The Year of Layoffs: Job Cuts Continue in 2024

📉2024 is witnessing a new round of job cuts with companies like Cisco, Nike, Paramount, and more laying off employees.

💰Weak demand and a tough economy are key factors leading to the restructuring and job cuts.

🔄Companies are realigning their structures and investing in priority areas to adapt to changing market conditions.

💼Job cuts are not limited to struggling companies; even successful companies like Cisco are restructuring to optimize efficiency.

🌍The trend of layoffs is not limited to a specific industry or region; it is prevalent globally.

Why are companies like Cisco and Nike cutting jobs despite posting solid earnings?

—Cisco and Nike are restructuring their operations to realign their structures, invest in key priority areas, and adapt to weak demand and a tough economy.

Will the trend of layoffs continue throughout 2024?

—Yes, the trend of layoffs is expected to continue as companies aim to achieve efficiency, save costs, and navigate challenging market conditions.

Are layoffs only happening in struggling companies?

—No, even successful companies like Cisco are restructuring to optimize efficiency and adapt to changing market conditions.

Is the trend of layoffs limited to a specific industry or region?

—No, the trend of layoffs is prevalent globally and is not limited to a specific industry or region.

Are there any new job opportunities emerging despite the layoffs?

—Yes, while job cuts are happening, companies in the tech industry like Envidia, Microsoft, and Meta are hiring individuals with AI-focused skills.

00:032023 saw significant layoffs worldwide, and 2024 continues the trend with companies implementing job cuts.

00:21Cisco is laying off 4,250 employees, around 5% of its global workforce, as part of a restructuring plan.

00:48Nike is cutting around 1,700 jobs, approximately 2% of its workforce, to reduce costs by $2 billion over the next 3 years.

01:16Paramount is laying off around 800 employees, about 2% of its workforce, to enhance its transition from TV to streaming.

01:26Snapchat is cutting around 500 jobs, equivalent to 10% of its workforce, to streamline its hierarchy.

01:32Gramal has laid off 230 employees as it focuses on an AI-driven future.

01:40Instacart is laying off approximately 250 employees to optimize its operations.

01:43Modzilla is cutting 5% of its jobs as part of its restructuring efforts.