, which on Thursday (June 29) said that it would let go of 230 employees as a part of a restructuring that is aimed at stabilising the organisation's finances.

As per an email from Niantic CEO John Hanke, which was shared on the company's website, the major organisational changes, apart from layoffs, also include game shutdowns and the closure of its Los Angeles studio where most of the employees that will be affected, are based.

The company will stop production on its Marvel game, Marvel World of Heroes and will also cancel NBA All World.

"We will be closing our LA studio, reducing our game platform team and making additional reductions across the company. As a result, we will be sunsetting NBA All-World and stopping production on Marvel: World of Heroes. This means we are laying off around 230 Niantics," Hanke said.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/national-geographic-magazine-lays-off-last-remaining-staff-writers-609951">National Geographic magazine lays off last remaining staff writers, to stop newsstands' sale from 2024</a>

Further elaborating on the reasons behind the crucial decision, Hanke said that the move was taken because of “internal and external factors."

"There are both internal and external factors. We are operating in a tough market environment due to the overall global macroeconomic slowdown, as well as unique challenges in the mobile gaming and AR markets. In the years since Pokémon GO’s launch, the mobile market has become crowded and changes to the app store and the mobile advertising landscape have made it increasingly hard to launch new mobile games at scale. We also face an AR market that is developing more slowly than anticipated, because of technology challenges and because larger players are slowing down their investments in light of the macro environment," he wrote.

Hanke's letter emphasised on the strategies Niantic will adopt moving forward, highlighting how the company will continue to invest in AR platforms in order to develop and monetize AR experiences.

"We will continue to invest in our AR map and AR platform to enable developers to build, grow and monetize their own AR experiences. Our highest priority in this area is building an ecosystem of developers who create cross-platform, web (using 8th Wall) and Unity-based AR experiences. In the upcoming world of headsets, we expect much fragmentation and we believe, as was the case in mobile, that content creators will demand cross-platform solutions that enable them to leverage their content investment across the greatest number of devices and users. Our Visual Positioning System and human-centric AR map will provide them with the industry’s best tools for creating entirely new ways for people to see and explore the world," his letter read. 
&nbsp;

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The latest to join the layoff spree is the Pokemon Go maker Niantic, which on Thursday (June 29) said that it would let go of 230 employees as a part of a restructuring that is aimed at stabilising the organisation's finances.

The latest to join the layoff spree is the Pokemon Go maker Niantic, which on Thursday (June 29) said that it would let go of 230 employees as a part of a restructuring that is aimed at stabilising the organisation's finances. As per an email from Niantic CEO John Hanke, which was shared on the company's website, the major organisational changes, apart from layoffs, also include game shutdowns and the closure of its Los Angeles studio where most of the employees that will be affected, are based. The company will stop production on its Marvel game, Marvel World of Heroes and will also cancel NBA All World. "We will be closing our LA studio, reducing our game platform team and making additional reductions across the company. As a result, we will be sunsetting NBA All-World and stopping production on Marvel: World of Heroes. This means we are laying off around 230 Niantics," Hanke said. Also read: National Geographic magazine lays off last remaining staff writers, to stop newsstands' sale from 2024 Further elaborating on the reasons behind the crucial decision, Hanke said that the move was taken because of “internal and external factors." "There are both internal and external factors. We are operating in a tough market environment due to the overall global macroeconomic slowdown, as well as unique challenges in the mobile gaming and AR markets. In the years since Pokémon GO’s launch, the mobile market has become crowded and changes to the app store and the mobile advertising landscape have made it increasingly hard to launch new mobile games at scale. We also face an AR market that is developing more slowly than anticipated, because of technology challenges and because larger players are slowing down their investments in light of the macro environment," he wrote. Hanke's letter emphasised on the strategies Niantic will adopt moving forward, highlighting how the company will continue to invest in AR platforms in order to develop and monetize AR experiences. "We will continue to invest in our AR map and AR platform to enable developers to build, grow and monetize their own AR experiences. Our highest priority in this area is building an ecosystem of developers who create cross-platform, web (using 8th Wall) and Unity-based AR experiences. In the upcoming world of headsets, we expect much fragmentation and we believe, as was the case in mobile, that content creators will demand cross-platform solutions that enable them to leverage their content investment across the greatest number of devices and users. Our Visual Positioning System and human-centric AR map will provide them with the industry’s best tools for creating entirely new ways for people to see and explore the world," his letter read. WATCH WION LIVE HERE

Pokemon Go maker Niantic lays off 230 employees, shuts down some games

Accounting giant KPMG is all set to lay off 5% of its employees in the united states as it feels the pinch of (quote unquote) economic headwinds and low attrition rates. This will be the second set of layoffs at the accounting giant this year. In February, it had laid off 2% of its workforce.

KPMG to cut 5% of jobs in the US

The global economic slowdown has taken its toll on banking and finance giants. Latest reports suggest that Goldman Sachs and JP Morgan, two of the biggest names in global finance, are laying off scores of employees globally. Goldman Sachs has started laying off managing directors across the world as deal making slows down amid a downturn in the global economy. On the other hand, JP Morgan chase is cutting about 40 investment bankers in North America.

JP Morgan, Goldman Sachs join layoff bandwagon

For the first time ever, Artificial Intelligence has been included as one of the reasons behind American companies executing job cuts. The US companies cut over 80,000 jobs last month, up 20 per cent from April due to reasons such as market conditions, restructuring and buyouts and Artificial Intelligence, according to a report by Chicago-based outplacement firm Challenger, Gray &amp; Christmas.

The report said that in May, 3,900 people were laid off due to Artificial Intelligence.&nbsp;

"We do believe Artificial Intelligence will cause more job loss, though we are surprised how quickly technology was cited as a reason," Andy Challenger, senior vice president of the outplacement firm, was quoted as saying by the Fortune magazine.

"It is incredible the speed the technology is evolving and being adapted," Challenger added without specifying which companies had the AI-related job cuts.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/big-four-hiring-decline-ernst-young-blames-overcapacity-for-3000-job-cuts-583498">'Big Four' hiring decline: Ernst &amp; Young blames 'overcapacity' for 3,000 job cuts</a>

A recent survey by software company Krista <a href="https://krista.ai/ai-trust-survey-2023/">found</a> most people believe that AI will affect their jobs at one point or the other. But while only 11 per cent of employees at managerial levels said that the technology will negatively affect their work, the number nearly doubled when it came to the rank-and-file workers.&nbsp;

Earlier in March, Goldman Sachs said in a report that 18 per cent of all jobs worldwide and a fourth of all jobs in the United States and Europe could be automated.

Also watch |&nbsp;Gravitas: Tech layoffs: Is your job safe?

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The report also found that white collar jobs such as the ones in the IT and finance sectors as well as the administrative and legal jobs were at greater risk of being replaced by the AI than the blue-collar ones that require physical labour.

Artificial Intelligence can automate tasks such as writing code, and other tasks that require years for humans to learn.&nbsp;

With that kind of computing power, some companies find it cheaper and more efficient to enlist Artificial Intelligence than employ people.&nbsp;

"The uncertainty lies in whether companies will cite A.I. as a reason [for termination] going forward," Challenger is further quoted as saying by the Fortune magazine.

"It remains to be seen how investors will react to that sort of adoption that costs human jobs."

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For the first time ever, Artificial Intelligence has been included as one of the reasons behind American companies executing job cuts. The US companies cut over 80,000 jobs last month, up 20 per cent from April due to reasons such as market conditions, restructuring and buyouts and Artificial Intelligence, according to a report by Chicago-based outplacement firm Challenger, Gray & Christmas.

For the first time ever, Artificial Intelligence has been included as one of the reasons behind American companies executing job cuts. The US companies cut over 80,000 jobs last month, up 20 per cent from April due to reasons such as market conditions, restructuring and buyouts and Artificial Intelligence, according to a report by Chicago-based outplacement firm Challenger, Gray & Christmas. The report said that in May, 3,900 people were laid off due to Artificial Intelligence. "We do believe Artificial Intelligence will cause more job loss, though we are surprised how quickly technology was cited as a reason," Andy Challenger, senior vice president of the outplacement firm, was quoted as saying by the Fortune magazine. "It is incredible the speed the technology is evolving and being adapted," Challenger added without specifying which companies had the AI-related job cuts. Also read | 'Big Four' hiring decline: Ernst & Young blames 'overcapacity' for 3,000 job cuts A recent survey by software company Krista found most people believe that AI will affect their jobs at one point or the other. But while only 11 per cent of employees at managerial levels said that the technology will negatively affect their work, the number nearly doubled when it came to the rank-and-file workers. Earlier in March, Goldman Sachs said in a report that 18 per cent of all jobs worldwide and a fourth of all jobs in the United States and Europe could be automated. Also watch | Gravitas: Tech layoffs: Is your job safe? × The report also found that white collar jobs such as the ones in the IT and finance sectors as well as the administrative and legal jobs were at greater risk of being replaced by the AI than the blue-collar ones that require physical labour. Artificial Intelligence can automate tasks such as writing code, and other tasks that require years for humans to learn. With that kind of computing power, some companies find it cheaper and more efficient to enlist Artificial Intelligence than employ people. "The uncertainty lies in whether companies will cite A.I. as a reason [for termination] going forward," Challenger is further quoted as saying by the Fortune magazine. "It remains to be seen how investors will react to that sort of adoption that costs human jobs." WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Thousands lose jobs as Artificial Intelligence replaces humans in tech sector

Chinese e-commerce giant Alibaba on Thursday said it plans to hire 15,ooo people in 2023, surprising market watchers who expected the company to lay off employees amid the global economic slowdown.&nbsp;

According to a statement released on the Chinese social networking platform Weibo, Alibaba will hire 15,000 people across its six major business divisions. At least 3,000 of the new recruits will be fresh college graduates.

In announcing a hiring spree, the e-commerce giant has effectively dismissed reports of layoffs as "rumours". The company added that employee departures are a part of the "normal flow"

"We have never stopped recruiting and cultivating outstanding talents," media reports quoted Alibaba as saying. &nbsp;

The latest announcement comes days after reports suggested that it will layoff approximately 7 percent of its workforce in the cloud business division to streamline operations in anticipation of an initial public offering (IPO) in the future.

Earlier reports had suggested that Alibaba plans to adapt to regulatory changes in China to position its cloud service as a leader in the market.&nbsp;

Last week, the Chinese behemoth had said that it intends to separate its cloud computing segment and make it an independent publicly traded company in the next 12 months.&nbsp;

In the recent quarter, Alibaba's cloud division reported revenue of 18.6 billion yuan ($2.69 billion), showing a 2 percent decline compared to the previous year. The company's focus on optimising its cloud operations is an indication that it wants to drive future growth and enhance profitability.

Chinese e-commerce giant Alibaba on Thursday said it plans to hire 15,ooo people in 2023, surprising market watchers who expected the company to lay off employees amid the global economic slowdown.

Chinese e-commerce giant Alibaba on Thursday said it plans to hire 15,ooo people in 2023, surprising market watchers who expected the company to lay off employees amid the global economic slowdown. According to a statement released on the Chinese social networking platform Weibo, Alibaba will hire 15,000 people across its six major business divisions. At least 3,000 of the new recruits will be fresh college graduates. In announcing a hiring spree, the e-commerce giant has effectively dismissed reports of layoffs as "rumours". The company added that employee departures are a part of the "normal flow" "We have never stopped recruiting and cultivating outstanding talents," media reports quoted Alibaba as saying. The latest announcement comes days after reports suggested that it will layoff approximately 7 percent of its workforce in the cloud business division to streamline operations in anticipation of an initial public offering (IPO) in the future. Earlier reports had suggested that Alibaba plans to adapt to regulatory changes in China to position its cloud service as a leader in the market. Last week, the Chinese behemoth had said that it intends to separate its cloud computing segment and make it an independent publicly traded company in the next 12 months. In the recent quarter, Alibaba's cloud division reported revenue of 18.6 billion yuan ($2.69 billion), showing a 2 percent decline compared to the previous year. The company's focus on optimising its cloud operations is an indication that it wants to drive future growth and enhance profitability.

Alibaba makes a U-turn on layoffs, says it will hire 15,000 people in 2023

In a strategic move to streamline its operations and optimize its workforce, Facebook-owner Meta has initiated its&nbsp;latest round of layoffs, representing the final phase of a three-part plan announced in March.&nbsp;

The latest&nbsp;job cuts will eliminate&nbsp;10,000 positions, mostly non-engineering&nbsp;roles like content design and user experience research.&nbsp;

Meta's international headquarters in Dublin will bear a significant impact from the latest wave of cuts, with around 490 employees expected to be affected, representing nearly 20 percent of its Irish workforce.

Moreover, two prominent executives in India, Avinash Pant (Director of Marketing) and Saket Jha Saurabh (Director and Head of Media Partnerships) have also been let go.

CEO Mark Zuckerberg has also hinted at smaller rounds of layoffs in the future, indicating the company's ongoing efforts to optimize its operations.

Meta's previous&nbsp;layoffs, which took place in the fall of 2022,&nbsp;resulted in the termination of over 11,000 employees and brought the company's headcount back to mid-2021 levels.&nbsp;

Stock Intact, Job Isn't

Despite the massive reduction in workforce, Meta's stock has more than doubled in value this year, positioning Meta as one of the standout performers in the prestigious S&amp;P 500 index.&nbsp;

The rising stock value of Meta&nbsp;in 2023 can be attributed to the tech giant's&nbsp;unwavering commitment to artificial intelligence and its strategic implementation of cost-cutting measures, reports said.&nbsp;

The decision to downsize the workforce comes in response to Meta's months of slowing revenue growth, influenced by factors such as high inflation and a decline in digital advertising due to the contraction of the pandemic-driven e-commerce boom.

Meta has also been channeling substantial investments into its Reality Labs unit, focused on developing the metaverse and enhancing the infrastructure to support artificial intelligence endeavors. However, these investments incurred a loss of $13.7 billion for the Reality Labs unit in 2022.

(Inputs from various agencies)

In a strategic move to streamline its operations and optimize its workforce, Facebook-owner Meta has initiated its latest round of layoffs, representing the final phase of a three-part plan announced in March.

In a strategic move to streamline its operations and optimize its workforce, Facebook-owner Meta has initiated its latest round of layoffs, representing the final phase of a three-part plan announced in March. The latest job cuts will eliminate 10,000 positions, mostly non-engineering roles like content design and user experience research. Meta's international headquarters in Dublin will bear a significant impact from the latest wave of cuts, with around 490 employees expected to be affected, representing nearly 20 percent of its Irish workforce. Moreover, two prominent executives in India, Avinash Pant (Director of Marketing) and Saket Jha Saurabh (Director and Head of Media Partnerships) have also been let go. CEO Mark Zuckerberg has also hinted at smaller rounds of layoffs in the future, indicating the company's ongoing efforts to optimize its operations. Meta's previous layoffs, which took place in the fall of 2022, resulted in the termination of over 11,000 employees and brought the company's headcount back to mid-2021 levels. Stock Intact, Job Isn't Despite the massive reduction in workforce, Meta's stock has more than doubled in value this year, positioning Meta as one of the standout performers in the prestigious S&P 500 index. The rising stock value of Meta in 2023 can be attributed to the tech giant's unwavering commitment to artificial intelligence and its strategic implementation of cost-cutting measures, reports said. The decision to downsize the workforce comes in response to Meta's months of slowing revenue growth, influenced by factors such as high inflation and a decline in digital advertising due to the contraction of the pandemic-driven e-commerce boom. Meta has also been channeling substantial investments into its Reality Labs unit, focused on developing the metaverse and enhancing the infrastructure to support artificial intelligence endeavors. However, these investments incurred a loss of $13.7 billion for the Reality Labs unit in 2022. (Inputs from various agencies)

Meta's 10,000 layoff target: Non-engineering roles take a hit

After the tsunami of mass layoffs, big tech giants are now hiring lower-paid tech workers from foreign countries. Many of the big Silicon Valley companies like Google, Meta, Amazon, Microsoft, Zoom, Salesforce and Palantir have applied for thousands of H-1B worker visas this year, reported independent investigative journalist Lee Fang, citing a US Department of Labor data.

Ironically, thousands of workers on H-1B visas, including several Indians, have been affected by the layoffs in the United States, leading many to share the news on social media seeking new job opportunities, the report noted. Many laid-off employees have either lost or will soon lose the right to stay in the US.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/technology/google-to-delete-inactive-accounts-including-content-of-google-drive-and-youtube-should-you-worry-593285">Google to delete inactive accounts, including content of Google Drive and YouTube- Should you worry?</a>

According to the report, Google filed applications for H-1B visas to hire lower-paid workers from foreign countries just a month after announcing its plan to cut 12,000 jobs worldwide in January. The visas were for roles including software engineers, analytical consultants, and user experience researchers, with some requests aimed at new Google employees to join in August only.&nbsp;

Waymo, a self-driving cars company owned by Google’s parent company, Alphabet also reportedly filed similar H-1B applications to hire engineers.&nbsp;

H-1B visas are used by software engineers and others in the tech industry, which has always been a contentious issue in the immigration debate. Critics say that these visas are used to undercut US citizens and legal permanent residents.&nbsp;

Watch |&nbsp;Big tech's innovative layoff strategy: Resign voluntarily, take home 1-hr pay | Newspoint&nbsp;

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These visas are issued for three years and can be further extended for another three years.&nbsp;

Fang cited a 2017 report by the National Bureau of Economic Research that found that “wages for US computer scientists would have been 2.6% to 5.1% higher” while “employment in computer science for US workers would have been 6.1% to 10.8% higher” in 2001 if there has been no immigration.&nbsp;

Some even critique that the number of soaring applications in the technology industry raises “serious concerns” as immigrants manipulate the system to gain an unfair advantage.&nbsp;

According to Fang, tech firms have hired lobbyists to pressure lawmakers and the Biden administration to expand the number of H-1B visas that are issued. Each year, up to 85,000 people are selected for H-1B visas.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/technology/shell-to-use-new-ai-based-technology-in-deep-sea-exploration-in-partnership-with-sparkcognition-593318">Shell to use new AI-based technology in deep-sea exploration in partnership with SparkCognition</a>

The website Layoffs.fyi, which keeps running a tally of the total number of workers who have lost their jobs this year, reported more than 168,000 tech layoffs till now.

Meta, formerly known as Facebook, laid off 21,000 employees within a few months, as CEO Mark Zuckerberg named it the “year of efficiency” in response to the downsizing US tech sector. Google laid off 12,000 employees in January and

Amazon has conducted two rounds of layoffs, removing around 27,000 employees from its payroll.&nbsp;Microsoft also announced a global workforce reduction of nearly 5 per cent, which is equivalent to 10,000 jobs, in January.&nbsp;

(Withinputs from agencies)&nbsp;

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After the tsunami of mass layoffs, big tech giants are now hiring lower-paid tech workers from foreign countries. Many of the big Silicon Valley companies like Google, Meta, Amazon, Microsoft, Zoom, Salesforce and Palantir have applied for thousands of H-1B worker visas this year, reported independent investigative journalist Lee Fang, citing a US Department of Labor data.

After the tsunami of mass layoffs, big tech giants are now hiring lower-paid tech workers from foreign countries. Many of the big Silicon Valley companies like Google, Meta, Amazon, Microsoft, Zoom, Salesforce and Palantir have applied for thousands of H-1B worker visas this year, reported independent investigative journalist Lee Fang, citing a US Department of Labor data. Ironically, thousands of workers on H-1B visas, including several Indians, have been affected by the layoffs in the United States, leading many to share the news on social media seeking new job opportunities, the report noted. Many laid-off employees have either lost or will soon lose the right to stay in the US. Also Read | Google to delete inactive accounts, including content of Google Drive and YouTube- Should you worry? According to the report, Google filed applications for H-1B visas to hire lower-paid workers from foreign countries just a month after announcing its plan to cut 12,000 jobs worldwide in January. The visas were for roles including software engineers, analytical consultants, and user experience researchers, with some requests aimed at new Google employees to join in August only. Waymo, a self-driving cars company owned by Google’s parent company, Alphabet also reportedly filed similar H-1B applications to hire engineers. H-1B visas are used by software engineers and others in the tech industry, which has always been a contentious issue in the immigration debate. Critics say that these visas are used to undercut US citizens and legal permanent residents. Watch | Big tech's innovative layoff strategy: Resign voluntarily, take home 1-hr pay | Newspoint × These visas are issued for three years and can be further extended for another three years. Fang cited a 2017 report by the National Bureau of Economic Research that found that “wages for US computer scientists would have been 2.6% to 5.1% higher” while “employment in computer science for US workers would have been 6.1% to 10.8% higher” in 2001 if there has been no immigration. Some even critique that the number of soaring applications in the technology industry raises “serious concerns” as immigrants manipulate the system to gain an unfair advantage. According to Fang, tech firms have hired lobbyists to pressure lawmakers and the Biden administration to expand the number of H-1B visas that are issued. Each year, up to 85,000 people are selected for H-1B visas. Also Read | Shell to use new AI-based technology in deep-sea exploration in partnership with SparkCognition The website Layoffs.fyi, which keeps running a tally of the total number of workers who have lost their jobs this year, reported more than 168,000 tech layoffs till now. Meta, formerly known as Facebook, laid off 21,000 employees within a few months, as CEO Mark Zuckerberg named it the “year of efficiency” in response to the downsizing US tech sector. Google laid off 12,000 employees in January and Amazon has conducted two rounds of layoffs, removing around 27,000 employees from its payroll. Microsoft also announced a global workforce reduction of nearly 5 per cent, which is equivalent to 10,000 jobs, in January. (Withinputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Big tech companies now hiring low-paid H1B workers after mass layoffs: report

Twitter flies free, at least for now after. This comes after a California federal judge dismissed a proposed class action accusing Twitter INC of targeting female employees for layoffs after Elon Musk acquired the company last year. But the court also said plaintiffs would be allowed to amend the lawsuit to add more details.

Twitter free from layoff lawsuit, for now

Media reports show that global chipmaker Qualcomm has begun laying off its employees. The layoffs are a part of the company's efforts to 'support long-term growth and success.'

5% of the workforce to be laid off at Qualcomm

Pulitzer Prize winning digital media company BuzzFeed will shut down its news division cuts another 15% of its staff across the company, adding to layoffs made earlier this year.

BuzzFeed News is shutting down as part of company-wide layoffs

US entertainment conglomerate Walt Disney laid off Marvel mogul Isaac "Ike" Perlmutter in a move to control costs, reported Reuters quoting a source. This comes two days after the media giant started to slash 7,000 jobs, an action the firm announced earlier this year.&nbsp;

The move is seen as revenge taken by Disney after Marvel Entertainment Chairman Perlmutter backed Nelson Peltz in his failed bid for a seat on the company's corporate board, as per reports.&nbsp;&nbsp;

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Marvel Entertainment is a division of The Walt Disney Company since 1 September 2009 and is popular for Marvel Comics, a flagship property. Reuters while citing another source said that Perlmutter was informed about his layoff on Wednesday and was told that Marvel Entertainment would be merged into larger Disney business units.&nbsp;

However, there are no comments made so far by Perlmutter. Disney acquired Marvel Entertainment for US$4 billion in 2009.&nbsp;

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Later, in a bid to restructure Marvel, Marvel Studios was placed under Walt Disney Studios. At the time, Perlmutter was able to retain his position at Marvel Entertainment.&nbsp;

The Mouse House is letting go of its employees in response to its slow subscriber growth and rising competition for streaming consumers, the company said about a month ago.&nbsp;Disney is vying to achieve $5.5bn in cost savings.&nbsp;

Investors earlier expressed their concerns that the media company was overspending on the global streaming business.

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In a recent announcement, it said that the company will reorganize itself into three main segments: an entertainment division that includes film, television, and streaming; an ESPN division that focuses on sports; as well as Disney theme parks, experiences, and goods.

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US entertainment conglomerate Walt Disney laid off Marvel mogul Isaac "Ike" Perlmutter in a move to control costs, reported Reuters quoting a source. This comes two days after the media giant started to slash 7,000 jobs, an action the firm announced earlier this year.

US entertainment conglomerate Walt Disney laid off Marvel mogul Isaac "Ike" Perlmutter in a move to control costs, reported Reuters quoting a source. This comes two days after the media giant started to slash 7,000 jobs, an action the firm announced earlier this year. The move is seen as revenge taken by Disney after Marvel Entertainment Chairman Perlmutter backed Nelson Peltz in his failed bid for a seat on the company's corporate board, as per reports. Also Read | Marriage a license to rape? India's top court to hear pleas on marital rape; these countries criminalise it Marvel Entertainment is a division of The Walt Disney Company since 1 September 2009 and is popular for Marvel Comics, a flagship property. Reuters while citing another source said that Perlmutter was informed about his layoff on Wednesday and was told that Marvel Entertainment would be merged into larger Disney business units. However, there are no comments made so far by Perlmutter. Disney acquired Marvel Entertainment for US$4 billion in 2009. Also Read | Nashville school shooter sent a cryptic warning text to ex-classmate, it only makes sense now Later, in a bid to restructure Marvel, Marvel Studios was placed under Walt Disney Studios. At the time, Perlmutter was able to retain his position at Marvel Entertainment. The Mouse House is letting go of its employees in response to its slow subscriber growth and rising competition for streaming consumers, the company said about a month ago. Disney is vying to achieve $5.5bn in cost savings. Investors earlier expressed their concerns that the media company was overspending on the global streaming business. Watch | Israel protests: US President Joe Biden urges Netanyahu to abandon judicial overhaul × In a recent announcement, it said that the company will reorganize itself into three main segments: an entertainment division that includes film, television, and streaming; an ESPN division that focuses on sports; as well as Disney theme parks, experiences, and goods. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Disney lays off Marvel Entertainment chairman Isaac Perlmutter

Flipkart is not among the companies that hire in thousands and then resort to mass lays off, said the company's Chief People Officer Krishna Raghavan in a recent interview with a media outlet. This comes as many companies are downsizing for various reasons, including changes in market conditions.&nbsp;

“We don’t hire in thousands and then land up figuring out that we have too many people on board and resort to extreme measures," Raghavan reportedly said in an interview. “We do responsible hiring and there are no mass layoffs happening at Flipkart."

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That said, it appears Flipkart is navigating smoothly amid the rough seas of the ongoing mass layoffs season. Flipkart, one of the leading e-commerce companies in India, has a workforce of over 15,000 employees that are spread across various functions such as technology, operations, logistics, marketing, and customer service.&nbsp;

Raghavan said that the decision to not provide raises to top management will not result in resignations because it follows a promotion and raise cycle last year. He also mentioned that a employee stock option (ESOP) buyback plan of $700 million was also implemented after the pay increases and it will benefit the employees.

“In January 2022, we did a one-time increase on salaries off-cycle. We continued pretty much with all the promotions. So, the 3000-4000 people get their promotions , and promotion-linked increments. They get their bonus, they get their new ESOP grants, and there’s a one-time discretionary payout that will happen in the second quarter (by June-end)," he said. “Flipkart is one company in the ecosystem where ESOPs actually turn into liquidation opportunities."&nbsp;

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The Bangalore-headquartered company has offices and warehouses in many cities across India and is known for its innovative business models and customer-centric approach. The company has played a significant role in transforming the e-commerce landscape in India.

Unlike other IT firms, &nbsp;Raghavan said they are well on their way to hire freshers for various roles across the organization giving opportunities for entry-level candidates.&nbsp;

Campus hirings are as per planned and freshers will join in June, he said. “We are very thoughtful and deliberate on how we do workflows planning in general."&nbsp;

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“As we expand our business portfolio, and grow in the marketplace, this is a tremendous opportunity and potential for us, and we’ll constantly revisit how we look at increments in the subsequent years. We do have liquidation opportunities that we offer to our employees almost every year," he added.

The leading e-commerce company has increased its internal job posting as opposed to new hirings.&nbsp;“In the last couple of years, our internal talent mobility in terms of the number of positions we filled internally versus externally has doubled.

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Flipkart is not among the companies that hire in thousands and then resort to mass lays off, said the company's Chief People Officer Krishna Raghavan in a recent interview with a media outlet.

Flipkart is not among the companies that hire in thousands and then resort to mass lays off, said the company's Chief People Officer Krishna Raghavan in a recent interview with a media outlet. This comes as many companies are downsizing for various reasons, including changes in market conditions. “We don’t hire in thousands and then land up figuring out that we have too many people on board and resort to extreme measures," Raghavan reportedly said in an interview. “We do responsible hiring and there are no mass layoffs happening at Flipkart." Also Read | At least 6 killed, several injured in blast near Afghanistan foreign ministry That said, it appears Flipkart is navigating smoothly amid the rough seas of the ongoing mass layoffs season. Flipkart, one of the leading e-commerce companies in India, has a workforce of over 15,000 employees that are spread across various functions such as technology, operations, logistics, marketing, and customer service. Raghavan said that the decision to not provide raises to top management will not result in resignations because it follows a promotion and raise cycle last year. He also mentioned that a employee stock option (ESOP) buyback plan of $700 million was also implemented after the pay increases and it will benefit the employees. “In January 2022, we did a one-time increase on salaries off-cycle. We continued pretty much with all the promotions. So, the 3000-4000 people get their promotions , and promotion-linked increments. They get their bonus, they get their new ESOP grants, and there’s a one-time discretionary payout that will happen in the second quarter (by June-end)," he said. “Flipkart is one company in the ecosystem where ESOPs actually turn into liquidation opportunities." Also Read | Iranian, Saudi foreign ministers to hold talks during Muslim holy month The Bangalore-headquartered company has offices and warehouses in many cities across India and is known for its innovative business models and customer-centric approach. The company has played a significant role in transforming the e-commerce landscape in India. Unlike other IT firms, Raghavan said they are well on their way to hire freshers for various roles across the organization giving opportunities for entry-level candidates. Campus hirings are as per planned and freshers will join in June, he said. “We are very thoughtful and deliberate on how we do workflows planning in general." Watch | Scotland: SNP to announce Nicola Sturgeon's successor × “As we expand our business portfolio, and grow in the marketplace, this is a tremendous opportunity and potential for us, and we’ll constantly revisit how we look at increments in the subsequent years. We do have liquidation opportunities that we offer to our employees almost every year," he added. The leading e-commerce company has increased its internal job posting as opposed to new hirings. “In the last couple of years, our internal talent mobility in terms of the number of positions we filled internally versus externally has doubled. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Flipkart Chief People Officer says Yes to 'responsible hiring', NO to 'mass layoffs'

Five US Walmart facilities that cater to e-commerce orders are now downsizing their workforce and laying off hundreds of employees by asking them to find their next job within 90 days at the company's other locations, reported Reuters quoting a spokesperson.&nbsp;

Many companies recently laid off their employees for various reasons such as budget cuts, reorganization, mergers and acquisitions, shifts in business strategy, or declining profits.

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As per the representative, a decrease in evening and weekend shifts resulted in the layoff of about 200 employees in Pedricktown, New Jersey as well as hundreds more in Fort Worth, Texas; Chino, California; Bethlehem, Pennsylvania and Davenport, Florida.

Layoffs can be a challenging experience for the affected employees because of the uncertainty and financial hardships. However, they are becoming more common as companies try to remain competitive and profitable in a rapidly changing industry.

The spokesperson also said that individuals who are laid off will be eligible for 90 days' pay till they find a new job at other locations including Joliet, Lancaster, Texas and Illinois where the firm opened up new e-commerce distribution centres.

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The five fulfilment centres' employees who are laid off will be qualified for positions at Walmart's 5,000 US shops, which the corporation has been using as a platform to deliver goods to consumers' doorsteps. With nearly 1.7 million US employees, Walmart is the largest private employer in the country.

During the past several years, Walmart has made significant investments in automation working with businesses like Knapp.&nbsp;Walmart CEO Doug McMillon expressed his excitement about the automation possibility on a post-earnings call in February. Walmart has plans to raise investments in automation technologies as part of its more than $15 billion capital expenditure budget this year.

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According to a Reuters analysis of labour department records, Walmart did not issue a Worker Adjustment and Retraining Notification (WARN) notice for the layoffs other than in Pedricktown, New Jersey. It is pertinent to note that US labour law requires employers with 100 or more employees to give 60 days' notice in advance of plant closures and mass layoffs.&nbsp;

The spokeswoman stated that Walmart did not send out a WARN letter for the other locations because it does not know how many workers will ultimately be let go and rehired.&nbsp;The Walmart representative also refrained from using the term "mass layoff" and said that business as usual continued at the warehouses.

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Five US Walmart facilities that cater to e-commerce orders are now downsizing their workforce and laying off hundreds of employees by asking them to find their next job within 90 days at the company's other locations, reported Reuters quoting a spokesperson.

Five US Walmart facilities that cater to e-commerce orders are now downsizing their workforce and laying off hundreds of employees by asking them to find their next job within 90 days at the company's other locations, reported Reuters quoting a spokesperson. Many companies recently laid off their employees for various reasons such as budget cuts, reorganization, mergers and acquisitions, shifts in business strategy, or declining profits. Also Read | Finland, world's happiest country, now offering masterclass on happiness for free As per the representative, a decrease in evening and weekend shifts resulted in the layoff of about 200 employees in Pedricktown, New Jersey as well as hundreds more in Fort Worth, Texas; Chino, California; Bethlehem, Pennsylvania and Davenport, Florida. Layoffs can be a challenging experience for the affected employees because of the uncertainty and financial hardships. However, they are becoming more common as companies try to remain competitive and profitable in a rapidly changing industry. The spokesperson also said that individuals who are laid off will be eligible for 90 days' pay till they find a new job at other locations including Joliet, Lancaster, Texas and Illinois where the firm opened up new e-commerce distribution centres. Also Read | Nordic nations plan joint air defence to counter rising threat from Russia The five fulfilment centres' employees who are laid off will be qualified for positions at Walmart's 5,000 US shops, which the corporation has been using as a platform to deliver goods to consumers' doorsteps. With nearly 1.7 million US employees, Walmart is the largest private employer in the country. During the past several years, Walmart has made significant investments in automation working with businesses like Knapp. Walmart CEO Doug McMillon expressed his excitement about the automation possibility on a post-earnings call in February. Walmart has plans to raise investments in automation technologies as part of its more than $15 billion capital expenditure budget this year. Watch | Twitter CEO Elon Musk to give stocks to employees at $20 dollar valuation × According to a Reuters analysis of labour department records, Walmart did not issue a Worker Adjustment and Retraining Notification (WARN) notice for the layoffs other than in Pedricktown, New Jersey. It is pertinent to note that US labour law requires employers with 100 or more employees to give 60 days' notice in advance of plant closures and mass layoffs. The spokeswoman stated that Walmart did not send out a WARN letter for the other locations because it does not know how many workers will ultimately be let go and rehired. The Walmart representative also refrained from using the term "mass layoff" and said that business as usual continued at the warehouses. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Walmart lays off hundreds of US employees, gives them 90 days to find job at its other facilities

Accenture Plc, the Irish-American IT company has announced to slash its working force by 19,000. This comes amid a worsening global economic outlook and the firing spree across the IT sector.&nbsp;

The company is also expecting a considerable dip in its annual revenue amid speculations that global companies might look forward to slashing their IT budgets amid the financial crisis. The company now estimates its annual revenue growth to be in the range of 8% to 10%, lower than the previously estimated range of 8% to 11%.

Watch:&nbsp;Gravitas: Tech layoffs: Is your job safe?

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As per a statement released by the company, revenue for the current quarter is expected to be between $16.1 billion and $16.7 billion. Accenture reported that its new bookings increased by 13% to $22.1 billion during the quarter, while its revenues increased by 5% to $15.8 billion.&nbsp;

During the second quarter, Accenture reported business optimisation expenses of $244 million. Through the fiscal year 2024, the corporation projected that its total costs will be close to $1.5 billion.

The corporation disclosed that more than half of the layoffs will directly affect employees at its non-billable corporate functions. The company's shares increased 4 per cent before the closing bell.&nbsp;

Accenture's announcement comes amid a layoff spree in the IT and tech sector. Tech giants including Google, Meta and Amazon have already set in motion a wave of layoffs, and experts predict that it will last at least through the first half of 2023.

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As concerns about a coming recession grow, Amazon has announced another 9,000 job layoffs across its cloud services, advertising, and Twitch departments. Meta has also reduced its total workforce by 20,000 since September last year. Chief Executive Officer Mark Zuckerberg recently warned that the climate of layoffs might last for many years to come. 
 
(With inputs from agencies) 
&nbsp;

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&nbsp;

Accenture Plc, the Irish-American IT company has announced to slash its working force by 19,000. This comes amid a worsening global economic outlook and the firing spree across the IT sector.

Accenture Plc, the Irish-American IT company has announced to slash its working force by 19,000. This comes amid a worsening global economic outlook and the firing spree across the IT sector. The company is also expecting a considerable dip in its annual revenue amid speculations that global companies might look forward to slashing their IT budgets amid the financial crisis. The company now estimates its annual revenue growth to be in the range of 8% to 10%, lower than the previously estimated range of 8% to 11%. Watch: Gravitas: Tech layoffs: Is your job safe? × As per a statement released by the company, revenue for the current quarter is expected to be between $16.1 billion and $16.7 billion. Accenture reported that its new bookings increased by 13% to $22.1 billion during the quarter, while its revenues increased by 5% to $15.8 billion. During the second quarter, Accenture reported business optimisation expenses of $244 million. Through the fiscal year 2024, the corporation projected that its total costs will be close to $1.5 billion. The corporation disclosed that more than half of the layoffs will directly affect employees at its non-billable corporate functions. The company's shares increased 4 per cent before the closing bell. Accenture's announcement comes amid a layoff spree in the IT and tech sector. Tech giants including Google, Meta and Amazon have already set in motion a wave of layoffs, and experts predict that it will last at least through the first half of 2023. Also Read | Amazon announces second round of layoffs; 9,000 more employees to lose jobs As concerns about a coming recession grow, Amazon has announced another 9,000 job layoffs across its cloud services, advertising, and Twitch departments. Meta has also reduced its total workforce by 20,000 since September last year. Chief Executive Officer Mark Zuckerberg recently warned that the climate of layoffs might last for many years to come. (With inputs from agencies) WATCH WION LIVE HERE ×

Accenture to lay off 19,000 employees as revenue growth tumbles

Indeed.com, a website that lists jobs, announced&nbsp;Wednesday (March 22)&nbsp;that it would lay off over 2,200 workers, or nearly 15 per cent&nbsp;of its workforce.&nbsp;

“The cuts come from nearly every team, function, level and region,” at the company, CEO Chris Hyams said in a memo released by the company. “The specific decisions on who and where to cut were extremely difficult, but they were made with great care,” the memo added.

Indeed's projection that the labour market will continue to cool down following "the recent post-COVID boom" led to the decision to make job cuts at the 2004-founded company, according to Hyams. The company believes that the its main source of income from job postings, would continue to drop in fiscal years 2023 and 2024, as reported by CNN.&nbsp;

“Last quarter, US total job openings were down 3.5 per cent&nbsp;year-over-year, while sponsored job volume fell 33 per cent. In the US, we are expecting job openings will likely decrease to pre-pandemic levels of about 7.5 million, or even lower over the next two to three years,” Hyams added.

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Employees outside the UK, Ireland, the Netherlands, and Japan were expected to get an email letting them know their status within an hour of the memo's release. "Your Job Has Not Been Impacted" will be the subject line of an email sent to employees who will keep their jobs. "Your Position Has Been Impacted" will be the email subject line for those who were laid off.

The fired employees&nbsp;will receive their regular pay checks until the end of March, along with a 16-week severance package, the company said.

The Indeed layoffs follow Amazon's big layoff announcement on Tuesday. &nbsp;Approximately 9,000 people will be laid off, mostly from Amazon Web Services, People Experience and Technology (PXT), advertising, and Twitch, according to CEO Andy Jassy.

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Indeed.com, a website that lists jobs, announced Wednesday (March 22) that it would lay off over 2,200 workers, or nearly 15 per cent of its workforce. “The cuts come from nearly every team, function, level and region,” at the company, CEO Chris Hyams said in a memo released by the company.

Indeed.com, a website that lists jobs, announced Wednesday (March 22) that it would lay off over 2,200 workers, or nearly 15 per cent of its workforce. “The cuts come from nearly every team, function, level and region,” at the company, CEO Chris Hyams said in a memo released by the company. “The specific decisions on who and where to cut were extremely difficult, but they were made with great care,” the memo added. Indeed's projection that the labour market will continue to cool down following "the recent post-COVID boom" led to the decision to make job cuts at the 2004-founded company, according to Hyams. The company believes that the its main source of income from job postings, would continue to drop in fiscal years 2023 and 2024, as reported by CNN. “Last quarter, US total job openings were down 3.5 per cent year-over-year, while sponsored job volume fell 33 per cent. In the US, we are expecting job openings will likely decrease to pre-pandemic levels of about 7.5 million, or even lower over the next two to three years,” Hyams added. ALSO READ | Tech giant Apple seeking changes in India's labour laws. Here's why Employees outside the UK, Ireland, the Netherlands, and Japan were expected to get an email letting them know their status within an hour of the memo's release. "Your Job Has Not Been Impacted" will be the subject line of an email sent to employees who will keep their jobs. "Your Position Has Been Impacted" will be the email subject line for those who were laid off. The fired employees will receive their regular pay checks until the end of March, along with a 16-week severance package, the company said. The Indeed layoffs follow Amazon's big layoff announcement on Tuesday. Approximately 9,000 people will be laid off, mostly from Amazon Web Services, People Experience and Technology (PXT), advertising, and Twitch, according to CEO Andy Jassy. WATCH WION LIVE HERE:

Job listing company Indeed to let go over 2,200 employees, almost 15% of its workforce

In Global Round-Up by WION, we bring you news from around the world. In today's edition - Amazon has announced a second round of layoffs that will result in around 9,000 job cuts in departments such as AWS, People, Experience, and Technology (PXT), Advertising, and Twitch.

Amazon announces second round of layoffs, cutting 9,000 jobs in various departments

US tech firm Meta on Tuesday announced plans to cut 10,000 jobs across Facebook, Instagram and WhatsApp in the second round of layoffs.

The latest retrenchment announcement comes on the back of axing 11,000 employees in November amidst the deep economic downturn the tech industry is facing. At that time, its headcount stood at 86,482 at 2022-end, up 20 per cent from a year ago.

On Tuesday, Meta chief executive Mark Zuckerberg in a memo to employees said that most of the cuts would happen in April and May, and will continue through the end of the year, according to Reuters news agency.

In addition to the 10,000 layoffs, the firm won’t fill the 5,000 vacancies, Zuckerberg said, adding that restructurings in the tech group would be announced in late April and cuts to business groups would come in May.

"For most of our history, we saw rapid revenue growth year after year and had the resources to invest in many new products. But last year was a humbling wake-up call," Zuckerberg wrote.

"I think we should prepare ourselves for the possibility that this new economic reality will continue for many years."

Listing the factors affecting Meta’s growth, Zuckerberg said that higher interest rates in the US, global geopolitical instability and increased regulation is contributing to the firm’s slowdown.

The tech billionaire said that there would be no new recruitment until the restructuring was complete, adding that he aimed to make the company "flatter" by "removing multiple layers of management".

Last month, the company said that a slump in online advertising and growing competition from other social media platforms have had impacts on Meta.

It has been focusing on the metaverse, an&nbsp;online virtual world&nbsp;that incorporates elements of augmented reality, virtual reality, avatars and other communication, and has spent millions of dollars on it.

(With inputs from agencies)

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US tech firm Meta on Tuesday announced plans to cut 10,000 jobs across Facebook, Instagram and WhatsApp in the second round of layoffs. The latest retrenchment announcement comes on the back of axing 11,000 employees in November amidst the deep economic downturn the tech industry is facing.

US tech firm Meta on Tuesday announced plans to cut 10,000 jobs across Facebook, Instagram and WhatsApp in the second round of layoffs. The latest retrenchment announcement comes on the back of axing 11,000 employees in November amidst the deep economic downturn the tech industry is facing. At that time, its headcount stood at 86,482 at 2022-end, up 20 per cent from a year ago. On Tuesday, Meta chief executive Mark Zuckerberg in a memo to employees said that most of the cuts would happen in April and May, and will continue through the end of the year, according to Reuters news agency. In addition to the 10,000 layoffs, the firm won’t fill the 5,000 vacancies, Zuckerberg said, adding that restructurings in the tech group would be announced in late April and cuts to business groups would come in May. "For most of our history, we saw rapid revenue growth year after year and had the resources to invest in many new products. But last year was a humbling wake-up call," Zuckerberg wrote. "I think we should prepare ourselves for the possibility that this new economic reality will continue for many years." Listing the factors affecting Meta’s growth, Zuckerberg said that higher interest rates in the US, global geopolitical instability and increased regulation is contributing to the firm’s slowdown. The tech billionaire said that there would be no new recruitment until the restructuring was complete, adding that he aimed to make the company "flatter" by "removing multiple layers of management". Last month, the company said that a slump in online advertising and growing competition from other social media platforms have had impacts on Meta. It has been focusing on the metaverse, an online virtual world that incorporates elements of augmented reality, virtual reality, avatars and other communication, and has spent millions of dollars on it. (With inputs from agencies) WATCH WION LIVE HERE

Meta announces second round of layoffs, to cut 10,000 jobs

The Turkish government on Wednesday stepped up its efforts to help the quake-stricken working population in 10 of its cities which were worst hit in the February 6 natural disaster, the worst in the country's history.&nbsp; As per Turkey's official Gazette, the country has launched temporary wage support schemes and has imposed a ban on layoffs in at least 10 of these cities.&nbsp;

Notably, thousands of commercial buildings along with other key infrastructure turned into ruins after a 7.8 earthquake struck cities in southern and central Turkey. Turkish Parliament sprung into action on February 7 and&nbsp;imposed a state of emergency for three months in 10 of Turkey's southern provinces to bolster the rescue efforts.&nbsp;

Also Read | <a href="https://www.wionews.com/world/worlds-largest-four-day-work-week-trial-in-britain-proves-to-be-a-success-heres-how-564724">World's largest four-day work-week trial in Britain proves to be a success, here's how</a>

In the latest, employees whose working hours had been cut due to heavy or moderate quake damage to their workplaces will be supported by providing partial wages to them, the country's Gazette said in a statement.&nbsp;

This kind of wage support system and a ban on layoffs were earlier also implemented in 2020 during the COVID pandemic as the country was trying to cope with its economic fallout.&nbsp;

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As Turkey deploys its resources to aid the quake-hit people, reports suggest it could cost Ankara up to $100 billion. This includes rebuilding housing and infrastructure. Under the current challenging circumstances when the country is spending to get back the nation on track, the economists suggest it may tumble down the economic growth of the disaster-hit nation by one to two per cent this year.&nbsp;

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The death toll from two earthquakes that hit Turkey and Syria on February 6 has risen to over 47,000 people so far.

&nbsp;

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The Turkish government on Wednesday stepped up its efforts to help the quake-stricken working population in 10 of its cities which were worst hit in the February 6 natural disaster, the worst in the country's history.

The Turkish government on Wednesday stepped up its efforts to help the quake-stricken working population in 10 of its cities which were worst hit in the February 6 natural disaster, the worst in the country's history. As per Turkey's official Gazette, the country has launched temporary wage support schemes and has imposed a ban on layoffs in at least 10 of these cities. Notably, thousands of commercial buildings along with other key infrastructure turned into ruins after a 7.8 earthquake struck cities in southern and central Turkey. Turkish Parliament sprung into action on February 7 and imposed a state of emergency for three months in 10 of Turkey's southern provinces to bolster the rescue efforts. Also Read | World's largest four-day work-week trial in Britain proves to be a success, here's how In the latest, employees whose working hours had been cut due to heavy or moderate quake damage to their workplaces will be supported by providing partial wages to them, the country's Gazette said in a statement. This kind of wage support system and a ban on layoffs were earlier also implemented in 2020 during the COVID pandemic as the country was trying to cope with its economic fallout. Also Read | Shamima Begum can't return to UK, loses citizenship appeal As Turkey deploys its resources to aid the quake-hit people, reports suggest it could cost Ankara up to $100 billion. This includes rebuilding housing and infrastructure. Under the current challenging circumstances when the country is spending to get back the nation on track, the economists suggest it may tumble down the economic growth of the disaster-hit nation by one to two per cent this year. Watch | Wagner group head accuses Russian command of treason The death toll from two earthquakes that hit Turkey and Syria on February 6 has risen to over 47,000 people so far. WATCH WION LIVE HERE

Turkey bans layoffs, provides salary support to employees in quake-hit regions

A Google senior manager recently fired as part of the tech giant's cost-cutting measure seeks to start his own business within six weeks. Six other former Google employees who were also let go similarly are helping to support the man, Henry Kirk.

One of the 12,000 employees let go by Google was Kirk, who spent eight years working there.

Kirk now targets to build his own design and development studio in New York and San Francisco in six weeks, along with his team.

Why six weeks? Because Krik wants to set up the new company before Google's 60-day layoff notice window ends.

Kirk said in a LinkedIn post narrating his story, "I have 52 days left. I need your help."

"Today, I'm taking a leap forward and turning this tragedy into an opportunity. I'm teaming up with 6 outstanding #xooglers to shape and own our futures. But there's one catch…my partners and their families have given me just 52 days to get this going and land projects, or we must go back to job searching. I am determined not to fail, so I need your assistance," he wrote in a LinkedIn post

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/indias-tcs-no-layoffs-instead-salary-hikes-are-coming-564047">India's TCS: No Layoffs; instead, salary hikes are coming</a>

While Kirk thinks this is probably the worst time to do it, he says that's the interesting and difficult part.

"Here's where you can help…I would appreciate introductions to your network. Please give likes and reposts to get the word out. I'm looking for conversations to identify opportunities where my team can help a business go from 0 to 1 or 1 to 100 through our end-to-end software services -research, design, and development," he noted.

Kirk and his team want to use their startup to provide design and research tools for other companies' apps and websites, engineering projects for businesses without the necessary expertise, and support startups in expanding and securing funding.

ALSO WATCH |&nbsp;Air India begins massive hiring, pilots' salary crosses Rs 2 crore

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"Seven of the finest ex-Googlers are fired-up, eager to research, design, and develop the most scrappy to ambitious software projects (and we'll do it quickly)," Kirk added.

The ex-Google senior manager's post is trending, and comments say Kirk's journey is an incredibly inspiring story of recently laid-off tech workers.

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A Google senior manager recently fired as part of the tech giant's cost-cutting measure seeks to start his own business within six weeks. Six other former Google employees who were also let go similarly are helping to support the man, Henry Kirk.

A Google senior manager recently fired as part of the tech giant's cost-cutting measure seeks to start his own business within six weeks. Six other former Google employees who were also let go similarly are helping to support the man, Henry Kirk. One of the 12,000 employees let go by Google was Kirk, who spent eight years working there. Kirk now targets to build his own design and development studio in New York and San Francisco in six weeks, along with his team. Why six weeks? Because Krik wants to set up the new company before Google's 60-day layoff notice window ends. Kirk said in a LinkedIn post narrating his story, "I have 52 days left. I need your help." "Today, I'm taking a leap forward and turning this tragedy into an opportunity. I'm teaming up with 6 outstanding #xooglers to shape and own our futures. But there's one catch…my partners and their families have given me just 52 days to get this going and land projects, or we must go back to job searching. I am determined not to fail, so I need your assistance," he wrote in a LinkedIn post ALSO READ | India's TCS: No Layoffs; instead, salary hikes are coming While Kirk thinks this is probably the worst time to do it, he says that's the interesting and difficult part. "Here's where you can help…I would appreciate introductions to your network. Please give likes and reposts to get the word out. I'm looking for conversations to identify opportunities where my team can help a business go from 0 to 1 or 1 to 100 through our end-to-end software services -research, design, and development," he noted. Kirk and his team want to use their startup to provide design and research tools for other companies' apps and websites, engineering projects for businesses without the necessary expertise, and support startups in expanding and securing funding. ALSO WATCH | Air India begins massive hiring, pilots' salary crosses Rs 2 crore "Seven of the finest ex-Googlers are fired-up, eager to research, design, and develop the most scrappy to ambitious software projects (and we'll do it quickly)," Kirk added. The ex-Google senior manager's post is trending, and comments say Kirk's journey is an incredibly inspiring story of recently laid-off tech workers. WATCH WION LIVE HERE:

Fired? Then move on: Seven ex-Google employees seek to build a firm

In yet another sign of the rising status of India in the world, Tata Consultancy Services (TCS) has stated that it is not considering any job cuts despite layoffs at big tech firms and large companies. India's tech giant, TCS, the largest exporter of tech services in the country, is also eager to hire startup workers who have lost their jobs and said it believes in developing talent for longer careers after hiring an employee.

TCS chief human resources officer Milind Lakkad in a media interview, said, "we don't do that (job cuts); we believe in grooming talent in the company and (there will be) no layoffs".

He claimed that many businesses are now compelled to cut jobs to lower costs because they recruited more people than they intended.

TCS, which he described as "conservative," disagrees, contending that the employer must ensure that new hires are productive and add value.

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Lakkad speaking to the Indian news agency PTI said when an employee's skill set falls short of what is needed, the company prioritises training the worker.

<h2>Salary hikes coming soon</h2>

The chief human resources officer said TCS, which has over 6 lakh employees, would soon announce salary hikes similar to previous years. That underscores the "India a bright spot" in an otherwise gloomy global economy backdrop comments from top institutions.

Indeed, TCS is looking at increasing employee benefits at a time when global firms are laying off thousands of employees.

The Indian tech giant also said it is looking at hiring employees laid off, especially in the US and startups the world over.

ALSO WATCH |&nbsp;LinkedIn gains popularity amid mass layoffs

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Lakkad said TCS is working on fascinating projects across various industries and technologies. He added that some extraordinary talent must join in on the action for those projects. But when asked about the decline of more than 2,000 staff in the December quarter, the HR head said it was a one-off case.

He did not clarify if there would be more additions or if the company would continue to groom their existing talent base.

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In yet another sign of the rising status of India in the world, Tata Consultancy Services (TCS) has stated that it is not considering any job cuts despite layoffs at big tech firms and large companies.

In yet another sign of the rising status of India in the world, Tata Consultancy Services (TCS) has stated that it is not considering any job cuts despite layoffs at big tech firms and large companies. India's tech giant, TCS, the largest exporter of tech services in the country, is also eager to hire startup workers who have lost their jobs and said it believes in developing talent for longer careers after hiring an employee. TCS chief human resources officer Milind Lakkad in a media interview, said, "we don't do that (job cuts); we believe in grooming talent in the company and (there will be) no layoffs". He claimed that many businesses are now compelled to cut jobs to lower costs because they recruited more people than they intended. TCS, which he described as "conservative," disagrees, contending that the employer must ensure that new hires are productive and add value. ALSO READ | India's forex reserves mark the biggest weekly drop in 11 months Lakkad speaking to the Indian news agency PTI said when an employee's skill set falls short of what is needed, the company prioritises training the worker. Salary hikes coming soon The chief human resources officer said TCS, which has over 6 lakh employees, would soon announce salary hikes similar to previous years. That underscores the "India a bright spot" in an otherwise gloomy global economy backdrop comments from top institutions. Indeed, TCS is looking at increasing employee benefits at a time when global firms are laying off thousands of employees. The Indian tech giant also said it is looking at hiring employees laid off, especially in the US and startups the world over. ALSO WATCH | LinkedIn gains popularity amid mass layoffs Lakkad said TCS is working on fascinating projects across various industries and technologies. He added that some extraordinary talent must join in on the action for those projects. But when asked about the decline of more than 2,000 staff in the December quarter, the HR head said it was a one-off case. He did not clarify if there would be more additions or if the company would continue to groom their existing talent base. WATCH WION LIVE HERE:

India's TCS: No Layoffs; instead, salary hikes are coming

Meta Platforms (META.O) announced on Monday that the company's Chief Business Officer Marne Levine was leaving this summer after a 13-year stint. Levine, 52, was hired in 2021 as the organization's first chief business officer. She had taken over from outgoing chief revenue officer David Fischer.&nbsp;

Previously, she had a number of other senior roles at the social media giant, including the role of chief operating officer of Instagram.

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In light of Levine's impending departure from Facebook's parent company Meta, the firm announced the appointments of two longtime Meta executives. The company has increased Nicola Mendelsohn's responsibilities as president of the global business group and confirmed the appointment of Justin Osofsky as head of online sales, operations, and partnerships.

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While Osofsky will be in charge of sales and operations geared at expanding small- and medium-sized enterprises on Meta's platforms. Mendelsohn will manage the company's partnerships with prominent marketers and agencies for all of its apps.

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This&nbsp;come at a time when Meta, which has dubbed 2023 the "Year of Efficiency," has pledged to reduce expenses by $5 billion in the coming year to a range of $89 billion to $95 billion.&nbsp;In November, the owner of WhatsApp announced the elimination of more than 11,000 positions, or 13% of its employees. This was followed by the lead of major giants like Amazon.com Inc (AMZN.O) and Microsoft Corp (MSFT.O), both of which have announced thousands of layoffs.

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Meta Platforms (META.O) announced on Monday that the company's Chief Business Officer Marne Levine was leaving this summer after a 13-year stint. Levine, 52, was hired in 2021 as the organization's first chief business officer.

Meta Platforms (META.O) announced on Monday that the company's Chief Business Officer Marne Levine was leaving this summer after a 13-year stint. Levine, 52, was hired in 2021 as the organization's first chief business officer. She had taken over from outgoing chief revenue officer David Fischer. Previously, she had a number of other senior roles at the social media giant, including the role of chief operating officer of Instagram. Also Read | Blinken, Wang Yi to meet face-to-face in Germany this week? The first after Chinese 'spy' balloon row In light of Levine's impending departure from Facebook's parent company Meta, the firm announced the appointments of two longtime Meta executives. The company has increased Nicola Mendelsohn's responsibilities as president of the global business group and confirmed the appointment of Justin Osofsky as head of online sales, operations, and partnerships. Also Read | White House says no 'alien' activity in unidentified downed objects over US While Osofsky will be in charge of sales and operations geared at expanding small- and medium-sized enterprises on Meta's platforms. Mendelsohn will manage the company's partnerships with prominent marketers and agencies for all of its apps. Watch | This heart-shaped island is up for sale ahead of Valentine's Day This come at a time when Meta, which has dubbed 2023 the "Year of Efficiency," has pledged to reduce expenses by $5 billion in the coming year to a range of $89 billion to $95 billion. In November, the owner of WhatsApp announced the elimination of more than 11,000 positions, or 13% of its employees. This was followed by the lead of major giants like Amazon.com Inc (AMZN.O) and Microsoft Corp (MSFT.O), both of which have announced thousands of layoffs. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Meta's Chief Business Officer Marne Levine to step down

Citing major restructuring of its ad tech division,&nbsp;Yahoo, Thursday, announced its plans to lay off over 20% of its total staff. By the end of the year, roughly 1,000 Yahoo ad tech staff would lose their jobs. The restructuring will overall impact about 50% of the company's workforce, Yahoo said. The news of the layoffs at Yahoo was first reported by Axios, Reuters news agency said.&nbsp;

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In addition, the move would allow Yahoo, which has been controlled by private equity firm Apollo Global Management (APO.N) since a $5 billion takeover in 2021, to concentrate its efforts and investments on its core DSP, or demand-side platform, ad business. Many advertisers have reduced their marketing spendings in a response to all-time high inflation rates and ongoing recessionary uncertainties.

This year, a number of American businesses, including Goldman Sachs Group Inc. (GS.N) and Alphabet Inc. (GOOGL.O), have also made thousands of layoffs.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/sa-president-declared-state-of-disaster-amid-worst-power-crisis-what-is-it-about-560449">South African president declares 'state of disaster' amid worst power crisis. What is it about?</a>

Disney also&nbsp;announced Wednesday that about&nbsp;7,000 employees&nbsp;will be laid off.&nbsp;This&nbsp;represent 3.6% of Disney's workforce. Last&nbsp;week, Google employees held&nbsp;protests and&nbsp;urged the thousands of their coworkers who had just been let go by Alphabet Inc., the parent company of Google, to support them.

Google announced one of the biggest layoffs in company's history last month: 12,000 people, or 6% of its global workforce. Microsoft Corp., Salesforce Inc., and Amazon.com Inc., three other significant IT companies, have all lately announced layoffs.

(With inputs from agencies)

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Citing major restructuring of its ad tech division, Yahoo, Thursday, announced its plans to lay off over 20% of its total staff. By the end of the year, roughly 1,000 Yahoo ad tech staff would lose their jobs.

Citing major restructuring of its ad tech division, Yahoo, Thursday, announced its plans to lay off over 20% of its total staff. By the end of the year, roughly 1,000 Yahoo ad tech staff would lose their jobs. The restructuring will overall impact about 50% of the company's workforce, Yahoo said. The news of the layoffs at Yahoo was first reported by Axios, Reuters news agency said. Also Read | US, UK sanction members of Russia-based Trickbot cybercrime gang for malicious activities In addition, the move would allow Yahoo, which has been controlled by private equity firm Apollo Global Management (APO.N) since a $5 billion takeover in 2021, to concentrate its efforts and investments on its core DSP, or demand-side platform, ad business. Many advertisers have reduced their marketing spendings in a response to all-time high inflation rates and ongoing recessionary uncertainties. This year, a number of American businesses, including Goldman Sachs Group Inc. (GS.N) and Alphabet Inc. (GOOGL.O), have also made thousands of layoffs. Also Read | South African president declares 'state of disaster' amid worst power crisis. What is it about? Disney also announced Wednesday that about 7,000 employees will be laid off. This represent 3.6% of Disney's workforce. Last week, Google employees held protests and urged the thousands of their coworkers who had just been let go by Alphabet Inc., the parent company of Google, to support them. Google announced one of the biggest layoffs in company's history last month: 12,000 people, or 6% of its global workforce. Microsoft Corp., Salesforce Inc., and Amazon.com Inc., three other significant IT companies, have all lately announced layoffs. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Yahoo Layoffs: Over 20 % staff to be made redundant in Ad-Tech restructuring

Walt Disney Co. announced a major restructuring , cutting 7,000 jobs as part of an effort to save $5.5 billion in costs and make its streaming business profitable. The 7,000 job cuts will account for around 3.6 per cent of the entire workforce at Disney.

Disney to lay off 7,000 employees to make business more profitable

E-commerce firm eBay Inc said on Tuesday it will lay off 500 employees globally, representing 4% of its total workforce. Shares of the San Jose, California-based company rose about 1% in aftermarket trade.

eBay to fire 500 employees, cut workforce by 4%

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