Walmart, ConocoPhillips to lay off employees

Walmart is planning to cut 1,241 jobs, while ConocoPhillips will let go almost 500 employees

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Walmart, the American retail company, is planning to cut 1,241 jobs at its New Jersey and Arkansas units in 2021. This move is expected to improve Walmart’s operations, bringing in more efficiency and agility. However, the Company also informed that it intends to offer more employment opportunities by creating new positions in the supply chain and stores. The laid off employees can also apply for these new posts.

The employees were informed of the layoffs in July. The decision will be implemented w.e.f January 31.

Elsewhere in the US, American independent oil producing company, ConocoPhillips has decided to let go about 500 workers in Houston. That means, about one-fifth of its workforce will be rendered jobless. The move is being resorted to in order to match headcount with the amount of work taking place. With global demand for energy dipping drastically due to the pandemic, many oil and gas producing companies have had to downsize. ConocoPhillips incurred losses to the tune of $1.93 billion this year, in the first nine months itself, whereas it had made a profit of $6.47 billion profit during the same period last year. The employees who will be asked to leave will be notified by February 1.

At the beginning of 2020, Conoco had a total workforce strength of about 10,400, globally. The Company had kept its employees in the loop about downsizing plans, without which it would be difficult for the organisation to sustain.

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