Times are tough. Despite record-breaking job growth, many businesses are still feeling the squeeze of the market’s invisible hand. These eighteen companies are industry leaders that are laying off employees left and right this year despite a robust economy by the numbers. A recent survey showed that 38% of businesspeople anticipate layoffs affecting their industry this year. Another study showed that 4 in 10 executives anticipate layoffs due to the increased use of AI technology. Here are some of the companies making the most significant cuts.
Alphabet
Google’s parent company, Alphabet, is one of the industry’s biggest, most successful tech giants. For God’s sake, nobody even uses the word” ” search”” anymore- just “”Google it.”” Still, the web-dominant monopoly is cutting jobs like crazy this year, reportedly at rates of hundreds of workers in January alone.
Amazon
Speaking of tech giants, Amazon has also been trimming the fat rather aggressively. Last year, Amazon cut roughly 18,000 workers loose, seemingly continuing the trend. 2024 has already seen hundreds of Prime Video and Amazon MGM workers get the boot. This is likely the start. If you work at an Amazon studio, consider brushing up your resume.
UPS
Shipping giant UPS, an industry-leading parcel carrier, has also been slashing jobs like there’s no tomorrow. To save the company about a billion dollars, executives report that layoffs at UPS will number roughly 12,000 ex-employees by year’s end.
Twitch
Following its parent company, Amazon, Twitch is looking to reduce its workforce significantly in the coming year. The company is poised to eliminate five hundred jobs, nearly a third of its workforce. Concerns about sustainability in a highly competitive streaming market are likely to be blamed.
iRobot
The company behind the family’s favorite gadget, the Roomba, is set to reduce the number of people they employ. This time, though, job loss also affects the CEO- not just the peons. This news came after Amazon balked at a proposed acquisition deal, leaving the company to cut waste wherever possible.
Citigroup
Finance conglomerate Citigroup joins the list of job-cutters next. The projected 20,000 employee reduction is part of a larger restructuring effort underway in the boardroom. Citi hopes its new structure and reduced workforce will allow for more efficient company operation.
Blackrock
The investment and real estate ghouls at Blackrock are tightening their purse strings. Insiders report expected cuts to 3% of their 600-person workforce. What’s truly mind-blowing is that a conglomerate with as much power as Blackrock can even be managed with so few employees.
Duolingo
Everyone’s favorite language-learning app has to lay off a sizable chunk of its employees this year. If everyone stuck to their New Year’s resolutions and actually worked at finally putting bilinguals on their resumes, they wouldn’t have to cut back so significantly.
Discord
A favorite of gamers, Discord is also poised to reduce its payroll by a good deal in 2024. Citing rapid growth and the overhiring needed to accommodate it, the company now plans to reduce its numbers by a hefty 4% this year alone. They aim to cut back on unnecessary spending in the payroll department, hoping to maintain the same functionality that brought them to the front of the pack regarding messaging apps.
Microsoft
Software giant Microsoft, the brainchild of Bill Gates, must make adjustments in their subsidiaries Activision, Xbox, and Zenimax. This reduction of resources to already dominant gaming companies follows the trend of adjustment to a constricting consumer market. Expect to see 1,900 fewer jobs between the three companies this year.
eBay
The OG internet auction platform has its eyes on a leaner structure this year. Executives see workforce growth outpacing revenue as the primary reason for the 9% cut they plan to make. That makes another 1,000 or so folks who will be put to work in the next twelve months.
Wayfair
Furniture and home goods retailer Wayfair has also felt the bite of a constricting economy. The company is aiming to axe approximately 13% of its workforce, and its executives are looking to streamline their business in 2024. Expect losses of 1,650 or so employees by the end of the year.
American Airlines
Amid worries about Boeing planes potentially falling apart mid-air, American Airlines employees have another thing to dread- the unemployment line. The company plans to eliminate hundreds of jobs this year, ostensibly to reduce unnecessary expenses.
Business Insider
With all the upheaval in business being discussed here, the business press would have plenty of work to go around. Sadly, that appears to not be the case. The publication is making cuts they feel are necessary this year, broadening the scope of the employment troubles 2024 is bringing.
Nike
Sportswear and apparel company Nike plans to save their shareholders $2 billion this year. In large part by drastically reducing the number of workers they employ. Cautious consumer behavior and a cooler market have led the company to look around for where it can save money. It’sIt’s workforce seems to be in the crosshairs.
Unity
Continuing the trend of tech companies in hot financial water, software company Unity will make drastic cuts. Projections predict a reduction of nearly a quarter of the company’scompany’s jobs. That translates to about 1,800 people who must look for work by the end of 2024.
Paypal
Payment processor PayPal is gearing up to let about 9% of their employees go by December. Yet another tale of payroll overshadowing revenue, PayPal will be making cuts to “”right-size”” their business, according to their CEO.