GOOGLE, PELOTON, ASSURANCE SACK OVER 700 STAFF, MARK A TOUGH START TO MAY
It is just the third day of the month, and over 700 employees have already been sacked from tech companies. The wave of tech layoffs continues and it seems more companies will join in handing over pink slips to their staff. As mentioned earlier, these layoffs have been attributed to a variety of reasons such as organisational restructuring, cost reduction, and shift in priorities.
Google lays off hundreds
On May 1, CNBC reported that Google laid off around 200 employees from its 'Core' organisation, which includes engineering talent and key teams. It was also reported that as part of its re-organisation, Google will hire for corresponding roles in India and Mexico. The Core unit is known for building the technical foundation behind Google's flagship products as well as protecting its user's safety online.
The Core teams include key units from information technology, Python developer team, security foundation, technical infrastructure, core developers, app platforms, etc. Ever since Google announced it has plans to lay off around 12,000 employees in January, the company has been cutting down staff across various departments.
Peloton sacks 400 staff
On Thursday, US-based fitness equipment and media company Peloton announced that its CEO Barry McCarthy will be stepping down. Along with the change in CEO, the company is also planning to layoff about 15 per cent of its staff, almost 400 people. The company said that the fresh round of layoffs has been carried out to bring the spending in line with its revenue.
Reportedly, the move has been to realign the company's cost structure with the current size of its business. Peloton's research and development, marketing, and international teams are reportedly the most impacted by the layoffs.
Assurance shuts down
Insurance firm Assurance IQ which was acquired by Prudential for $2.3 billion is reportedly shutting down. Launched in 2016, Assurance has operated as a wholly-owned subsidiary of Prudential since its acquisition in 2019. The company is known for using machine learning and data science to speed up the application process of various kinds of insurance and policies. Based on a filing with the Washington State Employment Security Department, Assurance will be laying off 112 employees in Seattle starting July 3.
Layoffs are tough, but not the end
Layoffs are challenging, and it may require one to keep an open mind to wade through the situation. Experts have been recommending various ways for laid off employees, and those who remain with organisations, to uplift their well-being.
For those who have been laid off, it is important to acknowledge their feelings and avoid taking it personally. It is indeed a stressful time, so prioritise your mental and physical health. One can even consider talking to a therapist or counsellor for support. It is also imperative to assess one's financial situation, update resumes and LinkedIn profiles, start networking with contacts, and let them know you are looking for work.
On the other hand, employees who remain at the company should expect a drop in morale as layoffs can be unsettling for everyone. Be supportive of your colleagues. In case you have concerns about job security, communicate with your manager. It is also important to not lose focus as maintaining productivity is key, even though you may feel overwhelmed.
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2024-05-03T11:08:21Z dg43tfdfdgfd