The IT sector continues to witness layoffs as many leading players, including Meta, Credit Suisse, and Disney, cut jobs to reduce costs. In the second round of layoffs, Meta aims to reduce its workforce by 10,000. However, Apple has decided to tackle things differently. According to a well-known analyst with Apple, the company is attempting to avoid layoffs and has instead postponed bonuses to some employees in corporate teams. The affected employees will now receive their bonuses in October instead of the usual bi-annual payments.
To save costs and retain employees, Apple has taken additional measures, such as delaying the release of some products, including a HomePad with a screen until 2024. The company has tightened budgets in several teams and stopped hiring new employees in some teams while significantly reducing hiring in others. Additionally, travel budgets have been lowered, and approval for new trips would only be granted after senior executive officials’ go-ahead. Apple has also become more watchful of employees’ attendance.
For retail employees, the company has removed the option of ‘special sick time’ for those who miss work due to COVID-19. Employees are expected to utilize their regular sick time or risk losing their salary. Although these measures may not be popular with employees, Apple hopes to keep them employed and cut costs during challenging times in the IT sector.
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