Despite a weekly avalanche of layoff announcements in tech and beyond, government data suggests that it’s still a worker’s labor market. New figures from the Labor Department show that the number of open jobs rose to a five-month high of 11 million at the end of last year. Hiring, however, has dropped to its slowest pace in two years. The LinkedIn News team continues to follow these developments, with the latest job cuts below. If you’ve been impacted by a layoff, find our best tips here.
Layoffs making headlines in the past week:
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- REI’s HQ staff is getting 8% smaller. The outdoor retailer has laid off 167 employees, or less than 1% of its total headcount.
- In a rare move, FedEx is trimming its global management team and eliminating 10% of its officer- and director-level roles.
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- Sports betting giant DraftKings is cutting 140 jobs, approximately 3.5% of its workforce, as it undergoes a reorganization.
- As rivals slash prices on electric vehicles, EV-maker Rivian is reducing its global workforce by 6%.
- Roughly 325 employees were let go at Splunk, a software company.
- Dallas-based Match Group, which owns Hinge, Tinder and OkCupid in addition to Match.com, will lay off about 200 people, or 8% of its global workforce.
- Bustle Digital Group will reduce its staff size by 8% and cease publication of the recently rebooted website Gawker.
- New York Community continues to downsize its mortgage-origination team, from 2,100 workers in 2021 to 800 today.
- Wish laid off 150 employees, or 17% of its workforce, as part of what CEO Joe Yan called the mobile shopping app’s “turnaround journey.”
- Cloud-data firm NetApp is cutting 960 jobs due to the “reduced spending environment.”
- PayPal said Tuesday it will lay off about 2,000 employees, or 7% of its global workforce, in coming weeks.
- Citing a “faster deceleration” than expected in the pace of business, HubSpot has let go of about 500 employees, or 7% of its total staff.
- AI lending firm Upstart is downsizing its staff by 20%, eliminating around 365 jobs.
- Publisher HarperCollins will shrink its headcount in North America by 5% by the end of its fiscal year.
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- Workday, a cloud-based business software provider, will let go of 525 employees, or 3% of its total staff.
- There has been a new round of cutbacks at Groupon, which shed another 500 jobs in January. The online coupon site previously cut 500 jobs last August.
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- Intel, which last year presaged layoffs “numbering in the thousands,” said more than 500 people would be let go from its Northern California campuses.
- USAA confirmed to American Banker that it has reduced its headcount, though it would not say how many jobs were cut.
- Impossible Foods is laying off 20% of its 700 workers amid a slump in sales of plant-based meat substitutes.
- UK-based EV company Arrival is cutting 50% of its global workforce, or 800 employees amid a third restructuring.
- Dutch health-tech giant Philips will eliminate 6,000 roles by 2025, with 3,000 of those job cuts happening in 2023. The reduction is in addition to the 4,000-person layoffs it announced in October.
- Drugmaker Amgen has cut roughly 300 U.S. positions, or about 1.2% of its workforce.
Original By Melissa Cantor, Editor at LinkedIn News
