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Trending on WION: Zomato confirms country-wide layoffs, job cuts to affect at least 3% of staff

On Saturday, amid reports and speculation of possible layoffs, the food aggregator Zomato also confirmed that it will lay off just under 3 per cent of its workforce across the country based on regular performance. This comes amid what many have called the “lay off season” after major tech giants have fired employees affecting thousands across the world.&nbsp;

“There has been a regular performance based churn of under 3 per cent of our workforce, there's nothing more to it,” said the Zomato spokesperson. Notably, these layoffs were announced following the exit of the company’s three top-level executives, including co-founder&nbsp;Mohit Gupta&nbsp;on Friday.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/india-news/uber-to-sell-its-78-per-cent-stake-in-zomato-sources-502955">Uber to sell its 7.8 per cent stake in Zomato: Sources</a>

Earlier this month, the company’s new initiatives head, Rahul Ganjoo, and former head of Intercity Legends service, Siddharth Jhawar also quit. The food delivery platform currently employs at least 3,800 people. It had fired nearly 520 employees (13 per cent of the workforce) back in 2020 following a slump in business during the Covid-19 pandemic.&nbsp;

At least 100 employees have already been impacted across functions like the product, technology, catalogue and marketing, said MoneyControl citing people familiar with the matter. “These roles had become redundant as these employees who were mostly from mid-to-senior roles were working when the product was being revamped. Not that the product work is over, they have been let go,” said the source.&nbsp;

ALSO WATCH:&nbsp;<a href="https://www.wionews.com/videos/gravitas-is-zomatos-10-minute-delivery-promise-desirable-464722">Gravitas: Is Zomato's 10-minute delivery promise desirable?</a>

According to the report, the employees will be fired as soon as this week as the company is looking to cut costs and become profitable amid an increasingly challenging macro environment. Zomato had sustained a net loss of Rs&nbsp;250.8 crores ($2.5 billion) in the last quarter, in September when compared to the previous fiscal year’s loss of Rs. 434.9 crores ($4.3 billion) in the same quarter.&nbsp;

(With inputs from agencies)&nbsp; 
&nbsp;

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On Saturday, amid reports and speculation of possible layoffs, the food aggregator Zomato also confirmed that it will lay off just under 3 per cent of its workforce across the country based on regular performance.

On Saturday, amid reports and speculation of possible layoffs, the food aggregator Zomato also confirmed that it will lay off just under 3 per cent of its workforce across the country based on regular performance. This comes amid what many have called the “lay off season” after major tech giants have fired employees affecting thousands across the world. “There has been a regular performance based churn of under 3 per cent of our workforce, there's nothing more to it,” said the Zomato spokesperson. Notably, these layoffs were announced following the exit of the company’s three top-level executives, including co-founder Mohit Gupta on Friday. ALSO READ: Uber to sell its 7.8 per cent stake in Zomato: Sources Earlier this month, the company’s new initiatives head, Rahul Ganjoo, and former head of Intercity Legends service, Siddharth Jhawar also quit. The food delivery platform currently employs at least 3,800 people. It had fired nearly 520 employees (13 per cent of the workforce) back in 2020 following a slump in business during the Covid-19 pandemic. At least 100 employees have already been impacted across functions like the product, technology, catalogue and marketing, said MoneyControl citing people familiar with the matter. “These roles had become redundant as these employees who were mostly from mid-to-senior roles were working when the product was being revamped. Not that the product work is over, they have been let go,” said the source. ALSO WATCH: Gravitas: Is Zomato's 10-minute delivery promise desirable? According to the report, the employees will be fired as soon as this week as the company is looking to cut costs and become profitable amid an increasingly challenging macro environment. Zomato had sustained a net loss of Rs 250.8 crores ($2.5 billion) in the last quarter, in September when compared to the previous fiscal year’s loss of Rs. 434.9 crores ($4.3 billion) in the same quarter. (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.

India: Zomato confirms country-wide layoffs, will affect at least 3 per cent of staff

In the span of weeks, the United States’ Silicon Valley which has been a reliable source of high-paying jobs and booming stocks is now witnessing a tough time with major big tech companies including Meta, Twitter, Snap, and Microsoft announcing mass layoffs, which have tens of thousands of people unemployed.&nbsp;

On Monday, joining what many have called the “lay off season”, New York Times first reported that Amazon is planning to lay off as many as 10,000 people in “corporate and technology” departments across the world. This was preceded by Meta, Facebook’s parent company, which also operates Instagram and WhatsApp, announcing job cuts affecting at least 13 per cent of the company.&nbsp;

Why is this happening?

The two prominent reasons that most companies who have given a public statement following the announcement of mass layoffs are that they hired many employees during the pandemic when people spent most of their time online, as opposed to now when the boom is starting to fade as they get back to their daily lives. Secondly, soaring inflation in the US has made brands reluctant to spend money on advertising.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/world/elon-musk-fires-twitter-engineers-who-questioned-him-publicly-534252">Elon Musk fires Twitter engineer who questioned him publicly</a>

According to Layoffs.fyi, a website that tracks tech layoffs, 217,404 employees across more than 1,300 tech companies have been fired since the Covid-19 pandemic. &nbsp;The companies that were once thriving are now facing a major downturn and one of the main reasons that are seen across most of them is the reduction in demand.&nbsp;

Several reports have attributed the “boom” that the big tech witnessed during the pandemic to the lockdowns which had forced people indoors, essentially bringing their daily lives to a grinding halt. Amid the pandemic-induced lockdowns, people spent more time on online shopping, social media, and streaming content, which led to an overall increase in demand.&nbsp;

ALSO WATCH:&nbsp;<a href="https://www.wionews.com/videos/wion-business-news-meta-preparing-large-scale-layoffs-reports-531772">WION Business News | Meta preparing large-scale layoffs: Reports</a> 
 
However, as the lockdowns were lifted across the world and people went back outside, the demand was reportedly slower in comparison. This was in addition to the soaring inflation that the United States is currently witnessing that has led digital advertisers to cut back on spending on ads which nearly all tech companies rely on for revenue.&nbsp;

Meanwhile, the Federal Reserve in a bid to control the four-decade-high inflation has been increasing interest rates. Earlier this month, the central bank announced its fourth straight increase of 0.75 percent. “We’ve seen a surge in layoffs in recent weeks because it’s becoming obvious that the (Federal Reserve) will need to keep increasing interest rates for longer than originally expected,” Roger Lee, founder of Layoffs.fyi, told TIME.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/business-economy/us-federal-reserve-raises-interest-rate-by-075-again-in-a-bid-to-combat-inflation-530687">In a historic move, US Federal Reserve raises interest rate by 0.75% again</a> 
 
He added, “Unfortunately, the pain won’t end until the Fed is able to get a handle on inflation.” Citing media reports, the website has also estimated that more than 24,000 tech workers across 72 companies have been laid off in November. This also comes amid reports of a possible global recession.&nbsp;

What has happened so far?

This year more than 121,000 employees from nearly 800 tech companies have been fired. Notably, the highest number of layoffs was seen in the month of November. Additionally, accounting for the biggest tech layoffs since the pandemic, the report by layoffs.fyi, said that <a href="https://www.wionews.com/world/explained-why-did-meta-fire-13-per-cent-of-its-employees-whats-in-store-for-the-facebook-parent-company-533887">Meta</a> is currently at the top of the list after it announced that it would lay off at least 11,000 employees.&nbsp;

As mentioned earlier, reports suggest that <a href="https://www.wionews.com/world/amazon-plans-to-lay-off-at-least-10000-people-job-cuts-may-begin-this-week-report-534150">Amazon</a> plans to lay off at least 10,000 employees as early as this week and will focus on the company’s devices unit and several products including Alexa and other appliances, as well as the retail division and the e-commerce giants’ human resources department. Amazon laying off employees is significant as it has previously been the most stable employer in tech and if confirmed this would be the biggest layoffs in company history.&nbsp;

This was preceded by <a href="https://www.wionews.com/world/twitter-layoffs-impact-at-least-50-of-employees-reassures-content-moderation-amid-speculations-531333">Twitter</a> which reports later confirmed fired at least 50 percent of their workforce after the billionaire Tesla CEO Elon Musk took over the microblogging platform in a $44 billion deal. Amid the mass layoffs, co-founder and former CEO Jack Dorsey had taken to the platform and accepted the responsibility and apologized for growing the “company size too quickly”.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/business-economy/india-dream11-co-founder-offers-jobs-to-people-fired-from-twitter-meta-and-others-533728">Fantasy platform Dream11 co-founder offers jobs to people fired from Twitter, Meta and others</a> 
 
Furthermore, <a href="https://www.wionews.com/business-economy/microsoft-lays-off-nearly-1000-workers-across-multiple-divisions-report-526636">Microsoft</a> had also laid off nearly 1,000 employees across different units worldwide, first reported by Axios which was later confirmed by the company citing the impending slowdown in revenue.&nbsp;

Earlier this year, <a href="https://www.wionews.com/world/after-a-dismal-q2-snap-to-sack-nearly-1300-employees-511755">Snap Inc.</a> the company behind Snapchat said that by the end of August it will cut its workforce down by at least 20 percent which affected nearly 1,200 people. This was followed by <a href="https://www.wionews.com/business-economy/report-intel-plans-to-layoff-thousands-in-workforce-amid-pc-market-slowdown-524809">Intel</a> which according to a report by Bloomberg was set to lay off at least 20 percent of its staff, however, the company is yet to officially confirm the number.&nbsp;

(With inputs from agencies)&nbsp;

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In the span of weeks, the United States’ Silicon Valley which has been a reliable source of high-paying jobs and booming stocks is now witnessing a tough time with major big tech companies including Meta, Twitter, Snap, and Microsoft announcing mass layoffs, which have tens of thousands of people unemployed.

In the span of weeks, the United States’ Silicon Valley which has been a reliable source of high-paying jobs and booming stocks is now witnessing a tough time with major big tech companies including Meta, Twitter, Snap, and Microsoft announcing mass layoffs, which have tens of thousands of people unemployed. On Monday, joining what many have called the “lay off season”, New York Times first reported that Amazon is planning to lay off as many as 10,000 people in “corporate and technology” departments across the world. This was preceded by Meta, Facebook’s parent company, which also operates Instagram and WhatsApp, announcing job cuts affecting at least 13 per cent of the company. Why is this happening? The two prominent reasons that most companies who have given a public statement following the announcement of mass layoffs are that they hired many employees during the pandemic when people spent most of their time online, as opposed to now when the boom is starting to fade as they get back to their daily lives. Secondly, soaring inflation in the US has made brands reluctant to spend money on advertising. ALSO READ: Elon Musk fires Twitter engineer who questioned him publicly According to Layoffs.fyi, a website that tracks tech layoffs, 217,404 employees across more than 1,300 tech companies have been fired since the Covid-19 pandemic. The companies that were once thriving are now facing a major downturn and one of the main reasons that are seen across most of them is the reduction in demand. Several reports have attributed the “boom” that the big tech witnessed during the pandemic to the lockdowns which had forced people indoors, essentially bringing their daily lives to a grinding halt. Amid the pandemic-induced lockdowns, people spent more time on online shopping, social media, and streaming content, which led to an overall increase in demand. ALSO WATCH: WION Business News | Meta preparing large-scale layoffs: Reports However, as the lockdowns were lifted across the world and people went back outside, the demand was reportedly slower in comparison. This was in addition to the soaring inflation that the United States is currently witnessing that has led digital advertisers to cut back on spending on ads which nearly all tech companies rely on for revenue. Meanwhile, the Federal Reserve in a bid to control the four-decade-high inflation has been increasing interest rates. Earlier this month, the central bank announced its fourth straight increase of 0.75 percent. “We’ve seen a surge in layoffs in recent weeks because it’s becoming obvious that the (Federal Reserve) will need to keep increasing interest rates for longer than originally expected,” Roger Lee, founder of Layoffs.fyi, told TIME. ALSO READ: In a historic move, US Federal Reserve raises interest rate by 0.75% again He added, “Unfortunately, the pain won’t end until the Fed is able to get a handle on inflation.” Citing media reports, the website has also estimated that more than 24,000 tech workers across 72 companies have been laid off in November. This also comes amid reports of a possible global recession. What has happened so far? This year more than 121,000 employees from nearly 800 tech companies have been fired. Notably, the highest number of layoffs was seen in the month of November. Additionally, accounting for the biggest tech layoffs since the pandemic, the report by layoffs.fyi, said that Meta is currently at the top of the list after it announced that it would lay off at least 11,000 employees. As mentioned earlier, reports suggest that Amazon plans to lay off at least 10,000 employees as early as this week and will focus on the company’s devices unit and several products including Alexa and other appliances, as well as the retail division and the e-commerce giants’ human resources department. Amazon laying off employees is significant as it has previously been the most stable employer in tech and if confirmed this would be the biggest layoffs in company history. This was preceded by Twitter which reports later confirmed fired at least 50 percent of their workforce after the billionaire Tesla CEO Elon Musk took over the microblogging platform in a $44 billion deal. Amid the mass layoffs, co-founder and former CEO Jack Dorsey had taken to the platform and accepted the responsibility and apologized for growing the “company size too quickly”. ALSO READ: Fantasy platform Dream11 co-founder offers jobs to people fired from Twitter, Meta and others Furthermore, Microsoft had also laid off nearly 1,000 employees across different units worldwide, first reported by Axios which was later confirmed by the company citing the impending slowdown in revenue. Earlier this year, Snap Inc. the company behind Snapchat said that by the end of August it will cut its workforce down by at least 20 percent which affected nearly 1,200 people. This was followed by Intel which according to a report by Bloomberg was set to lay off at least 20 percent of its staff, however, the company is yet to officially confirm the number. (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.

From pandemic boom to layoff season: Why big tech firms are firing thousands of employees

Reportedly, Amazon is planning to layoff 10,000 of its employees in corporate and technology divisions. The layoffs may start as early as this week.

Report: Amazon plans to lay off 10,000 people

Layoffs in the Silicon Valley are proving to be exceptionally problematic for Indian Techies. Most them were working on H-1B visas & now have just a 60-day grace period to find another job.

Gravitas: The impact of Silicon Valley layoffs on Indian Techies

Recently, there has been an unprecedented number of mass layoffs across the world, including in big tech companies like Twitter and Meta which also announced that they fired thousands of people in the past few weeks. This has affected many, including Indians who form a large chunk of the workforce in the US’ Silicon Valley.&nbsp;

Amid what many are referring to as the ‘layoff season’, Harsh Jain, co-founder of Dream Sports took to Twitter and offered Indian employees fired by the major tech firms to join his company especially those with Visa issues.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/technology/meta-boss-mark-zuckerberg-says-mass-lay-offs-to-begin-from-wednesday-morning-532418">Meta boss Mark Zuckerberg says mass layoffs to begin from Wednesday morning</a>

“With all the 2022 Tech layoffs (52,000+!) in the US, please spread the word to remind Indians to come back home (specially those with visa issues) to help Indian Tech realise our hyper-growth potential in the next decade!” Jain wrote in a tweet.&nbsp;

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<blockquote class="twitter-tweet">
With all the 2022 Tech layoffs (52,000+!) in the US, please spread the word to remind Indians to come back home (specially those with visa issues) to help Indian Tech realise our hyper-growth potential in the next decade! 🇮🇳 🇮🇳 🇮🇳 (1/3)
— Harsh Jain (@harshjain85) <a href="https://twitter.com/harshjain85/status/1589609986677964800?ref_src=twsrc%5Etfw">November 7, 2022</a></blockquote>
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&nbsp;

He added, that his company is “profitable” and financially stable in a subsequent statement and said, “#shamelessplug if you or someone you know fits the above, feel free to reach out to us on indiareturns@dreamsports.group. We @DreamSportsHQ are a profitable, $8 Billion Co with 150 Million+ users and 10 kickass portfolio companies”.

ALSO WATCH:&nbsp;<a href="https://www.wionews.com/videos/wion-business-news-twitter-takes-u-turn-post-massive-layoffs-asks-fired-employees-to-come-back-531766">WION Business News | Twitter takes U-Turn post massive layoffs, asks fired employees to come back</a>

Furthermore, in another tweet also briefly spoke about the ten portfolio companies under Dream11, “who are constantly looking for great talent, specially with leadership experience in Design, Product &amp; Tech!”.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/sports/dream11-awarded-title-sponsorship-for-ipl-2020-with-a-bid-of-inr-222-crore-confirms-brijesh-patel-321448">Dream11 awarded title sponsorship for IPL 2020 with a bid of INR 222 crore, confirms Brijesh Patel</a> 
 
Since it was first posted on November 7, the Twitter thread has garnered over 650 likes and over 70 retweets. Dream11 is an Indian fantasy sports platform that allows users to create fantasy teams in several sports including, cricket, football, hockey, rugby, and so on. In 2019, it was the first of its kind in the country which went on to become a unicorn.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;

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Recently, there has been an unprecedented number of mass layoffs across the world, including in big tech companies like Twitter and Meta which also announced that they fired thousands of people in the past few weeks.

Recently, there has been an unprecedented number of mass layoffs across the world, including in big tech companies like Twitter and Meta which also announced that they fired thousands of people in the past few weeks. This has affected many, including Indians who form a large chunk of the workforce in the US’ Silicon Valley. Amid what many are referring to as the ‘layoff season’, Harsh Jain, co-founder of Dream Sports took to Twitter and offered Indian employees fired by the major tech firms to join his company especially those with Visa issues. ALSO READ: Meta boss Mark Zuckerberg says mass layoffs to begin from Wednesday morning “With all the 2022 Tech layoffs (52,000+!) in the US, please spread the word to remind Indians to come back home (specially those with visa issues) to help Indian Tech realise our hyper-growth potential in the next decade!” Jain wrote in a tweet. With all the 2022 Tech layoffs (52,000+!) in the US, please spread the word to remind Indians to come back home (specially those with visa issues) to help Indian Tech realise our hyper-growth potential in the next decade! 🇮🇳 🇮🇳 🇮🇳 (1/3) — Harsh Jain (@harshjain85) November 7, 2022 × He added, that his company is “profitable” and financially stable in a subsequent statement and said, “#shamelessplug if you or someone you know fits the above, feel free to reach out to us on indiareturns@dreamsports.group. We @DreamSportsHQ are a profitable, $8 Billion Co with 150 Million+ users and 10 kickass portfolio companies”. ALSO WATCH: WION Business News | Twitter takes U-Turn post massive layoffs, asks fired employees to come back Furthermore, in another tweet also briefly spoke about the ten portfolio companies under Dream11, “who are constantly looking for great talent, specially with leadership experience in Design, Product & Tech!”. ALSO READ: Dream11 awarded title sponsorship for IPL 2020 with a bid of INR 222 crore, confirms Brijesh Patel Since it was first posted on November 7, the Twitter thread has garnered over 650 likes and over 70 retweets. Dream11 is an Indian fantasy sports platform that allows users to create fantasy teams in several sports including, cricket, football, hockey, rugby, and so on. In 2019, it was the first of its kind in the country which went on to become a unicorn. 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.

Fantasy platform Dream11 co-founder offers jobs to people fired from Twitter, Meta and others

Walt Disney Co Chief Executive Bob Chapek made an announcement on Friday via a memo addressed to all executives at the senior vice president level or above. The company is planning to freeze hiring, and layoffs are likely as part of its cost-cutting measures, stated the internal memo viewed by several publications.

The move is being made to get the Disney+ streaming service to profitability against the backdrop of economic uncertainty. The strict measures come days after Disney reported a $1.5 billion quarterly loss in its streaming business.&nbsp;Shares of the company fell more than 13% on Wednesday following its results.

In the memo, Chapek said a task force has been instituted to review marketing, content and administrative spending across the entire company and recommend cuts. The team is led by finance chief Christine McCarthy and general counsel Horacio Gutierrez.

“I’m fully aware this will be a difficult process for many of you and your teams,” Chapek said in the memo. “We are going to have to make tough and uncomfortable decisions.”

“While certain macroeconomic factors are out of our control, meeting these goals requires all of us to continue doing our part to manage the things we can control – most notably, our costs,” Chapek added.

The streaming service is known for original series including the 'Star Wars'&nbsp;entries 'The Mandalorian',&nbsp;'Andor'&nbsp;and 'Obi-Wan Kenobi',&nbsp;the Marvel entries 'WandaVision',&nbsp;'Hawkeye'&nbsp;and 'She-Hulk: Attorney at Law',&nbsp;and content hubs for Disney, Pixar, Marvel and 'Star Wars'&nbsp;films.

Wall Street analysts voiced concern about Disney’s escalating streaming costs. MoffettNathanson analyst Michael Nathanson observed in a note this week that “the company has to prove that their pivot to DTC will be worth the investment price that is currently being paid.”

Corporate America is making deep cuts to its employee base to brace for an economic downturn. Meta Platforms said this week it would cut more than 11,000 jobs, or 13% of its workforce to rein in costs.

Also read:&nbsp;<a href="https://www.wionews.com/entertainment/ranveer-singh-gets-honoured-with-etoile-dor-award-at-marrakech-international-film-festival-533466" hreflang="en">Ranveer Singh gets honoured with Etoile d’Or award at Marrakech International Film Festival</a>

One of Disney’s studio peers, Warner Bros Discovery, has undergone dramatic cost-cutting efforts, including layoffs, as the recently merged company restructures its content operations.

Chapek said Disney has established a task force, including Chief Financial Officer Christine McCarthy and General Counsel Horacio Gutierrez, to help him make “critical big-picture decisions.”

The company already has begun looking at content and marketing spending, but Chapek said the cuts would not sacrifice quality. Hiring will be limited to a small subset of critical positions, and some staff reductions are anticipated, as the company looks to make itself more cost-efficient, he&nbsp;wrote.

Chapek said business travel would be limited and trips would require advance approval, or be conducted virtually as much as possible.

“Our transformation is designed to ensure we thrive not just today, but well into the future,” he&nbsp;wrote. The memo was first reported by CNBC.

(With inputs from agencies)

Walt Disney Co Chief Executive Bob Chapek made an announcement on Friday via a memo addressed to all executives at the senior vice president level or above. The company is planning to freeze hiring, and layoffs are likely as part of its cost-cutting measures, stated the internal memo viewed by several publications.

Walt Disney Co Chief Executive Bob Chapek made an announcement on Friday via a memo addressed to all executives at the senior vice president level or above. The company is planning to freeze hiring, and layoffs are likely as part of its cost-cutting measures, stated the internal memo viewed by several publications. The move is being made to get the Disney+ streaming service to profitability against the backdrop of economic uncertainty. The strict measures come days after Disney reported a $1.5 billion quarterly loss in its streaming business. Shares of the company fell more than 13% on Wednesday following its results. In the memo, Chapek said a task force has been instituted to review marketing, content and administrative spending across the entire company and recommend cuts. The team is led by finance chief Christine McCarthy and general counsel Horacio Gutierrez. “I’m fully aware this will be a difficult process for many of you and your teams,” Chapek said in the memo. “We are going to have to make tough and uncomfortable decisions.” “While certain macroeconomic factors are out of our control, meeting these goals requires all of us to continue doing our part to manage the things we can control – most notably, our costs,” Chapek added. The streaming service is known for original series including the 'Star Wars' entries 'The Mandalorian', 'Andor' and 'Obi-Wan Kenobi', the Marvel entries 'WandaVision', 'Hawkeye' and 'She-Hulk: Attorney at Law', and content hubs for Disney, Pixar, Marvel and 'Star Wars' films. Wall Street analysts voiced concern about Disney’s escalating streaming costs. MoffettNathanson analyst Michael Nathanson observed in a note this week that “the company has to prove that their pivot to DTC will be worth the investment price that is currently being paid.” Corporate America is making deep cuts to its employee base to brace for an economic downturn. Meta Platforms said this week it would cut more than 11,000 jobs, or 13% of its workforce to rein in costs. Also read: Ranveer Singh gets honoured with Etoile d’Or award at Marrakech International Film Festival One of Disney’s studio peers, Warner Bros Discovery, has undergone dramatic cost-cutting efforts, including layoffs, as the recently merged company restructures its content operations. Chapek said Disney has established a task force, including Chief Financial Officer Christine McCarthy and General Counsel Horacio Gutierrez, to help him make “critical big-picture decisions.” The company already has begun looking at content and marketing spending, but Chapek said the cuts would not sacrifice quality. Hiring will be limited to a small subset of critical positions, and some staff reductions are anticipated, as the company looks to make itself more cost-efficient, he wrote. Chapek said business travel would be limited and trips would require advance approval, or be conducted virtually as much as possible. “Our transformation is designed to ensure we thrive not just today, but well into the future,” he wrote. The memo was first reported by CNBC. (With inputs from agencies)

Disney freezes hiring, announces layoffs after $1.5bn quarterly loss in streaming business

Tech companies across the world are on a firing spree. Their actions are set to bring hardships for fired employees. How can they deal with the emotional & mental impact of losing a job?

Gravitas: How to handle being unemployed?

Tech giants like Twitter and Meta are laying off employees at an unprecedented rate. The question arises, are tech giants really as recession-proof as they claim to be, or are the current market trends going to get the best of them? Priyanka Sharma brings you the details

WION Fineprint | Tech giants on a firing spree

In an attempt to soften the blow of a layoff, employers are resorting to new phrases to fire employees.

Gravitas: Poor layoff lingo now part of the mainstream

Twitter is now reaching out to thousands of employees who lost their jobs last week, the social media giant have now asked them to return.

WION Business News | Twitter takes U-Turn post massive layoffs, asks fired employees to come back

Mass lay-offs took place at Twitter on Friday. But some people seem to have been let go without thinking it through. Now Twitter wants them to come back.

WION Fineprint | Twitter re-hiring people it just fired

Just a couple of days back Twitter underwent massive layoffs, firing around 50 per cent of its employees, now another social media company is reportedly going to travel the same path. As per a report by the Wall Street Journal (WSJ), Facebook's parent company Meta is planning to begin large-scale layoffs this week.

Reuters reports that the layoffs will affect thousands of employees and the announcement will likely come as early as Wednesday.

Watch |&nbsp;WION Business News | Facebook-parent Meta's India head Ajit Mohan quits

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The discouraging news comes as Meta battles a sluggish global economy, TikTok rivalry, Apple privacy changes, worries about big spending on the metaverse, and the looming danger of regulation.

Meta had reduced its ambitions to hire engineers by at least 30 per cent in June, and Mark Zuckerberg had advised staff to prepare for a slowdown in the economy.

Also read |&nbsp;<a href="https://www.wionews.com/world/elon-musks-twitter-calls-back-some-of-the-fired-employees-says-they-got-laid-off-by-mistake-531720" hreflang="en">Elon Musk's Twitter calls back some of the fired employees, says they got laid off 'by mistake'</a>

A few months later, in October, Meta had predicted a dismal Christmas quarter and much higher costs in 2023, which as per its estimates will reduce its stock's market value by around $67 billion and add to the more than half a trillion dollars in value already lost this year.&nbsp;

According to Zuckerberg, it will take around ten years for the investments in the metaverse to pay off. To save costs in the interim, he has been forced to halt employment, cancel projects, and rearrange teams.

Also read |&nbsp;<a href="https://www.wionews.com/world/explained-will-twitter-layoffs-breach-american-law-heres-everything-you-need-to-know-531676">Explained: Will Twitter layoffs breach American law? Here's everything you need to know</a>

"In 2023, we're going to focus our investments on a small number of high priority growth areas. So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today" he said last month.

Increased interest rates, rising inflation, and the European energy crisis have in recent times not only forced Twitter and Meta, to cut staff, rather several technological businesses, including Microsoft Corp., and Snap Inc., have also reduced employment in recent months.

Just a couple of days back Twitter underwent massive layoffs, firing around 50 per cent of its employees, now another social media company is reportedly going to travel the same path.

Just a couple of days back Twitter underwent massive layoffs, firing around 50 per cent of its employees, now another social media company is reportedly going to travel the same path. As per a report by the Wall Street Journal (WSJ), Facebook's parent company Meta is planning to begin large-scale layoffs this week. Reuters reports that the layoffs will affect thousands of employees and the announcement will likely come as early as Wednesday. Watch | WION Business News | Facebook-parent Meta's India head Ajit Mohan quits The discouraging news comes as Meta battles a sluggish global economy, TikTok rivalry, Apple privacy changes, worries about big spending on the metaverse, and the looming danger of regulation. Meta had reduced its ambitions to hire engineers by at least 30 per cent in June, and Mark Zuckerberg had advised staff to prepare for a slowdown in the economy. Also read | Elon Musk's Twitter calls back some of the fired employees, says they got laid off 'by mistake' A few months later, in October, Meta had predicted a dismal Christmas quarter and much higher costs in 2023, which as per its estimates will reduce its stock's market value by around $67 billion and add to the more than half a trillion dollars in value already lost this year. According to Zuckerberg, it will take around ten years for the investments in the metaverse to pay off. To save costs in the interim, he has been forced to halt employment, cancel projects, and rearrange teams. Also read | Explained: Will Twitter layoffs breach American law? Here's everything you need to know "In 2023, we're going to focus our investments on a small number of high priority growth areas. So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today" he said last month. Increased interest rates, rising inflation, and the European energy crisis have in recent times not only forced Twitter and Meta, to cut staff, rather several technological businesses, including Microsoft Corp., and Snap Inc., have also reduced employment in recent months.

After Twitter, now Facebook parent company Meta will undergo massive layoffs: Report

According to the reports, lay-offs at Twitter has been talked about over the course of last week, has now finally begun. Elon Musk's overhaul of the microblogging platform is currently underway and Twitter employees around the world have been asked to stay at home and wait to find out if they still have a job.

Twitter offices around the World shut, any email on the office ID meant jobs are secure

Trending on WION: 'Blood bath' begins at Twitter as employees across verticals laid off in India

Late Friday, the Head of Safety and Integrity at Twitter, Yoel Roth, took to the social media platform and appears to have confirmed that at least 50% of the workforce has been impacted by the company-wide mass layoffs. While also addressing speculations about the social media platform’s content moderation capabilities which he claims have remained in place.&nbsp;

Meanwhile, the Tesla CEO and the microblogging platform’s "Complaint Hotline Operator" as he calls himself, Elon Musk, addressed the layoffs and said in a tweet that “unfortunately there is no choice when the company is losing over $4M/day.”&nbsp;He added that everyone who has been fired was offered three months of severance and it&nbsp;was 50 per cent&nbsp;more than what was legally required.

ALSO READ:&nbsp;<a href="https://www.wionews.com/business-economy/twitter-starts-mass-layoff-large-number-of-employees-laid-off-in-india-531275">LIVE | Twitter starts mass layoff: Roughly 50% of workforce hit by layoffs, Musk blames activist groups</a>

This comes days after Musk took over the microblogging platform and had earlier remarked that the company is witnessing a “massive” drop in revenue which he has blamed on “activist groups” who are apparently pressuring the advertisers. Advertisements account for almost 90 per cent&nbsp;of Twitter’s revenue.&nbsp;

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Here are the facts about where Twitter’s Trust &amp; Safety and moderation capacity stands today: 
 
tl;dr: While we said goodbye to incredibly talented friends and colleagues yesterday, our core moderation capabilities remain in place.
— Yoel Roth (@yoyoel) <a href="https://twitter.com/yoyoel/status/1588657227035918337?ref_src=twsrc%5Etfw">November 4, 2022</a></blockquote>
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According to reports, several companies including Audi, General Motors, Pfizer and so on have suspended ads on Twitter after the Tesla CEO took over and amid speculations, he will scale back on the security protections of the platform. In a series of tweets, Roth spoke about Twitter’s Trust and Safety and moderation capacity and where it stands today.&nbsp;

In subsequent tweets, he said, “Yesterday’s reduction in force affected approximately 15% of our Trust &amp; Safety organization (as opposed to approximately 50 per cent&nbsp;cuts company-wide), with our front-line moderation staff experiencing the least impact.”&nbsp;

ALSO WATCH:&nbsp;<a href="https://www.wionews.com/videos/report-twitters-new-owner-elon-musk-plans-to-cut-3700-jobs-530795">Report: Twitter's new owner Elon Musk plans to cut 3,700 jobs</a>

These mass layoffs come ahead of the United States midterm elections which raised concerns regarding its ability to counter misinformation. As several media reports have indicated thousands of Twitter employees have lost their jobs across departments ranging from communications, and content curation to marketing and engineering.

In another tweet, Roth also said that their “efforts on election integrity — including harmful misinformation that can suppress the vote and combatting state-backed information operations &nbsp;— remain a top priority.” Musk also shared the series of tweets and said “Excellent summary of Twitter’s Trust &amp; Safety from the head of the team,”&nbsp;and in another statement reiterated the following:&nbsp;

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Again, to be crystal clear, Twitter’s strong commitment to content moderation remains absolutely unchanged. 
 
In fact, we have actually seen hateful speech at times this week decline *below* our prior norms, contrary to what you may read in the press.
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1588666105023041536?ref_src=twsrc%5Etfw">November 4, 2022</a></blockquote>
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This comes a day after the company via an email informed its employees that, “In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday.” It added, “We recognize that this will impact a number of individuals who have made valuable contributions to Twitter, but this action is unfortunately necessary to ensure the company's success moving forward.” &nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/technology/elon-musks-twitter-sued-over-plans-to-layoff-half-of-workforce-531103">Elon Musk's Twitter sued over plans to lay off half of workforce</a>

During this time, Twitter offices had also been shut and badge access suspended.&nbsp;On early Friday, several reports emerged of employees being locked out of their laptops, company Gmail as well as Slack (a messaging app) accounts. The layoffs come after Musk acquired the social media platform for $44 billion and is reportedly trying to make it profitable.&nbsp;

(With inputs from agencies)&nbsp;

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Late Friday, the Head of Safety and Integrity at Twitter, Yoel Roth, took to the social media platform and appears to have confirmed that at least 50% of the workforce has been impacted by the company-wide mass layoffs.

Late Friday, the Head of Safety and Integrity at Twitter, Yoel Roth, took to the social media platform and appears to have confirmed that at least 50% of the workforce has been impacted by the company-wide mass layoffs. While also addressing speculations about the social media platform’s content moderation capabilities which he claims have remained in place. Meanwhile, the Tesla CEO and the microblogging platform’s "Complaint Hotline Operator" as he calls himself, Elon Musk, addressed the layoffs and said in a tweet that “unfortunately there is no choice when the company is losing over $4M/day.” He added that everyone who has been fired was offered three months of severance and it was 50 per cent more than what was legally required. ALSO READ: LIVE | Twitter starts mass layoff: Roughly 50% of workforce hit by layoffs, Musk blames activist groups This comes days after Musk took over the microblogging platform and had earlier remarked that the company is witnessing a “massive” drop in revenue which he has blamed on “activist groups” who are apparently pressuring the advertisers. Advertisements account for almost 90 per cent of Twitter’s revenue. Here are the facts about where Twitter’s Trust & Safety and moderation capacity stands today: tl;dr: While we said goodbye to incredibly talented friends and colleagues yesterday, our core moderation capabilities remain in place. — Yoel Roth (@yoyoel) November 4, 2022 × According to reports, several companies including Audi, General Motors, Pfizer and so on have suspended ads on Twitter after the Tesla CEO took over and amid speculations, he will scale back on the security protections of the platform. In a series of tweets, Roth spoke about Twitter’s Trust and Safety and moderation capacity and where it stands today. In subsequent tweets, he said, “Yesterday’s reduction in force affected approximately 15% of our Trust & Safety organization (as opposed to approximately 50 per cent cuts company-wide), with our front-line moderation staff experiencing the least impact.” ALSO WATCH: Report: Twitter's new owner Elon Musk plans to cut 3,700 jobs These mass layoffs come ahead of the United States midterm elections which raised concerns regarding its ability to counter misinformation. As several media reports have indicated thousands of Twitter employees have lost their jobs across departments ranging from communications, and content curation to marketing and engineering. In another tweet, Roth also said that their “efforts on election integrity — including harmful misinformation that can suppress the vote and combatting state-backed information operations — remain a top priority.” Musk also shared the series of tweets and said “Excellent summary of Twitter’s Trust & Safety from the head of the team,” and in another statement reiterated the following: Again, to be crystal clear, Twitter’s strong commitment to content moderation remains absolutely unchanged. In fact, we have actually seen hateful speech at times this week decline *below* our prior norms, contrary to what you may read in the press. — Elon Musk (@elonmusk) November 4, 2022 × This comes a day after the company via an email informed its employees that, “In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday.” It added, “We recognize that this will impact a number of individuals who have made valuable contributions to Twitter, but this action is unfortunately necessary to ensure the company's success moving forward.” ALSO READ: Elon Musk's Twitter sued over plans to lay off half of workforce During this time, Twitter offices had also been shut and badge access suspended. On early Friday, several reports emerged of employees being locked out of their laptops, company Gmail as well as Slack (a messaging app) accounts. The layoffs come after Musk acquired the social media platform for $44 billion and is reportedly trying to make it profitable. (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.

Twitter layoffs impact at least 50% of employees, reassures content moderation amid speculations

Twitter will alert its employees via email by 9 AM PST on Friday about whether they have been fired or not, said an internal memo copy obtained&nbsp;by Insider. The email also said that Twitter offices will be closed as well as all badge access will be suspended in order to ensure the “safety” of the employees as well as “Twitter systems and customer data.”&nbsp;

“In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday,” said the email. It added, “We recognize that this will impact a number of individuals who have made valuable contributions to Twitter, but this action is unfortunately necessary to ensure the company's success moving forward.” &nbsp;

The note reportedly also said that they want to inform the “impacted individuals as quickly as possible” therefore the news will be communicated via email. It added, “If your employment is not impacted, you will receive a notification via your Twitter email.” On the other hand, if it has "impacted" their employment&nbsp;they would be notified regarding their next steps via their personal email.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/elon-musk-under-pressure-promises-advertisers-to-protect-twitter-from-becoming-a-free-for-all-hellsacpe-530716" hreflang="en">Elon Musk under pressure, promises advertisers to protect Twitter from becoming a 'free-for-all hellscape'</a> 
 
Furthermore, the employees were also reminded,&nbsp;“Twitter policies that prohibit you from discussing confidential company information on social media, with the press or elsewhere.” This comes a day after over 7,000 employees from Twitter’s headquarters in San Francisco to Singapore were fearing job cuts, while this email partially confirms speculations that Tesla CEO Elon Musk may lay off at least 50% of the workforce over the week.&nbsp;

On October 27 Musk took over the microblogging app after a $44 billion deal and subsequently fired several top Twitter executives almost immediately, including CEO, Parag Agrawal, CFO, Ned Segal, as well as Legal Affairs and Policy chief, Vijaya Gadde.&nbsp;

Meanwhile, reports suggest that Elon Musk in a bid to make the platform profitable has asked different departments at Twitter to free up at least one billion dollars in annual infrastructure including reduced funding for cloud services and servers as well as plans to charge $8 per month for the “verified” badges.&nbsp;

Watch |&nbsp;Report: Twitter's new owner Elon Musk plans to cut 3,700 jobs

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Earlier, the "Chief Twit" had denied reports that he would be laying off&nbsp;people at Twitter after the New York Times (NYT) reported, citing sources, that Musk has ordered managers to make a list of employees that would be told to exit the company. The newspaper, however, claimed that the retrenching would take place before November 1,&nbsp;when employees are due to receive their stock grants, which constitute part of their pay.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/image-shows-twitter-employee-sleeping-on-office-floor-after-musk-takeover-530692">Image shows Twitter employee sleeping on office floor after Musk takeover</a>

But a day after a journalist posted on Twitter on October 30&nbsp;with an excerpt from the NYT article about the layoffs, Musk issued a scathing denial.&nbsp;"This is false," the 51-year-old billionaire said, without providing additional details.&nbsp;

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Twitter will alert its employees via email by 9 AM PST on Friday about whether they have been fired or not, said an internal memo copy obtained by Insider. The email also said that Twitter offices will be closed as well as all badge access will be suspended in order to ensure the “safety” of the employees as well as “Twitter systems and customer data.

Twitter will alert its employees via email by 9 AM PST on Friday about whether they have been fired or not, said an internal memo copy obtained by Insider. The email also said that Twitter offices will be closed as well as all badge access will be suspended in order to ensure the “safety” of the employees as well as “Twitter systems and customer data.” “In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday,” said the email. It added, “We recognize that this will impact a number of individuals who have made valuable contributions to Twitter, but this action is unfortunately necessary to ensure the company's success moving forward.” The note reportedly also said that they want to inform the “impacted individuals as quickly as possible” therefore the news will be communicated via email. It added, “If your employment is not impacted, you will receive a notification via your Twitter email.” On the other hand, if it has "impacted" their employment they would be notified regarding their next steps via their personal email. Also read | Elon Musk under pressure, promises advertisers to protect Twitter from becoming a 'free-for-all hellscape' Furthermore, the employees were also reminded, “Twitter policies that prohibit you from discussing confidential company information on social media, with the press or elsewhere.” This comes a day after over 7,000 employees from Twitter’s headquarters in San Francisco to Singapore were fearing job cuts, while this email partially confirms speculations that Tesla CEO Elon Musk may lay off at least 50% of the workforce over the week. On October 27 Musk took over the microblogging app after a $44 billion deal and subsequently fired several top Twitter executives almost immediately, including CEO, Parag Agrawal, CFO, Ned Segal, as well as Legal Affairs and Policy chief, Vijaya Gadde. Meanwhile, reports suggest that Elon Musk in a bid to make the platform profitable has asked different departments at Twitter to free up at least one billion dollars in annual infrastructure including reduced funding for cloud services and servers as well as plans to charge $8 per month for the “verified” badges. Watch | Report: Twitter's new owner Elon Musk plans to cut 3,700 jobs Earlier, the "Chief Twit" had denied reports that he would be laying off people at Twitter after the New York Times (NYT) reported, citing sources, that Musk has ordered managers to make a list of employees that would be told to exit the company. The newspaper, however, claimed that the retrenching would take place before November 1, when employees are due to receive their stock grants, which constitute part of their pay. Also read | Image shows Twitter employee sleeping on office floor after Musk takeover But a day after a journalist posted on Twitter on October 30 with an excerpt from the NYT article about the layoffs, Musk issued a scathing denial. "This is false," the 51-year-old billionaire said, without providing additional details. 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.

Twitter set to begin mass layoffs, staff to know employment status via email: Report

According to reports, Twitter CEO Elon Musk will begin to lay off employees at Twitter. However, the scale or the layoffs is yet to be determined. The layoffs at Twitter would reportedly take place before November 1st, the day when employees were scheduled to receive stock grants as part of their compensation.

WION Fineprint: Elon Musk planning layoffs at Twitter, say reports

Electric truck maker Rivian Automotive will brief employees on Friday on potential layoffs and plans to suspend some programs as part of a broader restructuring.

Rivian plans to suspend more programs, to address layoffs at meeting

Streaming giant Netflix has laid off 300 employees, according to Variety. The publication reported that the streamer fired off staffers across multiple departments. This follows the first round of layoffs last month, in which the company had fired 150 employees, contractors, or part-time workers, about 2 per cent of its workforce in the United States.

Netflix may be a world leader in the streaming space, but it is also beset with financial troubles. In April, it reported a loss of 200,000 subscribers in the first quarter of the year when it was expected to gain 2.5 million subscribers.&nbsp;

It was all well for the company when it was the undisputed leader. But now newer players like Disney+ and HBO Max, backed by big studios and legacy content, are making inroads and eating into Netflix's share.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/entertainment/hollywood/news-the-black-phone-review-ethan-hawke-owns-the-screen-in-this-absorbing-frightening-horror-thriller-491211">'The Black Phone' review: Ethan Hawke owns the screen in this absorbing, frightening horror thriller</a>

On Thursday, Co-CEO Ted Sarandos confirmed that the streaming service will add a cheaper, advertisement-supported plan. While &nbsp;speaking on the Cannes Lions stage (quoted by The Hollywood Reporter), he said, "We’ve left a big customer segment off the table, which is people who say: ‘Hey, Netflix is too expensive for me and I don’t mind advertising. We adding an ad tier; we’re not adding ads to Netflix as you know it today. We’re adding an ad tier for folks who say, ‘Hey, I want a lower price and I’ll watch ads.'”

Over the years, Netflix has delivered a lot of quality content in terms of movies, TV shows, and documentaries. It has also managed to lure in prestige filmmakers like Martin Scorsese ('The Irishman'), Jane Campion ('The Power of the Dog'), Alfonso Cuarón ('Roma'), Guillermo del Toro (upcoming 'Pinocchio'), Coen Brothers (The Ballad of Buster Scruggs), and so on.&nbsp;

Many TV series produced or backed by Netflix, including 'Money Heist', 'Black Mirror', 'Sex Education', 'Stranger Things', 'The Witcher' and more recently, ‘Squid Game’, have turned into global phenomenon.

Now, it appears the strategy of the company is undergoing a radical shift and there may be a shift in the kind of content that appears on our screens when we login to Netflix.

Streaming giant Netflix has laid off 300 employees, according to Variety. The publication reported that the streamer fired off staffers across multiple departments.

Streaming giant Netflix has laid off 300 employees, according to Variety. The publication reported that the streamer fired off staffers across multiple departments. This follows the first round of layoffs last month, in which the company had fired 150 employees, contractors, or part-time workers, about 2 per cent of its workforce in the United States. Netflix may be a world leader in the streaming space, but it is also beset with financial troubles. In April, it reported a loss of 200,000 subscribers in the first quarter of the year when it was expected to gain 2.5 million subscribers. It was all well for the company when it was the undisputed leader. But now newer players like Disney+ and HBO Max, backed by big studios and legacy content, are making inroads and eating into Netflix's share. Also Read: 'The Black Phone' review: Ethan Hawke owns the screen in this absorbing, frightening horror thriller On Thursday, Co-CEO Ted Sarandos confirmed that the streaming service will add a cheaper, advertisement-supported plan. While speaking on the Cannes Lions stage (quoted by The Hollywood Reporter), he said, "We’ve left a big customer segment off the table, which is people who say: ‘Hey, Netflix is too expensive for me and I don’t mind advertising. We adding an ad tier; we’re not adding ads to Netflix as you know it today. We’re adding an ad tier for folks who say, ‘Hey, I want a lower price and I’ll watch ads.'” Over the years, Netflix has delivered a lot of quality content in terms of movies, TV shows, and documentaries. It has also managed to lure in prestige filmmakers like Martin Scorsese ('The Irishman'), Jane Campion ('The Power of the Dog'), Alfonso Cuarón ('Roma'), Guillermo del Toro (upcoming 'Pinocchio'), Coen Brothers (The Ballad of Buster Scruggs), and so on. Many TV series produced or backed by Netflix, including 'Money Heist', 'Black Mirror', 'Sex Education', 'Stranger Things', 'The Witcher' and more recently, ‘Squid Game’, have turned into global phenomenon. Now, it appears the strategy of the company is undergoing a radical shift and there may be a shift in the kind of content that appears on our screens when we login to Netflix.

Netflix fires off 300 employees in latest round of layoffs amid financial troubles

Netflix fires 300 employees in latest round of layoffs amid financial troubles

Jobs are coming back. Businesses are reopening. But a year after the pandemic jolted the economy, applications for unemployment benefits remain stubbornly, shockingly high — higher on a weekly basis than at any point in any previous recession, by some measures.

And headway has stalled: Initial weekly claims under regular and emergency programs, combined, have been stuck at just above 1 million since last fall, and last week was no exception, the Labor Department reported Thursday.

“It goes up a little bit, it goes down, but really we haven’t seen much progress,” said AnnElizabeth Konkel, an economist for the career site Indeed. “A year into this, I’m starting to wonder, what is it going to take to fix the magnitude problem? How is this going to actually end?”

The continued high rate of unemployment applications has been something of a mystery for many economists. With the pandemic still suppressing activity in many sectors, it makes sense that joblessness would remain high. But businesses are reopening in much of the country, and employment and spending trends are generally improving. So shouldn’t unemployment filings be falling?

New evidence from California may offer a partial explanation: According to a report released Thursday by the California Policy Lab, a research organization affiliated with the University of California, nearly 80% of the unemployment applications filed in the state last month were from people who had been laid off earlier in the pandemic, gone back to work, and been laid off again.

Such repeat claims were particularly common in the information sector — which in California includes many film and television employees who have been sidelined by the pandemic — and in the hard-hit hotel and restaurant industries, as well as in construction.

Policy Lab researchers had access to detailed information from the state that allowed them to track individual workers through the system, something not possible with federal data.

California’s economy is unlike that of the rest of the country in myriad ways, and the pandemic has played out differently there than in many other places. But if the same patterns hold elsewhere, the findings suggest that the ups and downs of the pandemic — lockdowns and reopenings, restrictions that tighten and ease as virus cases rise and fall — have left many workers stuck in a sort of limbo.

A restaurant may recall some workers when indoor dining is allowed, only to lay them off again a few weeks later when restrictions are reimposed. A worker may find a temporary job at a warehouse, or pick up a few hours of work on a delivery app, but be unable to find a more stable job.

“This shows the oscillation of employed, unemployed, employed, unemployed — people cycling back into the system,” said Elizabeth Pancotti, policy director at Employ America, a group in Washington that has been an advocate for the unemployed. “We did not see that in previous recessions.”

What that instability will mean for workers’ long-term prospects remains unclear. Economic research has found that extended periods of unemployment can leave workers at a permanent disadvantage in the labor market. But there is little precedent for a period of such prolonged instability.

“We don’t know what happens if you’re out of work for two months, you come back to work for two months, you’re out of work for two months, you keep going back and forth,” Pancotti said.

The California data shows how the economic effects of the pandemic have been concentrated among certain industries and demographic groups — and how the consequences continue to mount for the most affected workers, even as the crisis eases for many others.

Nearly 90% of Black workers in the state have claimed unemployment benefits at some point in the pandemic, according to the Policy Lab analysis, compared with about 40% of whites. Younger and less-educated workers have been hit especially hard.

Those totals include filings under the federal Pandemic Unemployment Assistance program, which covers people left out of the regular unemployment system, a group that disproportionately includes Black workers. The record keeping for that program has been plagued by overcounting and fraudulent claims. But even a look at the state’s regular unemployment insurance program, which hasn’t faced the same issues, reveals remarkable numbers: Close to 3 in 10 California workers, and more than 4 in 10 Black workers, have claimed benefits during the crisis.

“That degree of inequality is mind-blowing,” said Till von Wachter of the University of California, Los Angeles, one of the report’s authors.

Many of those who lost jobs early in the crisis have since returned to work. But millions have not. The Policy Lab found that nearly 4 million Californians had received more than 26 weeks of benefits during the pandemic, a rough measure of long-term unemployment.

“We have solidly shifted into a world where a large-scale problem of long-term unemployment is now a reality,” von Wachter said. Black workers, older workers, women and those with less education have been more likely to end up out of work for extended periods.

Nationally, nearly 6 million people were enrolled as of late February in federal extended-benefit programs that cover people who have exhausted their regular benefits, which last for six months in most states. The aid package signed by President Joe Biden last week ensures that those programs will continue until fall, but benefits alone won’t prevent the damage that prolonged joblessness can do to workers’ careers and mental and physical health.

“The recovery needs to be on the scale of being a once-in-a-generation economic upswing to really pull those people back into the labor market,” Konkel said.

The latest data provides little sign of that happening. More than 746,000 people filed first-time applications for state unemployment benefits last week, up 24,000 from the previous week, according to the Labor Department. In addition, 282,000 filed for Pandemic Unemployment Assistance.

Most forecasters expect the labor market recovery to accelerate in coming months, as warmer weather and rising vaccination rates allow more businesses to reopen, and as the new injection of government aid encourages Americans to go out and spend. Policymakers at the Federal Reserve said Wednesday that they expect the unemployment rate to fall to 4.5% by the end of the year, a significant upgrade over the 5% they forecast three months ago.

“We’re already starting to see improvement now, and I think that will start to accelerate fairly quickly,” said Daniel Zhao, an economist at the career site Glassdoor.

But government aid can do only so much as long as the pandemic continues to limit consumers’ behavior. The pace of the recovery now, Zhao said, depends on a factor beyond the scope of normal economic analysis.

“The dominating factor right now is how quickly we can get vaccines in arms,” he said.

Jobs are coming back. Businesses are reopening. But a year after the pandemic jolted the economy, applications for unemployment benefits remain stubbornly, shockingly high — higher on a weekly basis than at any point in any previous recession, by some measures.

Jobs are coming back. Businesses are reopening. But a year after the pandemic jolted the economy, applications for unemployment benefits remain stubbornly, shockingly high — higher on a weekly basis than at any point in any previous recession, by some measures. And headway has stalled: Initial weekly claims under regular and emergency programs, combined, have been stuck at just above 1 million since last fall, and last week was no exception, the Labor Department reported Thursday. “It goes up a little bit, it goes down, but really we haven’t seen much progress,” said AnnElizabeth Konkel, an economist for the career site Indeed. “A year into this, I’m starting to wonder, what is it going to take to fix the magnitude problem? How is this going to actually end?” The continued high rate of unemployment applications has been something of a mystery for many economists. With the pandemic still suppressing activity in many sectors, it makes sense that joblessness would remain high. But businesses are reopening in much of the country, and employment and spending trends are generally improving. So shouldn’t unemployment filings be falling? New evidence from California may offer a partial explanation: According to a report released Thursday by the California Policy Lab, a research organization affiliated with the University of California, nearly 80% of the unemployment applications filed in the state last month were from people who had been laid off earlier in the pandemic, gone back to work, and been laid off again. Such repeat claims were particularly common in the information sector — which in California includes many film and television employees who have been sidelined by the pandemic — and in the hard-hit hotel and restaurant industries, as well as in construction. Policy Lab researchers had access to detailed information from the state that allowed them to track individual workers through the system, something not possible with federal data. California’s economy is unlike that of the rest of the country in myriad ways, and the pandemic has played out differently there than in many other places. But if the same patterns hold elsewhere, the findings suggest that the ups and downs of the pandemic — lockdowns and reopenings, restrictions that tighten and ease as virus cases rise and fall — have left many workers stuck in a sort of limbo. A restaurant may recall some workers when indoor dining is allowed, only to lay them off again a few weeks later when restrictions are reimposed. A worker may find a temporary job at a warehouse, or pick up a few hours of work on a delivery app, but be unable to find a more stable job. “This shows the oscillation of employed, unemployed, employed, unemployed — people cycling back into the system,” said Elizabeth Pancotti, policy director at Employ America, a group in Washington that has been an advocate for the unemployed. “We did not see that in previous recessions.” What that instability will mean for workers’ long-term prospects remains unclear. Economic research has found that extended periods of unemployment can leave workers at a permanent disadvantage in the labor market. But there is little precedent for a period of such prolonged instability. “We don’t know what happens if you’re out of work for two months, you come back to work for two months, you’re out of work for two months, you keep going back and forth,” Pancotti said. The California data shows how the economic effects of the pandemic have been concentrated among certain industries and demographic groups — and how the consequences continue to mount for the most affected workers, even as the crisis eases for many others. Nearly 90% of Black workers in the state have claimed unemployment benefits at some point in the pandemic, according to the Policy Lab analysis, compared with about 40% of whites. Younger and less-educated workers have been hit especially hard. Those totals include filings under the federal Pandemic Unemployment Assistance program, which covers people left out of the regular unemployment system, a group that disproportionately includes Black workers. The record keeping for that program has been plagued by overcounting and fraudulent claims. But even a look at the state’s regular unemployment insurance program, which hasn’t faced the same issues, reveals remarkable numbers: Close to 3 in 10 California workers, and more than 4 in 10 Black workers, have claimed benefits during the crisis. “That degree of inequality is mind-blowing,” said Till von Wachter of the University of California, Los Angeles, one of the report’s authors. Many of those who lost jobs early in the crisis have since returned to work. But millions have not. The Policy Lab found that nearly 4 million Californians had received more than 26 weeks of benefits during the pandemic, a rough measure of long-term unemployment. “We have solidly shifted into a world where a large-scale problem of long-term unemployment is now a reality,” von Wachter said. Black workers, older workers, women and those with less education have been more likely to end up out of work for extended periods. Nationally, nearly 6 million people were enrolled as of late February in federal extended-benefit programs that cover people who have exhausted their regular benefits, which last for six months in most states. The aid package signed by President Joe Biden last week ensures that those programs will continue until fall, but benefits alone won’t prevent the damage that prolonged joblessness can do to workers’ careers and mental and physical health. “The recovery needs to be on the scale of being a once-in-a-generation economic upswing to really pull those people back into the labor market,” Konkel said. The latest data provides little sign of that happening. More than 746,000 people filed first-time applications for state unemployment benefits last week, up 24,000 from the previous week, according to the Labor Department. In addition, 282,000 filed for Pandemic Unemployment Assistance. Most forecasters expect the labor market recovery to accelerate in coming months, as warmer weather and rising vaccination rates allow more businesses to reopen, and as the new injection of government aid encourages Americans to go out and spend. Policymakers at the Federal Reserve said Wednesday that they expect the unemployment rate to fall to 4.5% by the end of the year, a significant upgrade over the 5% they forecast three months ago. “We’re already starting to see improvement now, and I think that will start to accelerate fairly quickly,” said Daniel Zhao, an economist at the career site Glassdoor. But government aid can do only so much as long as the pandemic continues to limit consumers’ behavior. The pace of the recovery now, Zhao said, depends on a factor beyond the scope of normal economic analysis. “The dominating factor right now is how quickly we can get vaccines in arms,” he said.

Why are jobless claims still high? For some, it’s the multiple layoffs

Airline workers at risk of layoffs were given hope of a possible reprieve on Friday after House Speaker Nancy Pelosi backed another round of aid for the beleaguered sector.

Pelosi's statement helped boost shares of airlines that have already announced layoffs. But the prospect for the legislation still looked uncertain late Friday afternoon after House Republicans blocked an effort to fast track a proposal.

Pelosi called on US carriers to hold off on furloughs, signaling her endorsement of more payroll support, either as a standalone bill or as part of an overall relief package.

"The massive furloughs and firings of America's airline workers jeapordize the livelihoods of tens of thousands and threaten to accelerate the devastating economic crisis facing our nation," Pelosi said.

"Today, I am calling upon the airlines to delay their devastating job cuts as relief for airline workers is being advanced in Congress."

<a href="https://www.wionews.com/business-economy/layoffs-loom-for-beleaguered-us-airline-industry-331626">Also read:&nbsp;Layoffs loom for beleaguered US airline industry</a>

Pelosi had previously resisted a narrow bill focused only on airlines as she pressed for a broad economic package, but that was before major carriers announced more than 30,000 job cuts this week.

The first day of October concluded the period when US carriers that received billions in aid from Congress promised to refrain from laying off workers.

On Wednesday night, American and United airlines said they would begin furloughing 19,000 and 13,000 workers, while indicating the moves could be walked back if there is a breakthrough in Congress.

But an effort by Oregon Democratic Representative Peter DeFazio to advance a proposal to extend the Payroll Support Program was blocked by Republicans who refused to allow the bill to proceed by unanimous consent.

An irate DeFazio took to the House floor to blast Republicans for allowing layoffs.

"They've lost their jobs, they've lost their health care, some of them are going to lose their homes," DeFazio said. "All because the Republicans in the House of Representatives would not agree."

American Airlines reiterated Friday that it would rehire staff if a congressional bills comes through, pointing to a message from Chief Executive Doug Parker that pledged to "reverse our furlough process and recall any impacted team members" if additional aid is approved in the next few days.

United said it is "eager to reverse the furlough process once Congress has passed legislation to extend the Cares Act Payroll Support Program."&nbsp;

United's share price jumped 2.4 percent to $36.01 and American rose 3.3 percent to $13.00

Airline workers at risk of layoffs were given hope of a possible reprieve on Friday after House Speaker Nancy Pelosi backed another round of aid for the beleaguered sector.

Airline workers at risk of layoffs were given hope of a possible reprieve on Friday after House Speaker Nancy Pelosi backed another round of aid for the beleaguered sector. Pelosi's statement helped boost shares of airlines that have already announced layoffs. But the prospect for the legislation still looked uncertain late Friday afternoon after House Republicans blocked an effort to fast track a proposal. Pelosi called on US carriers to hold off on furloughs, signaling her endorsement of more payroll support, either as a standalone bill or as part of an overall relief package. "The massive furloughs and firings of America's airline workers jeapordize the livelihoods of tens of thousands and threaten to accelerate the devastating economic crisis facing our nation," Pelosi said. "Today, I am calling upon the airlines to delay their devastating job cuts as relief for airline workers is being advanced in Congress." Also read: Layoffs loom for beleaguered US airline industry Pelosi had previously resisted a narrow bill focused only on airlines as she pressed for a broad economic package, but that was before major carriers announced more than 30,000 job cuts this week. The first day of October concluded the period when US carriers that received billions in aid from Congress promised to refrain from laying off workers. On Wednesday night, American and United airlines said they would begin furloughing 19,000 and 13,000 workers, while indicating the moves could be walked back if there is a breakthrough in Congress. But an effort by Oregon Democratic Representative Peter DeFazio to advance a proposal to extend the Payroll Support Program was blocked by Republicans who refused to allow the bill to proceed by unanimous consent. An irate DeFazio took to the House floor to blast Republicans for allowing layoffs. "They've lost their jobs, they've lost their health care, some of them are going to lose their homes," DeFazio said. "All because the Republicans in the House of Representatives would not agree." American Airlines reiterated Friday that it would rehire staff if a congressional bills comes through, pointing to a message from Chief Executive Doug Parker that pledged to "reverse our furlough process and recall any impacted team members" if additional aid is approved in the next few days. United said it is "eager to reverse the furlough process once Congress has passed legislation to extend the Cares Act Payroll Support Program." United's share price jumped 2.4 percent to $36.01 and American rose 3.3 percent to $13.00

Pelosi urges US airlines to stop layoffs, backs aid

Workers from the beleaguered US airline industry were making a last-ditch public appeal this week to coax more money from Capitol Hill power brokers to save their jobs.

The first day of October concludes the period when US carriers that received billions in aid from Congress promised to refrain from laying off workers.&nbsp;

American and United airlines were the first to announce cuts, saying they would begin furloughing 19,000 and 13,000 workers respectively as US officials have failed to reach a deal on fresh aid to the pandemic-hit air travel sector.

A package of loans totaling up to $25 billion to seven US carriers announced Tuesday night by the Treasury Department provides funds for airlines to ride out a prolonged downturn amid the coronavirus, but won't affect plans for furloughs, airline sources said.

Treasury Secretary Steven Mnuchin said Wednesday on CNBC he was hopeful airlines would postpone layoffs if congressional leaders can reach a framework for a deal, saying it was "critical" for Congress to act.

While the stalemate in Washington over stimulus has pinched unemployed workers and put public sector employees on notice, vulnerable airline workers have in some ways been the poster children for the impasse.

"Tomorrow, tens of thousands of essential aviation workers will wake up without a job or healthcare and tens of thousands more will be without a paycheck," Sara Nelson, president of the AFA-CWA flight attendant union, said in a statement.&nbsp;

House Speaker Nancy Pelosi and Mnuchin held talks again Tuesday and agreed to keep negotiating. But a deal is still far from assured.

Voluntary exit

Since the coronavirus intensified in March, US airlines have been grounding planes and delaying jet deliveries to limit their cash-burn as air travel remains at about only one-third of its level a year ago.

Carriers have struck agreements with unions to spread out work among employees. Tens of thousands of employees have also accepted unpaid leave or early retirement packages to avert the need for involuntary terminations.&nbsp;

Still, the decisions will not be enough to avert all job cuts. Airlines have said they do not expect a full recovery until a vaccine is widely available, which company executives have said may not be until late 2021.

Unions have said 100,000 people or more could be laid off without additional federal aid, but analysts expect a smaller number than that as airlines and unions seek ways to avoid layoffs.

In one such deal, United Airlines on Monday reached an agreement with its pilots union to avert furloughs of 2,850 employees.

Flight attendants and staff in other airport operations are among the 13,000 being laid off.

Southwest Airlines has said it does not plan involuntary job cuts.

The Delta Air Lines pilot union last week said it reached an agreement with the company to avoid furloughs until at least November 1 to give congressional talks more time.

Delta has said earlier voluntary staff departures and union agreements averted the need for involuntary job cuts for flight attendants and other frontline employees.

Peter McNally, an analyst at research firm Third Bridge, predicted there would be significant downsizing throughout the industry.

"The businesses cannot support the cost structure as it is," McNally said in an interview. "They worked around it through furloughs and early retirement and voluntary departures, but there are still going to be a lot of layoffs.

"The recovery has just not come as quickly as people had hoped," he said.

Public sector faces crunch

Airline workers are hardly the only losers from Washington's inability to enact fiscal stimulus.

Laid-off workers had been receiving $600 in weekly supplemental unemployment benefits under a provision of the CARES Act that expired at the end of July.

President Donald Trump authorized an additional $300 in weekly spending by tapping federal emergency funds, but those funds are also running out and expected to be gone in October, said Nancy Vanden Houten of Oxford Economics.

"Households got quite a boost from these benefits, so we're going to see a pretty big drop-off," she said in an interview.

Another vulnerable group is public sector workers, who face an uncertain future as governments struggle with lower tax revenues and, in many cases, balanced budget rules.

The most recent version of House Democrats' "Heroes Act" includes more than $400 billion in funding for state and local governments, a provision Republicans oppose.

The Economic Policy Institute has estimated that failure to provide support to local government could cost 5.3 million jobs through 2021.

Workers from the beleaguered US airline industry were making a last-ditch public appeal this week to coax more money from Capitol Hill power brokers to save their jobs.

Workers from the beleaguered US airline industry were making a last-ditch public appeal this week to coax more money from Capitol Hill power brokers to save their jobs. The first day of October concludes the period when US carriers that received billions in aid from Congress promised to refrain from laying off workers. American and United airlines were the first to announce cuts, saying they would begin furloughing 19,000 and 13,000 workers respectively as US officials have failed to reach a deal on fresh aid to the pandemic-hit air travel sector. A package of loans totaling up to $25 billion to seven US carriers announced Tuesday night by the Treasury Department provides funds for airlines to ride out a prolonged downturn amid the coronavirus, but won't affect plans for furloughs, airline sources said. Treasury Secretary Steven Mnuchin said Wednesday on CNBC he was hopeful airlines would postpone layoffs if congressional leaders can reach a framework for a deal, saying it was "critical" for Congress to act. While the stalemate in Washington over stimulus has pinched unemployed workers and put public sector employees on notice, vulnerable airline workers have in some ways been the poster children for the impasse. "Tomorrow, tens of thousands of essential aviation workers will wake up without a job or healthcare and tens of thousands more will be without a paycheck," Sara Nelson, president of the AFA-CWA flight attendant union, said in a statement. House Speaker Nancy Pelosi and Mnuchin held talks again Tuesday and agreed to keep negotiating. But a deal is still far from assured. Voluntary exit Since the coronavirus intensified in March, US airlines have been grounding planes and delaying jet deliveries to limit their cash-burn as air travel remains at about only one-third of its level a year ago. Carriers have struck agreements with unions to spread out work among employees. Tens of thousands of employees have also accepted unpaid leave or early retirement packages to avert the need for involuntary terminations. Still, the decisions will not be enough to avert all job cuts. Airlines have said they do not expect a full recovery until a vaccine is widely available, which company executives have said may not be until late 2021. Unions have said 100,000 people or more could be laid off without additional federal aid, but analysts expect a smaller number than that as airlines and unions seek ways to avoid layoffs. In one such deal, United Airlines on Monday reached an agreement with its pilots union to avert furloughs of 2,850 employees. Flight attendants and staff in other airport operations are among the 13,000 being laid off. Southwest Airlines has said it does not plan involuntary job cuts. The Delta Air Lines pilot union last week said it reached an agreement with the company to avoid furloughs until at least November 1 to give congressional talks more time. Delta has said earlier voluntary staff departures and union agreements averted the need for involuntary job cuts for flight attendants and other frontline employees. Peter McNally, an analyst at research firm Third Bridge, predicted there would be significant downsizing throughout the industry. "The businesses cannot support the cost structure as it is," McNally said in an interview. "They worked around it through furloughs and early retirement and voluntary departures, but there are still going to be a lot of layoffs. "The recovery has just not come as quickly as people had hoped," he said. Public sector faces crunch Airline workers are hardly the only losers from Washington's inability to enact fiscal stimulus. Laid-off workers had been receiving $600 in weekly supplemental unemployment benefits under a provision of the CARES Act that expired at the end of July. President Donald Trump authorized an additional $300 in weekly spending by tapping federal emergency funds, but those funds are also running out and expected to be gone in October, said Nancy Vanden Houten of Oxford Economics. "Households got quite a boost from these benefits, so we're going to see a pretty big drop-off," she said in an interview. Another vulnerable group is public sector workers, who face an uncertain future as governments struggle with lower tax revenues and, in many cases, balanced budget rules. The most recent version of House Democrats' "Heroes Act" includes more than $400 billion in funding for state and local governments, a provision Republicans oppose. The Economic Policy Institute has estimated that failure to provide support to local government could cost 5.3 million jobs through 2021.

Layoffs loom for beleaguered US airline industry

Embattled office-sharing firm&nbsp;<a href="https://www.wionews.com/business-economy/wework-data-shows-growth-still-doubling-261004">WeWork</a>&nbsp;will&nbsp;lay&nbsp;off&nbsp;2,400&nbsp;employees&nbsp;worldwide, about a fifth of its workforce, as it struggles to reorganize amid mounting losses, the company announced Thursday.

The painful job cuts underscore the rapid decline of what had been one of America's most celebrated startups which put a mammoth footprint in the commercial real estate of major cities around the globe but recently had to cancel its debut on Wall Street.

The layoffs which began "weeks ago" were necessary "to create a more efficient organization," a&nbsp;WeWork&nbsp;spokesperson said in a statement.

The dismissed&nbsp;workers&nbsp;"will receive severance, continued benefits, and other forms of assistance to aid in their career transition."

The company told shareholders earlier this month it lost almost $1.3 billion in the third quarter, more than twice the losses recorded in the same period a year earlier.

As investors and analysts questioned the company's value,&nbsp;WeWork&nbsp;in September scrapped plans for an initial public offering, forced out chief executive Adam Neumann and took a bailout from Japan's SoftBank Group, a major investor.

Unconventional executive

Alex Cohen, a vice president at the real estate firm Compass in New York, told AFP that&nbsp;WeWork's payroll became bloated as it tried to keep services, space design, engineering and construction management,&nbsp;in house rather than outsourcing them.

"WeWork's 'growth at all costs' ethos meant they didn't have time or appropriate management to put in place the processes and organizational structures to enable their staff to efficiently service the business's relentless appetite for new locations," he said in an email.

Neumann stepped down from&nbsp;WeWork's board of directors with a $1.7 billion exit package while the company's value was slashed to $8 billion,&nbsp;a far cry from its $47 billion valuation at the start of this year and just a fraction of the sum envisioned as part of the failed IPO.

A source told AFP that Neumann will get $1 billion for his SoftBank shares, $500 million for reimbursements of personal debts and $185 million in consulting fees.

The unconventional entrepreneur had faced simmering questions over his management style, loose approach to corporate governance and allegations of self-dealing,&nbsp;not to mention a Wall Street Journal expose which laid out Neumann's drug and alcohol use and his aspiration to become the world's first trillionaire.

A former employee, Maria Bardhi, filed a labor a grievance in New York accusing Neumann of pregnancy discrimination, saying he referred to her maternity leave as "vacation" and "retirement."&nbsp;

The company also allegedly paid Bardhi's temporary replacement twice her salary and fired her six months after her return.

The&nbsp;<a href="https://www.wionews.com/business-economy/wework-plans-to-lay-off-4000-staff-report-258004">WeWork</a>&nbsp;debacle contributed to woes at SoftBank, which earlier this month announced its largest quarterly loss ever at $6.4 billion.

Masayoshi Son, SoftBank's chief executive, expressed remorse and acknowledged having misjudged both ride-hailing giant Uber and&nbsp;WeWork.

"My investment decisions were in many ways poor. I regret them deeply," he said.

Embattled office-sharing firm WeWork will lay off 2,400 employees worldwide, about a fifth of its workforce, as it struggles to reorganize amid mounting losses, the company announced Thursday.

Embattled office-sharing firm WeWork will lay off 2,400 employees worldwide, about a fifth of its workforce, as it struggles to reorganize amid mounting losses, the company announced Thursday. The painful job cuts underscore the rapid decline of what had been one of America's most celebrated startups which put a mammoth footprint in the commercial real estate of major cities around the globe but recently had to cancel its debut on Wall Street. The layoffs which began "weeks ago" were necessary "to create a more efficient organization," a WeWork spokesperson said in a statement. The dismissed workers "will receive severance, continued benefits, and other forms of assistance to aid in their career transition." The company told shareholders earlier this month it lost almost $1.3 billion in the third quarter, more than twice the losses recorded in the same period a year earlier. As investors and analysts questioned the company's value, WeWork in September scrapped plans for an initial public offering, forced out chief executive Adam Neumann and took a bailout from Japan's SoftBank Group, a major investor. Unconventional executive Alex Cohen, a vice president at the real estate firm Compass in New York, told AFP that WeWork's payroll became bloated as it tried to keep services, space design, engineering and construction management, in house rather than outsourcing them. "WeWork's 'growth at all costs' ethos meant they didn't have time or appropriate management to put in place the processes and organizational structures to enable their staff to efficiently service the business's relentless appetite for new locations," he said in an email. Neumann stepped down from WeWork's board of directors with a $1.7 billion exit package while the company's value was slashed to $8 billion, a far cry from its $47 billion valuation at the start of this year and just a fraction of the sum envisioned as part of the failed IPO. A source told AFP that Neumann will get $1 billion for his SoftBank shares, $500 million for reimbursements of personal debts and $185 million in consulting fees. The unconventional entrepreneur had faced simmering questions over his management style, loose approach to corporate governance and allegations of self-dealing, not to mention a Wall Street Journal expose which laid out Neumann's drug and alcohol use and his aspiration to become the world's first trillionaire. A former employee, Maria Bardhi, filed a labor a grievance in New York accusing Neumann of pregnancy discrimination, saying he referred to her maternity leave as "vacation" and "retirement." The company also allegedly paid Bardhi's temporary replacement twice her salary and fired her six months after her return. The WeWork debacle contributed to woes at SoftBank, which earlier this month announced its largest quarterly loss ever at $6.4 billion. Masayoshi Son, SoftBank's chief executive, expressed remorse and acknowledged having misjudged both ride-hailing giant Uber and WeWork. "My investment decisions were in many ways poor. I regret them deeply," he said.

WeWork to lay off 2,400 workers worldwide

More than half of workers in five Southeast Asian countries are at high risk of losing their jobs to automation in the next two decades, an International Labour Organization study found, with those in the garments industry particularly vulnerable. 
 
About 137 million workers, or 56 per cent of the salaried workforce from Cambodia, Indonesia, the Philippines, Thailand and Vietnam, fall under the high-risk category, the study showed. 
 
&quot;Countries that compete on low-wage labour need to reposition themselves. Price advantage is no longer enough,&quot; said Deborah France-Massin, director for the ILO&#39;s bureau for employers&#39; activities. The report said workers have to be trained to work effectively alongside digitalised machines. 
 
Southeast Asia is home to more than 630 million people and is a hub for several manufacturing sectors, including textiles, vehicles and hard disk drives. 
 
Of the nine million people working in the region&#39;s textiles, clothing and footwear industry, 64 per cent of Indonesian workers are at high risk of losing their jobs to automation, 86 per cent in Vietnam, and 88 per cent in Cambodia. 
 
Garment manufacturers in Cambodia, who take orders from retailers such as Adidas, Marks and Spencer and Wal-Mart Stores Inc, employ about 600,000 people. 
 
Neighbouring Vietnam is seeing record investment in its footwear and textiles industries, due to new free-trade pacts with major markets, including the US-led Trans-Pacific Partnership. It is the second-largest garment supplier behind China to the United States. 
 
The United Nations agency said technologies including 3D printing, wearable technology, nanotechnology and robotic automation could disrupt the sector. 
 
&quot;Robots are becoming better at assembly, cheaper and increasingly able to collaborate with people,&quot; the ILO said. 
 
The textiles, clothing and footwear sector is at the highest risk of automation out of five industries analysed in the study, including automotive and auto parts, electrical and electronics, business process outsourcing and retail. 
 
In the automotive and auto parts industry, more than 60 per cent of salaried workers in Indonesia, and over 70 per cent of those in Thailand face the risk of their jobs being displaced. 
 
Southeast Asia&#39;s automotive sector, the seventh-largest producer of vehicles in 2015 globally, employs more than 800,000 workers, the report said. 
 
Known as the &quot;Detroit of Southeast Asia&quot;, Thailand is a regional production and export hub for the world&#39;s top carmakers. The auto sector accounts for around 10 per cent of Thai GDP and employs a 10th of its workers in manufacturing. 
 
(Reuters)

The textiles, clothing and footwear sector is at the highest risk of automation out of five industries analysed in the study

More than half of workers in five Southeast Asian countries are at high risk of losing their jobs to automation in the next two decades, an International Labour Organization study found, with those in the garments industry particularly vulnerable. About 137 million workers, or 56 per cent of the salaried workforce from Cambodia, Indonesia, the Philippines, Thailand and Vietnam, fall under the high-risk category, the study showed. "Countries that compete on low-wage labour need to reposition themselves. Price advantage is no longer enough," said Deborah France-Massin, director for the ILO's bureau for employers' activities. The report said workers have to be trained to work effectively alongside digitalised machines. Southeast Asia is home to more than 630 million people and is a hub for several manufacturing sectors, including textiles, vehicles and hard disk drives. Of the nine million people working in the region's textiles, clothing and footwear industry, 64 per cent of Indonesian workers are at high risk of losing their jobs to automation, 86 per cent in Vietnam, and 88 per cent in Cambodia. Garment manufacturers in Cambodia, who take orders from retailers such as Adidas, Marks and Spencer and Wal-Mart Stores Inc, employ about 600,000 people. Neighbouring Vietnam is seeing record investment in its footwear and textiles industries, due to new free-trade pacts with major markets, including the US-led Trans-Pacific Partnership. It is the second-largest garment supplier behind China to the United States. The United Nations agency said technologies including 3D printing, wearable technology, nanotechnology and robotic automation could disrupt the sector. "Robots are becoming better at assembly, cheaper and increasingly able to collaborate with people," the ILO said. The textiles, clothing and footwear sector is at the highest risk of automation out of five industries analysed in the study, including automotive and auto parts, electrical and electronics, business process outsourcing and retail. In the automotive and auto parts industry, more than 60 per cent of salaried workers in Indonesia, and over 70 per cent of those in Thailand face the risk of their jobs being displaced. Southeast Asia's automotive sector, the seventh-largest producer of vehicles in 2015 globally, employs more than 800,000 workers, the report said. Known as the "Detroit of Southeast Asia", Thailand is a regional production and export hub for the world's top carmakers. The auto sector accounts for around 10 per cent of Thai GDP and employs a 10th of its workers in manufacturing. (Reuters)

Millions of Southeast Asian jobs may be lost to automation in next two decades

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