Close Menu
    Facebook X (Twitter) Instagram
    • Our Story
    • Partner with us
    • Reach Us
    • Career
    Subscribe Newsletter
    HR KathaHR Katha
    • Exclusive
      • Exclusive Features
      • Research
      • Point Of View
      • Case In Point
      • Dialogue
      • Movement
      • Profile
      • Beyond Work
      • Rising Star
      • By Invitation
    • News
      • Global HR News
      • Compensation & Benefits
      • Diversity
      • Events
      • Gen Y
      • Hiring & Firing
      • HR & Labour Laws
      • Learning & Development
      • Merger & Acquisition
      • Performance Management & Productivity
      • Talent Management
      • Tools & Technology
      • Work-Life Balance
    • Special
      • Cover Story
      • Editorial
      • HR Forecast 2024
      • HR Forecast 2023
      • HR Forecast 2022
      • HR Forecast 2021
      • HR Forecast 2020
      • HR Forecast 2019
      • New Age Learning
      • Coaching and Training
      • Learn-Engage-Transform
    • Magazine
    • Reports
      • Whitepaper
        • HR Forecast 2024 e-mag
        • Future-proofing Manufacturing Through Digital Transformation
        • Employee Healthcare & Wellness Benefits: A Guide for Indian MSMEs
        • Build a Future Ready Organisation For The Road Ahead
        • Employee Experience Strategy
        • HRKatha 2019 Forecast
        • Decoding and Driving Employee Engagement
        • One Platform, Infinite Possibilities
      • Survey Reports
        • Happiness at Work
        • Upskilling for Jobs of the Future
        • The Labour Code 2020
    • Conferences
      • HRKatha Futurecast
      • Automation.NXT
      • The Great HR Debate
    • HR Jobs
    WhatsApp LinkedIn X (Twitter) Facebook Instagram
    HR KathaHR Katha
    Home»News»Layoff»7 companies lay off their workforce globally
    Layoff

    7 companies lay off their workforce globally

    HRK News BureauBy HRK News BureauFebruary 2, 20236 Mins Read4755 Views
    Share LinkedIn Twitter Facebook
    Share
    LinkedIn Twitter Facebook

     Match

    Match Group Inc, the company behind popular dating platforms such as Tinder, Hinge, and OkCupid, announced on Wednesday that it would be laying off around 8 per cent of its employees. 

    This decision comes a day after the company forecasted lower-than-expected first-quarter revenue. The job cuts have already begun in the US and are ongoing in other countries, as stated by CFO Gary Swidler during an earnings call. 

    This move by Match Group joins the trend of several big tech companies and financial giants who have been reducing their workforce in order to cut costs and prepare for a potential economic downturn.

    Match Group Inc also reported its first-ever decrease in quarterly revenue, which fell below analysts’ projections. Following the pandemic surge of a few years ago, technology firms ended 2022 with a gloomy outlook. 

    Throughout the industry, numerous job cuts were made to rectify the excessive hiring during the Covid era and prepare for what experts predict will be a slower growth period for the sector.

    Pinterest

    According to Bloomberg News on Wednesday, Pinterest Inc. is cutting around 150 jobs, which represents less than 5 percent of its total workforce, joining a wave of technology firms downsizing staff to reduce expenses. 

    The company, which allows users to create online boards, informed the affected employees on Wednesday, the report stated, based on information from a knowledgeable source. The job losses affected teams throughout the San Francisco-based company, though not all teams were affected equally.

    Byju’s

    Edutech company Byju’s announced a fresh round of layoffs on Wednesday, joining this year’s layoff frenzy.  CEO Byju Raveendran sent out an email promising the company’s employees during its round of layoffs in October last year that it would shift its commitment to rehiring those laid off and not carry out a layoff like that again.

    According to moneycontrol, the company is letting go of members from its engineering, sales, logistics and communications teams. It is reported that 300 members from the engineering team have been relieved of their duties and the logistics team is down to almost 50 per cent of its strength since the October layoffs. Byju’s have reportedly been outsourcing its logistics team to fill in the gaps.

    Instead of sending out an email to all the employees like most companies, it’s been reported that the employees were informed about the layoffs over Google Meet or Whatsapp call in the presence of the vice president, HR managers and their team directors. 

    Rivian 

    American electric car manufacturer Rivian has laid off 6 per cent of its workforce as a cost cutting measure. The company saw a 90 per cent drop in stock prices on Tuesday since its initial public offering in November 2021. 

    Reuters reported that the company’s CEO announced the layoffs via email, stating the organisation’s intent to shift its focus to increasing manufacturing and achieving profitability this year.

    Rivian had cut around six per cent of its employees in July last year, accounting for 800 workers, to ramp up the production of the newer versions of its vehicles.

    HubSpot

    HubSpot is laying off 7 per cent of its global workforce, approximately 500 employees, as part of the ongoing trend of job cuts in the tech industry.

    In an email to employees, Yamini Rangan, CEO, HubSpot wrote, “After many conversations with our founders, the executive leadership team, and our board, I came to the hard decision to reduce the size of our team by 7%. Since day one, our north star has been to ‘Solve for the Customer’. That hasn’t changed; in fact, our mission is more important than ever. Our customers need us to innovate faster in this environment. We are in a unique position to help them emerge stronger from this period. That’s why we’re making this decision now. We need to set ourselves up for success today so that we can continue to solve for our customers long into the future. I am deeply sorry to be taking this step. For a company that prides itself on culture, this is a difficult decision to process.”

    To support the affected employees, the company has considered several ways to support the employees in this transition period that will vary by region based on local regulations.

    The affected employees will receive 5 months of severance pay, with an additional week added for each year of service at HubSpot, up to a maximum of 7 months of severance pay. For managers, the management bonus will be paid out according to the company’s standard bonus structure.

    The company will also extend its medical and health benefits  for up to 5 months during the severance period. Additionally, the company has also organised an Employee Assistance Program and mental health support and career coaching through Modern Health for the affected employees. 

    Affected employees will also be able to keep their HubSpot laptops, which will be wiped of any company data remotely, as well as any home office equipment, such as monitors and keyboards.

    Lastly, the company has partnered with a third-party provider to offer coaching, resume building, guidance, an optional talent directory, and job search support. Additionally, departing employees who would like to have a live conversation with a HubSpot manager will have the opportunity to have one-on-one meetings.

    NCC

    NCC Group, a cybersecurity company, announced on Thursday its intention to lay off over 125 employees as part of a continuing evaluation of its strategy. The company also indicated that the market conditions in the latter half of the current fiscal year would be challenging.

    The company, with a total workforce of 1,800 employees worldwide, stated that the job cuts, representing 7 per cent of its total workforce, will mainly occur in the UK and North America.

    NCC indicated that the layoff process would result in a one-time expense of 4 million pounds in the latter half of the fiscal year, which ends on May 31. 

    The firm cited that the recognition of revenue has been impacted, specifically in the UK and North America, and it now projects single-digit revenue growth for the year. 

     

    FedEx

    FedEx announced on Wednesday that it will be reducing its workforce by over 10 per cent, citing the rapidly changing environment as the reason. The company stated that it will be eliminating positions among its officer and director teams and merging some of its teams and functions.

    As per Invseting.com, Raj Subramaniam, President and CEO, FedEx, stated in a message to employees, “Regrettably, this was a necessary step towards becoming a more efficient and flexible organization. It is my duty to assess the business and determine how we can improve by adjusting our network to better match customer demand. Even though we have already taken several actions in this direction, it was necessary to also examine the size of our leadership team and functions that could be combined.”

    FedEx is the latest company to announce job cuts, following HubSpot and Upstart, which both made similar announcements on Tuesday. 

     

    Byju's FEDEX Hubshot layoffs Match NCC group Pinterest Rivian
    Share. LinkedIn Twitter Facebook
    HRK News Bureau

    Leave A Reply Cancel Reply

    2 × two =

    Related Posts

    Central government employees likely to get pay hike under 8th Pay Commission

    May 20, 2025

    Bharti AXA Life to empower youth & women with ‘BIMA Bharti’ programme

    May 20, 2025

    Concerns mount over H-1B lottery as US tech sector faces continued layoffs

    May 20, 2025

    International students have no more job opps in the US, Canada, UK

    May 20, 2025

    QUICK HR INSIGHTS

    EDITOR'S PICKS

    Three transformative HR roles of the future

    May 20, 2025

    How a German furniture giant in India is building tomorrow’s leaders from within

    May 19, 2025

    The quiet commute: How a digital detox is reshaping work-life balance

    May 16, 2025

    “Dark factories still a decade away from disrupting India’s employment market,” Sushil Baveja, CHRO, Jindal Stainless

    May 15, 2025
    Latest Post

    Develop Curriculum with Industry Experts

    Quick HR Insights May 20, 2025

    Central government employees likely to get pay hike under 8th Pay Commission

    News May 20, 2025

    A significant pay hike could be on the cards for Central government employees as discussions…

    Bharti AXA Life to empower youth & women with ‘BIMA Bharti’ programme

    News May 20, 2025

    Bharti AXA Life Insurance has introduced a new flagship apprenticeship initiative called BIMA BHARTI, aimed…

    Concerns mount over H-1B lottery as US tech sector faces continued layoffs

    News May 20, 2025

    The H-1B visa programme is once again under scrutiny following the US Citizenship and Immigration…

    Asia's No.1 HR Platform

    Facebook X (Twitter) Instagram LinkedIn WhatsApp Bluesky
    • Our Story
    • Partner with us
    • Career
    • Reach Us
    • Exclusive Features
    • Cover Story
    • Editorial
    • Dive into the Future of Work: Download HRForecast 2024 Now!
    © 2025 HRKatha.com
    • Disclaimer
    • Refunds & Cancellation Policy
    • Terms of Service

    Type above and press Enter to search. Press Esc to cancel.