List of Top Companies That Have Laid off Their Employees in 2022
This year many companies have laid off their employees. The employees of a company are one of the most important components. No matter how tiny the firm is, one cannot even imagine running it without them. Your employees are your company’s major assets. However, in 2022, some major, well-known companies will be firing employees. The corporate sector has been shocked by some of these layoffs, some of which are affecting thousands of people at once.
Other factors, like cost-cutting, poor performance, and financial challenges, contributed to the layoffs. Even some of the companies received criticism for their hasty decision. During the epidemic, many people lost their jobs, and now there is a commotion around the world due to repeated comparable layoffs. Another major reason for these layoffs is the global economic climate. According to statistics, over 8000 workers have been let go by their employers in the first half of 2022 alone.
1. Lido Learning
The scenario that nearly 200 Lido Learning employees found themselves in when they were laid goes in February 2022 was horrifying. Anupam Mittal and Mukesh Bansal, two of the most well-known investors, have backed Lido Learning. In September 2021, the company raised close to $10 million. Lido Learning’s founder, Sahil Sheth, said that the workforce that is owing to financial challenges, the company wouldn’t be able to pay their salaries. Numerous employees received instructions to look for new jobs.
On April 4, 1975, Bill Gates and Paul Allen founded Microsoft Corporation. When Microsoft announced that it would make employee reductions part of a “realignment,” its name was added to the list of major companies doing so. It’s crucial to remember that Microsoft was the first major software corporation to fire employees. Estimates from July 13, 2022, informed that 1% of Microsoft’s 1,80,000 employees across all of its offices and products would be let go. Microsoft has announced layoffs, and there has been word of a halt in hiring for the Windows, Teams, and Office divisions.
The biggest streaming platform has announced an unexpected turn of events by laying off 150 employees. It was a small amount, yet it made the news despite that. According to reports, the explanation for terminating 150 employees is that Netflix’s income growth has slowed down partly due to its hasty decision. According to Netflix, the streaming juggernaut’s main driving force is to cut expenses. Netflix lost over 2 lakh members and is apparently losing more is one of the factors contributing to its slower income growth. In May 2022, 300 employees were once more let go by Netflix due to cost-cutting initiatives.
Udaan, an Indian unicorn business and B2B eCommerce platform has joined the trend of laying off staff members. About 350 full-time employees will be let go by the firm to become more profitable and effective. But there have been other times the startup has fired staff members. As part of its cost-saving efforts, it fired 180 employees in June of the current year (2022). A week had passed since the business acquired $120 million through convertible notes and loans before beginning the second round of layoffs this year.
India’s top Fintech SaaS firm, Clear, is a notable brand that has joined the list of businesses laying off their staff in 2022. On September 15, 2022, the Bengaluru-based business let off 190 to 200 workers from several departments. Nearly 20% of the company’s personnel make up this number. This comes about a year after Clear secured its $75 million Series C fundraising round in October 2021 from Kora Capital, Stripe, and other investors. In January 2022, the company completed a venture round for an undisclosed sum. According to reports, the company’s restructuring measures to improve its cash flow include layoffs.
The American communications company Twitter was founded by Jack Dorsey, Biz Stone, Evan Williams, and Noah Glass on March 21, 2006. Twitter is one of the most well-known social media platforms, with its headquarters in San Francisco, California, in the United States. It has recently made headlines due to a $44 billion takeover led by tech billionaire Elon Musk, who then backed out and was sued.
In the middle of the uncertainty surrounding the Elon Musk-Twitter acquisition agreement and the impending court conflict, Twitter announced that 30% of its recruiting team employees would leave the company. The corporation, which employs more than 7000 people, would be laying off around 100 employees, according to a July 7, 2022, WSJ article.
Due to a large number of employees hired in their warehouses and the resulting delay in productivity, Amazon has been overstaffed. It was said that it was understaffed during the pandemic because of Covid leave, but, as the personnel at their warehouses returned, things changed completely.
However, according to sources, on July 31, 2022, Amazon had to let go of 100,000 people. The historical biggest sequential decrease is at hand. Amazon’s distribution system and fulfilment centres mostly employ the sacked workers. The Andy Jassy-led business employs more than 1.5 million people.
The well-known American retail multinational Walmart Inc. announced that it would eliminate hundreds of corporate positions. Walmart said on August 3, 2022, that it would have to let close to 200 employees go. This was from its Arkansas corporate office. Numerous departments would have to bear the burden of the change, including global technology, real estate, and marketing.
BlueStacks was established in 2011 by Rosen Sharma, Jay Vaishnav, and Suman Saraf. The second-largest PC gaming platform in the world, BlueStacks aims to link PC gamers with the Android gaming scene and has its headquarters in Campbell, California. The demand for Android smartphones has helped the company grow tremendously. According to news dated July 20, 2022, 60 Indian employees have been fired. BlueStacks used video calls to notify most personnel that their services would no longer be needed on July 18, 2022.
Along with India, the company employs fewer personnel at its headquarters in London, Tokyo, Seoul, and Beijing. The reports show there may have been up to 150 employees or 120 to 150 layoffs overall. The layoffs are a result of internal restructuring at the business. Sources claim that BlueStacks gave the sacked workers one month’s pay and medical benefits as severance.
The Chinese company ByteDance owns the short-form video hosting service platform TikTok. Due to its viral, short-form content, TikTok has experienced phenomenal development in India and all over the world. As a result, some nations have complained and banned TikTok. At the rate of 8 new members joining TikTok per second, the platform is growing. As of July 2022, there were over 1 billion active users monthly.
According to reports, the well-known and contentious ByteDance subsidiary TikTok has started decreasing its personnel by firing employees in the EU, EK, and the US. According to reports, these layoffs may touch more than 100 TikTok employees; the company now employs about 10,000 people all over the world. The TikTok layoffs align with the company’s global restructuring initiatives.
One of the biggest EdTech businesses in India shocked everyone last year by deciding to terminate 600 people or 10% of its workforce. It was an impulse decision in April. The reasons presented for the layoff were that the employees’ performances weren’t up to par. Additionally, a slowdown in startup funding in India has been mentioned as a contributing factor in this decision.
Vedantu has let many staff leave. In May 2022, Vedantu fired 424 full-time and contract employees. 200 of its employees had been let go the year before. Vedantu claims that this is being done to increase its capital runway. Additionally, it is said that the layoffs at Edtech businesses are due to school closures and a return to traditional classroom instruction. 100 employees across departments were once more let go by Vedantu, according to news from August 3, 2022. Due to the planned business reorganisation process by Vedantu, this was done.
Over 600 employees, or 6% of its staff, have left Cars24. Employees from many departments and positions were among those who were let go. The company just stated, without further justification, that the dismissal is based on employee performance. Every year, employees who don’t put their all into their work are let go. The decision to terminate staff members was made by Cars24 as the company aims to expand abroad.
In April, Meesho abruptly and unexpectedly laid off 150 employees from the business’ grocery segment. Meesho Superstore has taken the position of Farmiso, the name of the supermarket division of the well-known reselling company in India. The company is thinking of integrating its main app with its grocery store. The reorganised stores are blamed for the layoffs. This is based on how well they have adjusted to the new Meesho Superstore structure and how well they have performed in the past for the industry.
The recent layoffs at Better.com are the most divisive. Since terminating over 900 employees last year on a single Zoom exchange, the company has come under fire. Approximately 3000 members of their employees have been let go so far this year. According to the company, the layoffs were caused by the employee’s poor performance. They have asserted that the employees’ terminations were brought on by subpar performance and low output. Since December 2021, the company has let go of more than 50% of its workforce.
Blinkit, an online retailer of groceries, recently removed a part of its workforce. It is supposedly 5% of their workforce. The cities of Hyderabad, Kolkata, and Mumbai saw most of the layoffs. The company has spent almost 600 crores of rupees to focus on its 10-minute delivery service. The online grocery store not only fires its employees but pays its suppliers later than promised. The main reason given for the layoff is cost-saving measures.
OkCredit, a company that deals with digital ledgers, stunned the market in February when it let go of around 40 of its employees. The company said that changes in the organisation’s priorities caused the sudden decision. This led to a restructuring of the company and the roles played by its employees, which led to the firing of certain staff.
Furlenco is a brand-new business that rents out furniture to its customers. The company would reportedly fire close to 200 employees, according to sources. It has been said that the company has completely stopped operating in cities like Kolkata, Jaipur, Chandigarh, and Mysuru. Many workers in the customer care and grievance management departments were let go by the company, which blamed the terminations mostly on restructuring.
For the Social commerce startup Trell, everything seems to be going smoothly. It is said that while looking into its potential financial problems, it chose to terminate 300 employees or about 50% of its employment. Most of the factors that led to this decision may be attributed to the investigation carried out by EY India. The company openly acknowledged that the layoffs were needed for business reorganisation and improvement. The organisation gets rid of the vacant posts.
The American automaker Ford announced in April that it would be laying off 580 US workers. The decision was made right away after the company announced it would restructure and focus on making electric vehicles. Since several different skill sets were needed to create electric vehicles, the engineering department is mostly to blame for the firings. As a result, the corporation claims that it is done to meet the needs of the business in the future.
The Noom wellness app monitors a person’s weight and includes a section for mental health. The company laid off 500 workers in April or 25% of its workforce. The only defence for the layoff is a change in coaching technique. For the advantage of the business, the coaching strategy was changed, and the staff were fired.
Consumer trading and investment service firm Robinhood announced that 300 of its employees, or 9 per cent of its workforce, would be let go before releasing its financial results for the first quarter of 2022. 300 people work there permanently in total. Sources claim that the company’s decline in trade since going public the last year, in 2021—the year before—is the main factor behind the termination.
Nestlé is a multinational food and beverage company based in Switzerland. The multinational food processing company recently closed its Sweet Earth Food operation in California. This resulted in the firing of 104 employees. The decision was reached after it became clear that the company making plant-based meat was suffering from slow development and financial losses. In 2017, Nestle bought Sweet Earth Food Facility, which sells meatless plant-based food items.
Tesco, the largest retailer in the UK, is looking for an overnight makeover. They mostly close the meat and fish counters at 300 supermarkets due to a lack of customer demand. Due to this decision, Tesco’s 1600 employees may lose their jobs. When employment losses occur, the grocery chain is ready to reorganise.
1500 employees will be let go, according to Unilever, a major consumer goods company. In reality, it decided to go all over the world after failing to acquire the consumer health division of GlaxoSmithKline. For growth, Unilever has decided to restructure the company, select a more aggressive operational strategy, and respond more swiftly to shifting consumer preferences.
Mfine is a digital health platform headquartered in Bangalore that provides services like medical consultations, diagnostic treatments, and others. Over 500 corporate employees were let off due to a dramatic turn of events at the health platform. It affects over half of their staff. Even as early as April, the company started to hire more employees, but when the fundraising crunch got worse, it made the decision to let them go.
Klarna is a Swedish fintech company that provides online financial services. Through a pre-recorded video, the CEO of the company informed the personnel that 10% of the company’s global workforce would be laid off. Over 700 workers will be impacted by this decision. The CEO claims that this drastic measure is due to the war between Ukraine and Russia and a probable recession.
Cineplex is a chain of movie theatres in Canada. There have been several problems generated by the pandemic scenario worldwide, including problems for the theatre chain. The company announced in January that it must let off 5000 individuals as theatres close in Ontario. This decision was made in response to Corona’s Omicron version becoming increasingly well-liked across the country. However, it is said that the layoff is merely temporary.
400 staff will be let go by the international clothes store Primark, located in the UK, in January. The managerial structure would reportedly be streamlined. As the omicron version grew and the inflation appeared to get worse, Primark’s sales dropped. The layoff was now needed for the company’s restructuring.
30. Royal Mail
The nation’s mail service, Royal Mail, has been around for centuries. In January 2022, the firm made the decision to let 700 people go. This decision was made because the company experienced Covid-related problems that delayed deliveries. Due to complaints about the postal service’s performance, it was decided to fire 700 employees to effect change and restructure the company.
Chinese ride-sharing company DiDi decided to reduce its personnel by 20% in February. Due to this choice, almost 3000 people lost their jobs. The firm reportedly made this decision in response to pressure from regulators that it has been under ever since an inquiry was initiated last year. A thorough inquiry was chosen to be carried out after the company incurred a loss and its stock price dropped significantly.
32. Conde Nast
Conde Nast is one of the biggest media empires in the world and the parent company of several illustrious brands, including Vanity Fair, GQ, and Vogue. Unexpectedly, the publisher of Vogue Russia and other titles declared that they would stop distributing them in Russia and lay off 90% of their staff. The major justification cited for this choice was Russia’s Ukraine invasion. Conde Nast, Russia’s contract with the corporation, has been terminated.
The corporate offices of Rupeek, a company that provides digital gold loans, are located in Bangalore, India. More than 35 cities may have it. About 200 employees were let go by the corporation, representing 10–15% of its workforce. Many teams and departments executed the layoffs. According to Rupeek, the company planned to eliminate some employees to reduce costs by reducing the size and compatibility of its organisational structure.
Cryptocurrencies can be purchased and traded on a website called Coinbase. The business has no physical headquarters, and every employee works from home. It is said to be the biggest platform for exchanging cryptocurrencies. The company declared that it would lay off 1100 employees, or around 18% of its staff. The business asserts that it has decided to manage and limit Coinbase’s expenses in light of the status of the market at the moment.
When the three-year-old e-commerce startup CityMall announced the termination of 191 of its employees, everyone was taken aback. The name of the Gurugram-based firm appeared on the list of employers who laid off employees in 2022 even after receiving $75 million. The corporation claims that the systemic changes being undertaken are what led to this layoff.
The largest Edtech business in India, Byju’s, decided to terminate 2500 employees. Despite having a worth of nearly $21 billion, the unicorn chose to lay off its employees. Cost-cutting has been used as the explanation for this decision.
Tesla, which was developing its advanced driving assistance capabilities for Autopilot, has had a shock. After Musk informed that the firm had reduced employment by 10%, Tesla made the surprising decision to fire 200 employees who were working on the autopilot feature.
edited and proofread by nikita sharma