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    A Summer of Cuts: Major Companies Unveil Widespread Layoffs

    FeyisayoBy FeyisayoAugust 21, 20246 Mins Read
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    Layoffs
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    Big companies and major corporations nationwide have announced that they will be conducting layoffs in the coming months of 2024. More than eight big companies have revealed that they will be laying off hundreds of employees for several reasons. 

    Layoffs
    Source: Pinterest

    Some cite budget cuts, restructuring plans, and financial reasons, while others give reasons such as digitalization and workforce restructuring. 

    What Is the Meaning of Major Layoffs?

    Major layoffs occur when a big company or more lays off more than 50 of its workers at once. These layoffs often make major headlines due to the many workers they affect. Some of these companies lay off their employees in thousands, causing them to be displaced from their places of work without any backup job waiting for them. 

    Layoffs
    Source: Pinterest

    However, most companies usually give employees a good notice period so they can prepare for what is to come. 

    What Companies Are Being Laid off in 2024?

    Many companies are currently going through layoffs or have already laid off a good part of their workforce in 2024. This summer, many more companies are set to join the list of major layoffs, as big brands have announced that they are laying off some employees soon. 

    Layoffs
    Source: Pinterest

    Cisco, Intel, Paramount Global, Stellantis, Fastly, Sonos, Mastercard, and others have announced upcoming layoffs. Here is why these companies are laying off their employees and how many are getting cut. 

    Cisco’s Big Layoffs

    Cisco is one of the big companies carrying out many layoffs. In a Securities and Exchange Commission (SEC) filing, the IT company’s planned set of layoffs will be huge as it will lay off about 7% of its workers across the board. 

    Cisco
    Source: Pinterest

    The company has already conducted one round of layoffs this year, and this second round is intended to allow the company to cut costs, “invest in key growth opportunities, and drive more efficiency in its business.” 

    ALSO READ: Cisco to Cut 7% of Workforce Despite Beating Quarterly Earnings and Revenue Expectations

    Intel Trims Thousands

    On August 1st, Intel announced that it will also participate in handing out layoffs this summer. According to the announcement, 15,000 Intel workers will be cut across various departments to help the tech company reduce costs by $10 billion in 2025. 

    Intel
    Source: Pinterest

    CEO Pat Gelsinger explained, “Our costs are too high, our margins are too low. We need bolder actions to address both—particularly given our financial results and outlook for the second half of 2024, which is tougher than previously expected.”

    Paramount Global Plans for Layoffs 

    Paramount Global is another big company laying off its employees this year. According to reports, the layoffs have started already, as the company hopes to focus on removing redundant workers and streamlining its operations. 

    Paramount Global
    Source: Pinterest

    This would result in 15% of Paramount Global’s workers losing their jobs this year. The company’s three co-CEOs announced that the layoffs will occur in three different phases and will continue strategically throughout the year.

    Fastly

    Fastly, the popular cloud platform also aims to reduce its workforce this year. According to reports, the tech company will lay off 11% of its workforce by the end of the year. 

    Fastly
    Source: Pinterest

    Since the company reported a global headcount of 1200 workers at the end of 2023, the rough estimate of the workers that will be cut is about 132 employees. These layoffs are not happening all at once but will occur through the next few months.

    Axios

    Axios workers are also facing considerable layoffs in 2024. According to a memo from CEO Jim VandeHei, the layoffs by Axios were agreed upon to “get ahead of tectonic shifts in the media, technology, and reader needs/habits.” 

    Axios
    Source: Pinterest

    When it happens, an estimated fifty workers will lose their jobs at the media outlet in 2024. Compared to other big corporations, the number of employees to be laid off is smaller than most.

    Sonos 

    Sonos is also laying off employees this year. According to reports, the wireless speaker maker wants to lay off 6% of its workforce. Since Sonos does not have a large employee count, this would only affect about 100 jobs and workers at Sonos. 

    Sonos
    Source: Pinterest

    The company detailed its reason for these layoffs in an SEC filing, explaining that it is trying to “improve the Company’s operating model and cost structure to set the Company up for long-term success.”

    Stellantis

    Stellantis has also made a move that will result in several job cuts this year. The auto giant reportedly plans to stop producing its Ram 1500 Classic pickup truck at the Warren Truck plant in Michigan towards the end of the year, which will result in some definite layoffs.

    Stellantis
    Source: Pinterest

    Stellantis announced that the plant will move from a “two-shift to a one-shift operating pattern in General Assembly.” This could result in up to 2,450 plant workers losing their jobs later in the year.

    ALSO READ: Stellantis Proposes Broad Buyouts for U.S. Salaried Employees, Potential Layoffs Loom

    Mastercard

    Mastercard is another big, global company that announced layoffs this year. In a statement to FOX Business, the company explained that it will be laying off at least 3% of its workforce this year. 

    Mastercard
    Source: Pinterest

    As reported by Bloomberg, this move aims to help the payment services company realign “the regions and businesses to accelerate growth and unlock capacity that will enable investment in long-term opportunities.” The company would also improve its value-added services sector with the funds saved from the tech layoffs.  

    Which Industry Pays the Highest Salary?

    In the U.S. and many other advanced countries, the industry that pays the most often fluctuates. However, finance, healthcare, technology, oil and gas production, commercial real estate, and management consulting jobs often pay the highest. 

    Healthcare
    Source: Pinterest

    At the senior level of employment, these industries offer the most competitive salaries due to the highly specialized skills and experience their workers require. Therefore, these industries provide the best and highest salaries as of today.

    What Is the Highest Projected Employment Profession for 2024?

    According to statistics by the Bureau of Labor, two major job sectors are projected to have the highest employment rate in 2024: technical jobs and healthcare-related occupations. 

    Finance
    Source: Pinterest

    These two sectors are the fastest-growing occupational groups and will add a combined 2.3 million jobs this year. This means that one in four new jobs is from either the healthcare or technical/technological sectors.

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    Cisco Employees layoffs Paramount Global
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