Since April 1 this year, more than 43,000 workers from 342 tech companies/startups have been laid off across the world and over 13 per cent are from India.
Shopify CEO Tobi Lutke said that before the pandemic, ecommerce growth had been steady and predictable.
At Meta, the managers have been asked to identify and "move to exit" the poor-performing employees of the company. The decision has been taken because the company is struggling with macroeconomic pressures and hitting its advertising business.
Tesla mass layoff violates the Worker Adjustment and Retraining Notification (WARN) Act, which requires employers to notify workers at least 60 days in advance before shutting down a facility or laying off 50 or more workers from the same site.
The comapny said it's taking the difficult step of streamlining its operations and reducing workforce in both the United States and India in a substantial way"
"If you're on this call, you are part of the unlucky group," Vishal Garg, the CEO of Better.com, reportedly laid off 900 of his employees in the US and in India on a Zoom call last week.
Wipro has no plans to lay off staff at the moment, said Chairman Rishad Premji on Monday asserting that the company has not laid off any employee due to the COVID-19 impact. The Chairman said this while responding to a shareholder at the 74th Annual General Meeting (AGM) which took place virtually.
In April, the French government has offered a 7-billion-euro ($7.91 billion) aid package to rescue Air France, whose planes have been grounded by virus lockdowns around the world.
Zomato, a popular food ordering platform is eliminating 13 percent of its workforce on account of the coronavirus crisis. The online restaurant guide has about 4,000 employees in different roles. The company said a 50 percent salary cut will also come into effect for the next six months.
With the outbreak of coronavirus, most of the countries in the world are on lockdown. Public transport, including air travel, has been suspended in many nations, to contain the spread of COVID-19, by forcing people to stay home.
Going through a turbulent time even before the COVID-19 pandemic hit the world, Uber cut more than 1,100 jobs last year. Earlier this month, the company withdrew its financial forecast for 2020 and said it would write down about $2 billion in investments hit by COVID-19.
The financial impact of the coronavirus has begun to hit Americans hard as nearly 33 per cent of voters have already lost their job, been furloughed, placed on temporary leave, or had hours reduced - with 41 per cent of those whove lost a job already reporting having trouble covering basic costs.
Tata Steel's European arm is planning to cut jobs in the continent amid challenging market conditions, a source in the know of the matter said.
"Most of the layoffs were in Snap's content division, which includes editors who curate user-submitted videos for breaking news and other events," a report said.
Global tech major Microsoft Inc. is reportedly planning to lay off thousands of employees worldwide in order to restructure its salesforce
Rubbishing reports indicating widespread job losses in the slowdown-hit IT industry, the former Infosys CFO said that there is no crisis of jobs in the industry and that people going away is just part of normal attrition
'I have a feeling that it is possible for us to protect the jobs of youngsters if the senior management people were to make some minor adjustments - adjustment of taking salary cuts,' Murthy said
The IT firm has said that it will continue to provide support to existing applicants but will not file fresh applications. EB2 and 3 visas are for skilled workers and professionals, mid and lower level employees
Calls for formation of an IT employee union gathered momentum after reports of large scale layoffs by several IT companies in view of the toughening stance on work visas and increasing automation in the industry
With top IT firms laying off professionals, the IT-software industry was hit the most with a 24 per cent fall in hiring in April this year as compared to April 2016, according to a survey by job site
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