Layoff News: In this phase of retrenchment, another company has joined the chain of laying off its employees. This is an American telecommunication company, whose name is Verizon. The company is preparing to furlough thousands of employees. Quoting a person familiar with the matter, Reuters said in its report that the company is planning to lay off about 15,000 people, which is 15 percent of its total workforce. However, there has been no comment on this from Verizon.

What is the reason for layoff?

According to the source, the retrenchment plan is being made targeting non-union management rank employees. This is expected to affect more than 20 percent of the employees. Actually, these days Verizon is preparing to convert about 180 corporate retail stores into franchised operations. The company is facing competition in the market due to slow growth in the number of subscribers and customers not purchasing premium wireless plans. It is also facing increasing pressure from other companies like AT&T and T-Mobile US.

There will be layoffs in this big tech company too

Many companies have recently made layoffs in order to adapt to the way of working in this era of Artificial Intelligence (AI). These include names of many big companies like Amazon, TCS, Microsoft, IBM. Earlier this month, big IT company IBM had talked about laying off thousands of employees focusing on software growth. The company’s spokesperson had said, we are going to do something in the fourth quarter, which will impact a single digit percentage of our global workforce.

Also read:

How Manoj Gaur, former chairman of JP Group, came on ED’s radar, from business to arrest…full story

Amazon Layoff: People are being laid off again in Amazon, a well-known American company in the e-commerce segment. It is being told that the company has planned to lay off about 14,000 workers to reduce its expenses and manage ‘overhiring’ during the Covid-19 pandemic. This process has already started from 28th October.

According to media reports, Beth Galetti, Senior Vice President of People Experience and Technology at Amazon, said in a message to the workers, “Through the layoffs we are now informing you about, we are continuing our work of reducing bureaucracy, removing layers and shifting resources to ensure that we are making big bets on what matters most to the needs of our customers.”

From which departments will people be removed?

It is estimated that out of the 14,000 employees who will be retrenched this time, 1000 will be from India alone. According to a report by Economic Times, this layoff of the company in India will affect departments like finance, marketing, technology, human resources as well as people who are part of the global team. The number of employees in Amazon is approximately 15 lakh. Of these, 3.5 lakh corporate workers will be victims of retrenchment. People working in Amazon Web Service (AWS), Operation, PXT-Service and Device divisions will also not remain untouched by this.

This news of layoffs is surprising people because in the last quarter itself the company had earned a profit of 18 billion dollars. What’s more, the company also plans to invest $120 billion. In such a situation, the issue of cost cutting is beyond comprehension.

How did the employees receive the news?

This information was given in an email sent by Beth Galetti on the morning of October 28, in which it was told that “Unfortunately, your role has been eliminated.” We will remain with you throughout this period. This decision has been taken with great difficulty after much review.

A training program will be organized by the company for the employees affected by the layoff. They will be helped to find jobs elsewhere. Retirement packages are also being offered to employees. Apart from this, now even after not working, you will continue to get full salary and other benefits for 90 days.

Why are people being expelled?

In this era of AI (Artificial Intelligence), companies are rapidly adopting this technology. In June, JC had told its workers that the company would increase the use of AI. During that time, Jesse had said to accept this change, become proficient in AI, help the company in adopting AI. Amazon wants to reduce bureaucracy and invest its existing resources in AI.

Also read:

The fourth biggest IPO of the year is opening tomorrow, check GMP immediately before placing bets.

Amazon layoffs: Amazon, one of the world’s largest e-commerce and cloud computing companies, is once again preparing for layoffs. This time, staff at HR level will be laid off. According to media reports, Amazon is planning to cut its human resources department by 15 percent.

Amazon has more than 10,000 employees in its human resources department worldwide. There is a possibility of layoffs in many other departments also. However, its greatest impact is likely to be on human resources, known as the People Experience and Technology (PXT) team. Nothing can be said clearly about this right now.

People are being fired from every department

This news of layoffs comes immediately after Amazon’s announcement that the company will appoint 2,50,000 employees in the US fulfillment and transportation network for the next festive season. Like many big companies of the world, Amazon is also going through a phase of layoffs. According to a Bloomberg report, about 110 people have recently been laid off in Amazon’s Wondery Podcast division. The company cited the restructuring being done on a large scale. Even the CEO at Wondery left his job.

Amazon’s investment of 100 billion dollars

As the scope of Artificial Intelligence (AI) is increasing, companies are trying to reduce their workforce. Even Amazon has not been spared from this. Keeping in mind the increasing use of AI, the company is investing heavily in it. The company plans to spend approximately $100 billion this year in building cloud and data centers. In this era of change, people are being thrown out of work in droves. The maximum retrenchment took place between the end of 2022 and 2023, when about 27,000 people lost their jobs.

Also read:

The situation is worsening, unemployment rate of women in the country is at the highest level in 3 months.