Job cuts announced by US-based employers jumped 13% to 33,843 in October last year, the highest since February 2021, according to a report.
Contents News/Article Date: 5th January 2023
Relating to which Act: The Information Technology Act 2020, Indian Contract Act 1872, The Industrial Disputes Act, 1947; The Industrial Employment Standing Orders Act, 1946; The Contract Labour (Regulation & Abolition) Act 1970; The Inter-State Migrant workmen (Regulation of Employment and Conditions of Service) Central Rules, 1980; The Trade Unions Act, 1926; The Industrial Disputes Act of 1947
Applicable to which State: All the establishments in the States as per applicability of the Acts
Type: Reuters news report
Pertains to: employers and employees especially in the IT and ITeS Industry – fallout from the effects in the United States.
Relevance of this news: Karma Management Global Consulting Solutions Pvt. Ltd is in the business of Payroll, Outsourcing, and Regulatory Compliances since its inception in 2004 since then, has brought in a lot of efficiencies and technological upgradations with experts on its role, to ease the hassles of Payroll Processing, Temp Staffing On-boarding, Regulatory and Payroll compliances by providing customized solutions to all its elite clients.
In the earlier instance, Cognizant experienced an attrition rate of 6 percent by the end of September in the quarter of the fiscal year 2022. The attrition rates include the employees who have been handed pink slips due to failed background checks.
In the recent past concerning Amazon in Karnataka, Amazon India’s public policy manager had been summoned by the Labour Ministry following a complaint by the employee union Nascent Information Technology Employees Senate (NITES) alleging a violation of labour laws.
Earlier week in this instance, The Bharatiya Mazdoor Sangh which is a trade union in India has also asked the government to involve trade unions in social development goals, in the absence of which it has threatened to take further actions against the government in view of the report that Big Industries don’t observe uniform labour standards in India.
In this instance last week, IT companies also feared that the flexibility that comes with working from home will enable more employees to moonlight.
Moonlighting or dual employment — either part- or full-time — is not new, but the remote work model preferred by the Indian IT sector has helped employees take up this option in larger numbers.
HCL Tech is encouraging employees to return to office three days a week, its chief people officer Ramachandran Sundararajan had said earlier.
Infosys, on the other hand, is exploring a flexible work-from-office approach with no fixed days.
This week on Friday 20th December 2022 – The government said staff can’t take on work that’s against the interests of their employers in addition to their jobs, clarifying the law as a debate rages over moonlighting in India’s tech industry.
As per the Industrial Employment (Standing Orders) Act, 1946, a workman shall not at any time work against the interest of the industrial establishment in which he is employed and shall not take any employment in addition to his job in the establishment, which may adversely affect the interest of his employer,” minister of state for labour Rameswar Teli said in a written reply in response to a question in the Lok Sabha on moonlighting on Monday.
This week on Thursday 5th January 2023 – Job cuts announced by US-based employers jumped 13% to 33,843 in October last year, the highest since February 2021, according to a report.
US companies, from tech majors to consumer firms, are bracing for a potential economic downturn by shrinking their employee base to streamline operations. Job cuts announced by US-based employers jumped 13% to 33,843 in October last year, the highest since February 2021, according to a report.
Karma Global does a lot of work on HR Services which includes grievance handling, layoffs, retrenchments, disputes, and litigations.
Subject: Moonlighting: Staff can’t take up work that’s against company’s interests, says govt
For greater details, appended below is the complete news item
Meta, Amazon lay off thousands in US as recession worries mount: Here’s who has cut jobs
Job cuts announced by US-based employers jumped 13% to 33,843 in October last year, the highest since February 2021, according to a report.
US companies, from tech majors to consumer firms, are bracing for a potential economic downturn by shrinking their employee base to streamline operations.
Job cuts announced by US-based employers jumped 13% to 33,843 in October last year, the highest since February 2021, according to a report.
Here are some of the major job cuts announced in recent weeks:
Amazon.com Inc.:
The e-commerce giant has laid off some employees in its devices group as a person familiar with the company said it still targeted around 10,000 job cuts, including in its retail division and human resources.
Meta Platforms Inc.:
The Facebook parent said it would cut 13% of its workforce, or more than 11,000 employees, in one of the biggest tech layoffs this year as it grapples with a weak advertising market and mounting costs.
Door Dash Inc.:
The food delivery firm, which enjoyed a growth surge during the pandemic, said it was reducing its corporate headcount by about 1,250 employees.
AMC Networks Inc.:
The cable TV network said it would cut about 20% of its U.S. workforce, as it announced Chief Executive Officer Christina Spade had stepped down, less than three months into the role.
Kraken:
The cryptocurrency exchange said it would cut its global workforce by 30%, or about 1,100 employees, citing tough market conditions that have crippled demand for digital assets this year.
Citigroup Inc.:
The bank eliminated dozens of jobs across its investment banking division, as a deal-making slump continues to weigh on Wall Street’s biggest banks, Bloomberg News reported.
Morgan Stanley:
The Wall Street powerhouse is expected to start a fresh round of layoffs globally in the coming weeks, Reuters reported on Nov. 3, as deal-making business takes a hit.
Intel Corp
Chief Executive Officer Pat Gelsinger told Reuters “people actions” would be part of a cost-reduction plan. The chipmaker said it would reduce costs by $3 billion in 2023.
The adjustments would start in the fourth quarter, Gelsinger said, but did not specify how many employees would be affected.
Microsoft Corp
The software giant laid off under 1,000 employees across several divisions in October, Axios reported, citing a source.
Johnson & Johnson:
The pharmaceutical giant has said it might cut some jobs amid inflationary pressure and a strong dollar, with CFO Joseph Wolk saying the healthcare conglomerate is looking at “right sizing” itself.
Twitter Inc.:
The social media company laid off half its workforce across teams ranging from communications and content curation to product and engineering following Elon Musk’s $44 billion takeover.
However, Bloomberg later reported Twitter was reaching out to dozens of employees who lost their jobs, asking them to return.
Lyft Inc.:
The ride-hailing firm said it would lay off 13% of its workforce, or about 683 employees, after it already cut 60 jobs earlier this year and froze hiring in September.
Warner Bros Discovery:
Film subsidiary Warner Bros. Pictures is planning to cut a number of jobs in distribution and marketing that will reduce headcount by 5% to 10%, Bloomberg News reported.
Beyond Meat Inc.:
The vegan meat maker said it plans to cut 200 jobs this year, with the layoffs expected to save about $39 million.
Stripe Inc.:
The digital payments firm is cutting its headcount by about 14% and will have about 7,000 employees after the
layoffs, according to an email to employees from the company’s founders.
Chime Financial Inc.:
The online banking firm has laid off 12% of its employees, or about 160 jobs, a spokesperson said.
Open-door Technologies Inc.:
The property-selling platform is laying off about 550 employees, Chief Executive Officer Eric Wu said, adding that the company had already reduced its workforce by more than 830 positions.
Phillips 66:
The refiner reduced employee headcount by over 1,100 as it seeks to meet its 2022 cost savings target of $500 million. The reductions were communicated to employees in late October.
Chesapeake Energy Corp:
The U.S. shale gas producer cut about 3% of its workforce, sources told Reuters, as the company readies a sale of South Texas oil properties.
Seagate Technology Holdings Plc:
The memory chip firm announced a restructuring plan including reducing worldwide headcount by about 8%, or 3,000 employees.
The EV start-up said it plans to further “right-size” the organization, which could have a “sizable impact” on its global workforce, mostly in the UK. The company in July said it may cut up to 30% of workforce in restructuring.
Coinbase Global:
The cryptocurrency exchange said it planned to cut over 60 jobs, in its recruiting and institutional on boarding teams.
The move marks a second round of jobs cuts at the company this year, and comes at a time when cryptocurrencies have been roiled by extreme volatility as investors dump risky assets.
Walt Disney Co:
The media giant is planning to freeze hiring and cut some jobs, according to a company memo seen by Reuters.
Roku Inc.:
The video-streaming device maker said it would reduce its headcount by 5%, or about 200 employees, due to “current economic conditions”.
The networking and collaboration solutions company said it will undertake restructuring which could impact roughly 5% of its workforce. The effort will begin in the second quarter of the fiscal year 2023 and cost the company $600 million.
The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025.
CNN:
Warner Bros Discovery-owned CNN’s top boss Chris Licht informed employees in an all-staff memo that job cuts were underway.
Buzz feed Inc.:
The online media company said it will cut about 12% of its workforce. As of Dec. 31 last year, the company had 1,522 employees in six countries.
Blue Apron Holdings Inc.:
The online meal-kit company said it will cut about 10% of its corporate workforce, as it looks to reduce costs and streamline operations. The company had about 1,657 full-time employees, as of Sept. 30.
Wolverine World Wide Inc.:
The casual footwear and apparel retailer said it had initiated a workforce reduction earlier this week and expects this initiative to result in about $30 million in savings in 2023.
TuSimple Holdings Inc.
The autonomous driving technology company will lay off 25% of its workforce, or nearly 350 employees, as part of a restructuring plan to rein in costs.
Micron Technology Inc.
The memory chipmaker will cut 10% of its workforce in 2023 and would reduce its capex plans for fiscal 2024, citing a nagging glut in the semiconductor market.
Salesforce Inc.
The software company said it would lay off about 10% of its employees and close some offices as a part of its restructuring plan, citing a challenging economy.