In March of 2024, companies across various sectors initiated significant layoffs. It seems like layoffs are now the new trend when considering the layoffs that happened in January and February 2024. In this roundup, I am sharing with you the major layoffs that occurred across the world in the month of March 2024. As we go deeper into these layoffs, keep at the back of your mind that research evidence shows that layoffs do not help companies do better and, in most instances, hurt the company's long-term prospects.
The month of March marks the end of a quarter for most businesses. It is a time when several companies make strategic business decisions based on the performance for the quarter. Technology companies have one of the worst quarters, as reflected in the surge of layoffs tracked on The Human Capital Hub Layoff Tracker for the tech sector in Q1 2024.
Layoffs in the United States of America
In March 2024, several U.S. companies shed off staff. The layoffs covered several sectors, from technology to consumer goods.
Netflix is laying off staff, although the exact numbers are unknown at this stage.
Roku is laying off 6% of its workforce.
Stellantis, the parent company of Chrysler, is laying off approximately 400 salaried workers. The layoffs are in its technology and software divisions.
Facebook laid off 50 people as part of its reorganization of Messenger.
IBM is cutting jobs within its marketing and communications division as the tech industry continues to shift focus toward AI.
Fidelity International is laying off approximately 1,000 employees, constituting 9% of its global workforce. This move is part of a cost-cutting initiative to save the company $125 million annually.
Stash has reportedly laid off staff. Estimates put the number of people laid off at 80% of the staff establishment.
EA, a major video game company, is laying off 5% of its workforce. This equates to approximately 670 employees.
Lumentum, a prominent optical and photonic products manufacturer, is rumored to cut 10% of its workforce as part of a restructuring initiative.
Spruce Biosciences is laying off 21% of its workforce to conserve cash and remain operational through the end of 2025.
Chicago-based TransUnion is significantly expanding its layoffs in Illinois, nearly doubling the number to 640 employees.
Lidl US, the German discount grocer, has conducted another round of layoffs affecting corporate positions across various departments.
Europe March 2024 layoffs
Sega announced layoffs impacting multiple studios on March 28th, 2024. Sega Europe CEO Jurgen Post emailed staff about the cuts affecting roughly 240 positions across Sega Europe.
Vodafone Germany announced plans to cut and relocate approximately 2,000 jobs over the next two years as part of a $434 million cost-saving initiative. These cuts represent a substantial 13% of the company's German workforce. Vodafone aims to increase efficiency by automating manual tasks while strategically hiring new workers in specific areas.
PwC Australia announced that 366 jobs will be cut due to a major company restructure. This includes 329 staff positions and up to 37 partners.
Metro Bank is implementing drastic cost-cutting measures, including laying off 1,000 employees and ending its trademark seven-day branch model.
McKinsey offered employees nine months of play to find another job as part of its effort to reduce headcount.
BNP Paribas Bank Polska agreed to lay off 800 employees between 2024 and 2026.
Kuehne+Nagel, a Swiss logistics group, is laying off less than 2% of its staff and has instituted a hiring freeze.
Ericsson (Sweden): Announced the layoff of 1,200 employees in Sweden.
Asia
Alshaya Group lays off 2000 employees.
ByteDance, the owner of TikTok, is slashing up to 1,000 jobs (20% of the workforce) at its productivity software unit, Feishu, to streamline operations. Most of these layoffs will occur in mainland China.
Longi announced plans to lay off about 5% of employees due to slow sales.
Omron Planned to lay off 2,000 employees in 2024
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Conclusion
Despite scientific evidence showing that layoffs bring less value to the long-term sustainability of companies, there seems to be an upward trend in layoffs. Based on various news reports from March 2024, the tech industry experienced a significant wave of layoffs that impacted employees worldwide. The global economic headwinds also affected other sectors, leading to substantial layoffs across the globe.
