Business in 2024: A Tough Year for Layoffs

As we edge into 2024, a wave of layoffs has made the business environment increasingly uncertain. Several companies are making drastic workforce reductions as they grapple with the need to reduce costs and optimise their operations. Declines in retail and tech industries, bloated by pandemic-era online spending, have instigated this wave of job cuts. All news comes from the source, Reader Wall.

Tech and Retail Companies Perform Mass Layoffs

Renowned businesses across tech and retail sectors, that saw increased hiring during the global lockdown, are now shedding employees at a worrying rate. Here are some leading companies which have made drastic cuts:

REI: Cutbacks Amidst Receding Outdoor Retail Demand

REI, the popular outdoor retailer, announced layoffs of 357 employees, primarily in its headquarters and distribution centers. CEO Eric Artz cites four quarters of declining outdoor retail demand driving this decision.

Levi Strauss & Co.: Structural Shrinkage

Denim behemoth Levi Strauss plans a 10% to 15% cut to its global corporate workforce, amidst a two-year operational simplification and cost-cutting plan.

Microsoft: Gaming Division Streamlining

Tech giant Microsoft informed about layoffs within its gaming division, with about 1,900 employees facing job losses, marking an 8% reduction in its gaming workforce.

TikTok: Trimming Advertising and Sales Units

Popular social media app TikTok confirmed workforce reductions, with around 60 jobs being axed from its advertising and online sales department.

Riot Games: Reduction Amidst High-stake Battles

Video game developer Riot Games announced job eliminations of 11% of its staff or 530 employees. The move comes amidst competitive challenges in the landscape of multiplayer battle games.

eBay: Layoffs in Tandem with Economic Slowdown

eBay, the online retail giant, revealed plans to cut around 1,000 jobs, or 9% of its full-time workforce, following a slowdown in its business growth.

Wayfair: A Restructuring Endeavor

Online furniture store Wayfair plans to cut 1,650 jobs,which is 13% of its global workforce, as a part of its structural changes slated for 2024.

Macy’s: Major Store Closures and Reductions

Legacy department store Macy’s announces mass layoffs of around 3.5% of its workforce, equivalent to approximately 2,350 employees, and closure of five store locations.

Google: Hardware and Engineering Streamlining

Google plans to lay off hundreds of employees from its hardware, voice assistance, and engineering teams as part of cost-cutting measures.

Amazon: Mass Job Cuts at Twitch and Audible

Amazon-owned platforms, Twitch and Audible, plan to make considerable workforce reductions. Twitch projects job cuts beyond 500, while Audible plans to eliminate 5% of its employees. Amazon’s Prime Video and MGM Studios unit will also witness staffing reductions in line with its strategic objectives.