Lyft and Deloitte to lay off employees

Deloitte

Deloitte is set to lay off approximately 1,200 jobs, representing about 1.5 percent of its US workforce, according to internal employee emails cited by the Financial Times on April 21.

The majority of the layoffs are anticipated to concentrate on industries such as financial advice, which has been adversely impacted by mergers and acquisitions.

This news comes on the heels of Ernst & Young’s announcement that it will be laying off 5 percent of its staff at its US arm.

The job cuts were announced less than a week after the department expressed opposition to the company’s plan of separating its audit and consulting divisions.

Deloitte is a member of the Big Four accounting companies, which also include EY, KPMG, and PricewaterhouseCoopers. KPMG fired 2 percent of its US workforce, while PwC has announced that it will hire up to 30,000 people for its Indian arm over the next five years. The layoffs and hiring trends of these major accounting companies reflect the volatility of the industry and its vulnerability to economic downturns.

 Lyft

On 21 April,2023, ride-hailing company Lyft declared its intention to restructure its team, with the aim of enhancing services for riders and drivers, resulting in a significant reduction in team size. 

According to reports, up to 30 percent of Lyft’s 4,000 employees may be affected by the layoffs. The company has confirmed that impacted employees will receive at least 10 weeks of pay, while those who have worked for Lyft for more than 4 years will receive additional compensation. 

These job cuts are scheduled to take place on April 27. This isn’t the first time Lyft has downsized its workforce. In November last year, the company laid off 13 per cent of its staff.

The company stated that in order to fulfill its purpose, it needs to operate with greater speed and efficiency, and foster a more collaborative environment where employees are more closely connected with riders and drivers. Additionally, the company emphasised the need to reduce costs in order to provide affordable rides, increase driver earnings, and drive profitable growth.