Article: Top layoffs of 2022

Employee Relations

Top layoffs of 2022

The companies cited cost-cutting, the need to streamline operations, and the impact of the Covid-19 pandemic on businesses as the top reasons for laying off workers.
Top layoffs of 2022

In 2022, several companies across a range of industries faced economic challenges and were forced to lay off a significant number of employees. 

The job cuts at these companies ranged from a few hundred to several thousand employees. The top reasons these companies laid off workers include cost-cutting, the need to streamline operations, and the impact of the Covid-19 pandemic on businesses.  

The layoffs at these businesses highlight the difficulties that businesses have faced recently and the necessity for businesses to adapt to shifting market conditions in order to remain competitive. The businesses on the list come from a variety of sectors, such as technology, finance, retail, and more.

Here are some of the companies that had the largest job cuts this year:

Meta: The parent of Facebook, Instagram and WhatsApp reduced its workforce by 13 per cent and extended a hiring freeze. The company cited economic challenges and the need to streamline its operations as the reasons for the layoffs. 

Amazon: The tech giant reportedly cut about 10,000 jobs. The company said it has 1.54 million employees worldwide, including full-time and part-time workers but excluding contractors and temporary personnel.

Alibaba: The Chinese tech giant bid farewell to nearly 10,000 employees to cut expenses amid sluggish sales and a slowing economy. The layoffs were necessary to improve efficiency and remain competitive. 

Credit Suisse: The company went ahead with plans to cut 9,000 jobs in Asia as part of a company-wide overhaul. The job cuts are part of the company's efforts to streamline its operations and focus on its core businesses. 

Cineplex: The company temporarily fired 6,000 part-time employees due to mandated closures of its venues amid surging Covid-19 cases. The layoffs were temporary and the company plans to bring back the employees once it is able to reopen its venues.

Peloton: The fitness company terminated 2800 people in February, followed by 570 people in July, 784 people in August, and 500 people in the fourth round of layoffs.

Ford: The automaker axed about 3,000 white-collar jobs in an effort to lower costs and make the transition from internal combustion to electric vehicles.

Byju’s: The edtech unicorn announced that it will terminate 5 per cent of its workforce (2,500 employees) over the next six months.

Morgan Stanley: The financial services company laid off about 1,600 employees out of its 81,567-strong global workforce.

Blinkit: The quick commerce firm fired 5 per cent of its total staff, which was about 1,600 people.

Unilever: The company terminated 1,500 staff as part of a company-wide restructuring.

Unacademy: The edtech startup laid off about 1,000 contractual and full-time workers, followed by another 350 staff.

Snap: The company confirmed plans to lay off around 20 per cent of its employees, which is approximately 1,300 people, to reduce costs.

Doordash: The delivery service recently issued pink slips to 1,250 corporate workers as part of a continued cost-cutting effort.

Lido Learning: More than 1,200 of the company's employees were asked to resign abruptly in the first week of February. 

Vedantu: The edtech platform sacked more than 1,100 employees this year, leaving it with about 3,300 employees.

Microsoft: The tech giant laid off under 1,000 employees across several divisions in October.

Wayfair: The e-commerce company fired 870 people, which is 5 per cent of the company's global workforce.

Klarna: The CEO of Klarna used a pre-recorded video message to inform employees that around 700 of them were laid off.

2022 brought us chaos, but also the opportunity to review, renew, and advance. Read the end-2022 issue of People Matters Digital Magazine for a look back, and some key takeaways to bring forward.

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Topics: Employee Relations, #Layoffs

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