March 23, 2023 - Employment & Business News

Glassdoor to cut 140 jobs as job market slows

Posted on March 23, 2023 - 12:14 pm by Hugh Fort

Job search giant Glassdoor will cut 140 jobs after other cost-cutting measures were not enough following a drop in profits.

The cuts equate to 15 percent of its workforce.

CEO Christian Sutherland-Wong said the decision came with a “heavy heart.”

In a message on the company’s website, he said: “From the start, we said that layoffs would be a last resort. Unfortunately, we have reached that point. It is with a heavy heart that I share that I have made the difficult decision to reduce our workforce.

“Today we are going to say goodbye to around 140 of our colleagues, who represent approximately 15 percent of the Glassdoor team.

“This outcome is devastating, and please know that we made all attempts to control costs to avoid this. We paused hiring. We cut program costs. We cut travel and events. Unfortunately, this was not enough.

“Last quarter, US-sponsored jobs across our SBU were down 33 percent year-over-year.

“And we saw declines in retention rates for our Employer Branding customers too.

“It has become increasingly clear that this is just the beginning of a broader economic slowdown, as the job market cools after the post-COVID boom.

“Economic contractions tend to have an extended impact on the recruiting industry, and we anticipate declines in US job openings back to pre-pandemic levels over the next two or three years.

“As such, I am making difficult but necessary changes to our cost structure now to handle what we expect to be a challenging period for our business and revenue.”

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Employees leaving will receive:

A minimum of 16 weeks base pay.
Healthcare coverage for 4 months.
100% payout of Spring 2023 bonus, and full payout of earned commissions and spiffs.
The choice to keep their Glassdoor laptop to help with their job search.

Mr. Sutherland-Wong added: “It’s heartbreaking to say goodbye to such a talented group of people for reasons that are outside of their control.

“While today will feel like a big change to our company, let me be clear that our vision for Glassdoor is unchanged.

“We are on a path to transforming Glassdoor into the leading community for workplace conversations.

“Recognizing we’ll be a smaller team after today, we will take time in the coming weeks to adapt our plans to ensure we can remain focused on delivering this vision.”

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Indeed announces 2,200 layoffs that will hit most teams

Posted on March 23, 2023 - 10:48 am by Nithya Bose

Job site Indeed has confirmed it will carry out 2,200 staff layoffs in every area of the business, which will impact nearly 15 percent of its workforce.

In a message on the company website, CEO Chris Hyams said: “I am heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs. This is a decision I truly hoped I’d never have to make.

“Leading a company whose mission is to help people get jobs, every single day I think about how important a job is in a person’s life. Losing a job is extraordinarily hard, financially and emotionally.

“For those who will be leaving, we are working to bring as much support as possible to each of you.

“The cuts come from nearly every team, function, level and region.

“The specific decisions on who and where to cut were extremely difficult, but they were made with great care.”

Indeed’s forecast that the job market will keep falling after “the recent post-COVID boom” led to the decision to slash workers.

The company expects job listings to continue declining in 2023 and 2024.

Hyams added: “Last quarter, US total job openings were down 3.5 percent year-over-year, while sponsored job volume fell 33 percent.

“In the US, we are expecting job openings will likely decrease to pre-pandemic levels of about 7.5 million, or even lower over the next two to three years.”

Employees who kept their jobs got an email with the subject “Your Position Has Not Been Impacted.”

The email subject line for those laid off read: “Your Position Has Been Impacted.”

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Yesterday (Wednesday, March 22) was the last day for the terminated workers.

The firm said they will get regular payments until the end of March, plus a 16-week severance pay.

Source: CNN

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Virgin Orbit to strike $200 million deal with investor Matthew Brown

Posted on March 23, 2023 - 9:44 am by Nithya Bose

Struggling Virgin Orbit is in the final stages of securing funding of $200 million from Texas-based investor Matthew Brown.

A source said Virgin Orbit and Brown started discussing a deal last week after the firm was forced to put its staff on furlough for a week.

The discussions began when the firm declared it would halt operations to try to find financial support.

Sources said Brown would receive a controlling stake in the rocket manufacturer.

The agreement is expected to be finalized by today (Thursday, March 23) at the earliest.

A familiar person said the business has also contacted another unidentified potential investor.

He was reportedly in talks with Virgin Orbit before the discussions with Brown.

The deal comes as Virgin Orbit tries to replenish its cash reserves and stave off bankruptcy.

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Virgin Orbit did not respond to requests for comment.

CEO Dan Hart informed staff late Tuesday a “small” team will return to work on March 23.

Hart called it a “first step” toward an “incremental resumption of operations.”

The rest of the company’s over 750 employees will be on unpaid furlough until “at least Monday.”

Hart said Tuesday the company had “made some important progress” this week toward securing funds.

Brown is the chairman of the eponymous Dallas family office Matthew Brown Cos. and a general partner of Energent Energy.

Source: CNBC

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Apple staff fear reprisals if they don’t come to work three days a week

Posted on March 23, 2023 - 9:29 am by Nithya Bose

Apple employees fear potential reprisals as the company tightens its return-to-work policies.

A tweet from Platformer’s Zoe Schiffer shows that the Cupertino giant has started checking badge records to verify in-person attendance.

Those who fail to show up three times a week now get escalating warnings.

While it is not a direct policy from Apple, Schiffer claims failing to comply may result in termination at specific areas inside the tech giant.

This news comes only a week after a report Apple was looking for ways to cut costs.

While the firm is not planning mass layoffs like Facebook, it keeps positions open when employees leave.

That suggests that if a worker gets sacked for failing to comply with the return to work mandate, Apple will have one less employee to pay.

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But since termination for noncompliance is not an official Apple policy, the corporation is unlikely to use this as a major cost-cutting measure.

Employees have spoken out against the return-to-office requirement and Apple’s relaxation of COVID-related safety standards.

They regard these regulations as a possible health risk and are unaware of how working from home has increased productivity and morale in several divisions.

As the pandemic frenzy subsides, the corporate world has pushed for a return to the office.

Facebook boss Mark Zuckerberg recently stated his favor for in-person work, finding it more productive.

Source: AppleInsider

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Amazon layoffs mean Twitch will cut 400 jobs

Posted on March 23, 2023 - 9:28 am by Nithya Bose

Broadcaster Twitch plans to shrink its workforce, which will affect 400 employees.

The cuts come as its parent Amazon plans to slash another 9,000 staff in various divisions, including AWS cloud and advertising units.

The layoffs were characterized as an effort to strengthen Twitch’s long-term business outlook.

New Twitch CEO Dan Clancy said: “Like many companies, our business has been impacted by the current macroeconomic environment, and user and revenue growth has not kept pace with our expectations.

“In order to run our business sustainably, we’ve made the very difficult decision to shrink the size of our workforce.”

Long-serving chief executive Emmett Shear recently announced his retirement.

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Clancy took over the position from his previous role as president, where he was already in charge of the company’s day-to-day operations.

While Twitch is still a growing platform in terms of both community and cultural impact, the firm is unlikely to approach its early pandemic highs.

With people stranded at home, hours spent in online spaces increased, as did hiring.

But current economic uncertainty has dragged tech businesses to find new measures to thrive.

It is leading many of them to scale back and reduce the size of their teams.

Source: TechCrunch

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More Amazon warehouse strikes to come after ‘insulting’ pay offer

Posted on March 23, 2023 - 9:12 am by Nagasunder

Striking Amazon employees have pledged to continue to strike in response to an “insulting” new wage raise.

The action comes as Amazon said the minimum starting salary for its UK workers will be increased by at least 50p to between £11 and £12 per hour beginning in April.

According to the company, the actual amount will vary depending on the region.

The offer comes after a run of strikes by Amazon warehouse workers in Coventry since January.

GMB members in the West Midlands are demanding at least £15 an hour to aid with the ongoing cost of living problem.

Amazon earlier enhanced base pay by 50p to a minimum of between £10.50 and £11.45 per hour last year and said over the past seven months it had gone up by 10 percent.

But Amanda Gearing, GMB Senior Organiser, said: “We’re listening to Amazon workers and the message is very clear: this new pay rate is an insult.

“So, in response, we will be consulting over the next few days and announcing a new wave of action.”

Striking worker Darren Westwood said: “Nobody believes that the extra 50p per hour we’ve won at Coventry is remotely enough to live on.

“We know we’re worth more – that’s why we will be stepping up the action and appealing to workers in other Amazon sites to join us in the strikes.”

The statement comes as the UK National Living Wage – which does not apply to apprentices or workers aged under 23 – is set to rise by 9.7 percent in April to £10.42 an hour.

An Amazon spokesperson said: “Over the past seven months, our minimum starting pay has risen by 10%, and by more than 37% since 2018. We also work hard to provide great benefits, a positive work environment and excellent career opportunities.

“These are just some of the reasons people want to come and work at Amazon, whether it’s their first job, a seasonal role or an opportunity for them to advance their career.”

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GM said approximately 350 of Coventry’s 1,400 employees were on strike.

It comes after the online retailer announced earlier this month that it intends to slash another 9,000 jobs globally, on top of the 18,000 already announced in January.

Source: Sky News

Birmingham’s Digbeth Loc. Studios launches and could create 760 jobs

Posted on March 23, 2023 - 8:57 am by Nagasunder

A new film and television production studio called Digbeth Loc. Studios in Birmingham could create as many as 760 jobs.

Work has started on The Digbeth Loc project, spearheaded by Peaky Blinders creator Steven Knight.

The site’s construction is planned to be completed in July, ready for occupation, with the first filming beginning in October.

Mr. Knight is collaborating with Piers Read, CEO of cultural property regeneration company Time + Space, to create a long-term cultural legacy for his hometown by bringing businesses to the multimedia headquarters.

The unused Victorian-era buildings will be turned into a modern complex encompassing three film studios, production offices, and construction workshops totaling 80,000 square feet.

The team has been working on the project for years, but this is the first physical process, which was first proposed for a site near the NEC in Solihull.

It came after a £1.3 million investment by Birmingham City Council, landowner Homes England, and the West Midlands Combined Authority.

The studios are at 122 Fazeley Street in the Warwick Bar Conservation Area next to the canal and are expected to contribute more than £30 million to the local economy.

Productions already committed to the site include the BBC drama This Town, which is based on the region’s ska and two-tone legacy.

The hugely popular MasterChef will be located in the historic ‘Banana Warehouse’ at the same location after redevelopment plans were submitted last year.

The iconic Birmingham reggae band UB40 is also likely to take up residence in one of the new studios.

Mr. Knight said: “It’s so exciting that this day has come and after a lot of hard work by lots of people at Homes England, Birmingham City Council and the West Midlands Combined Authority.

“Our plans are ambitious and we will be making TV and movies on an international scale.

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“We are planting an industry in the fertile soil of Birmingham and we need local people to make it happen. We have structures in place to begin the business of training local people in the skills needed and we want people to know that this is a viable industry that is here to stay.

“We’re setting up in the heart of, what was once, Peaky Blinders country and it’s very fitting that we are bringing it all back home.”

Source: Business Live

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