MBA Career Insights: Layoffs Surge in 2024: Here are the Companies Reducing Jobs

Last Updated on February 6, 2024 by Robert C. Hoopes

Title: Layoffs Persist Across Multiple Industries Amidst Economic Concerns

As global economic concerns persist, tens of thousands of jobs continue to be cut across various industries, indicating that layoffs are far from over. Companies are undergoing reorganization efforts to adapt to evolving market conditions, ultimately resulting in workforce reductions.

According to recent reports, layoffs have spiked by a staggering 98% in 2023 compared to the previous year. Major players such as Google parent company Alphabet Inc. and Amazon are among those making significant job cuts. Alphabet Inc. is streamlining its innovation lab, X, which will result in several positions being eliminated. Similarly, Amazon is doing away with several hundred roles within its media divisions, including Prime Video and Twitch.

American Airlines is also taking steps to consolidate its operations, leading to the planned layoff of 656 employees in its customer support department. Media company Business Insider is trimming around 8% of its workforce to focus on core areas. Financial giant Citigroup intends to cut 20,000 jobs in the medium term as part of an ongoing organizational restructuring plan. Deutsche Bank is reducing operational costs by eliminating 3,500 back-office positions.

Aside from these industry giants, Forbes, Google, iRobot, Levi Strauss & Co., software company Okta, and UPS are also affected by job cuts. Forbes will let go of 3% of its workers, while Google plans to lay off several hundred employees in its advertising-sales team. Vacuum maker iRobot is facing layoffs of 31% of its workforce after a planned acquisition by Amazon was canceled. Levi Strauss & Co. aims to restructure under new leadership by cutting up to 15% of its global corporate workforce. Furthermore, Okta plans to cut 7% of its workforce to enhance profitability and efficiency. Lastly, UPS will be letting go of 12,000 employees due to dwindling revenue and lower volume.

These widespread layoffs highlight the impact of challenging economic conditions and the growing necessity for companies to cut costs and streamline operations. As businesses strive to adapt to the ever-changing landscape, challenges and uncertainties continue to shape the job market, making it imperative for professionals to stay agile and prepared for potential shifts in their respective industries.