Why are job cuts happening in tech companies?
The fact is that like other companies, the revenue of Disney company is continuously decreasing. Due to this, the company has to bear a huge loss. So the company has made a cost cutting plan. Under the new plan, the company plans to work with a limited head count and stop new hiring. Disney has nearly 190,000 employees worldwide. In which there will be a large number of job cuts. The company’s CEO, Bob Chapek, has directed a small number of employees to make business trips. Which will prevent the cost of the company. Along with this, employees have been advised to hold virtual meetings. The memo said that difficult decisions may have to be taken in the coming days. Everyone should be prepared for this. The company has been facing losses for a long time. The company’s revenue has been the lowest in the last 52 weeks.
Other companies are also cutting jobs
Many tech companies around the world are cutting jobs. Amazon has also planned job cuts. This was disclosed by software engineer Jamie Zhang in a LinkedIn post. Meta has announced that 13 percent of its global workforce, or 11,000 employees, is being laid off. Besides, Twitter and Microsoft have also made massive job cuts.