Paypal and United Parcel Service Ink (UPS) will soon join the ongoing laying offs trend going around the world as they are planning to lay off 14,500 employees worldwide. PayPal Holdings will lay off 2500 while UPS will lay off 12000 of its people. The Indian Tech giant WIPRO will lay off 100 more employees while Salesforce will cut down 700 jobs as well.
Alex Cris, CEO of PayPal has said that its necessary to put the business in the right form and hence the company will lay off 9% of its employees this year. The recession has hit the business very hard and we need to make everything better to make the business better. We are doing it to keep moving forward at a great speed and we will keep investing in the areas that will helps us to grow faster.
It is to be known that last two years have really been very worried for the various industries in the world as recession has hit them. Very hard. In order to meet the end needs, companies have been laying off the employees on various levels.
Tech Company Sales Force will cut down 1% of its employees (700) this year. The company has also laid off 10% of its employees last year in 2023.
The top four tech companies in India have laid off a total of 50,875 of their employees till December 2023. TCS had 10,669, Infosys had 24,182, WIPRO had 18,510 while HCL had 2,486 of their employees removed.
WIPRO’s Margin
Wipro is trying to better its margin and due to this, the company is working on planning to lay off 100s of the medium level employees. Starting from this month, the employees have been started to be informed as well.
UPS’s Profit
The Global Shipping and Logistic COmpany United Parcel Service Ink’s XEO Xarol Tom has said that last year was very hard and hopeless for us. Every business segment including volumes had recorded downfall, Now, company has an aim of cutting one billion dollar from its total cost. The company’s total revenue will range from 92 billion dollars to 94.5 billion dollars. Company’s Qarter revenue has down to 24.9 billion dollars from 27 billion dollars compare to the last year.
Based on the data above, it can be said that the coming time also will be very hard for the people doing jobs in the tech. Companies and other leading firms and the world has to be ready for an another big recession.
