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Mass Layoffs in 2022: List of Top Companies That Have Laid off Their Employees This Year

Mass Layoffs in 2022: List of Top Companies That Have Laid off Their Employees This Year

There have been massive layoffs in 2022, which has resulted in shock for the employees. The employees of a firm are one of the most important components. No matter how tiny the company is, one cannot even imagine running it without them. The primary assets of your business are your staff. However, some significant, well-known corporations are laying off workers in 2022. Since some of these layoffs are affecting thousands of people at once, the corporate sector has been taken aback.

There are many other reasons for the layoffs, including cost-cutting, subpar performance, and financial challenges. Some of the businesses even came under fire for their rash choice. People lost their jobs due to the pandemic, and now a series of similar layoffs are causing a stir around the globe. The world’s economic situation is also a big reason for these layoffs. According to reports, their companies have laid off over 8000 people alone in just the first half of 2022.

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1. Lido Learning

Founder – Sahil Sheth

Year – 2019

Laid Off – 200 Employees

When nearly 200 of the Lido Learning employees were let go in February 2022, the situation they found themselves in was shocking and horrible. The EdTech Company’s abrupt decision raised concerns about the future of its employees. The odd thing is that Anupam Mittal and Mukesh Bansal, two of the most well-known investors, have supported Lido Learning.

Additionally, the business raised nearly $10 million in September 2021. The creator of Lido Learning, Sahil Sheth, notified the staff that the company wouldn’t be able to pay their salary due to financial issues. In addition, some employees were even told to hunt for new employment.

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2. Microsoft

Founder – Bill Gates, Paul Allen

Year – 1975

Laid Off – 1800 Employees

Bill Gates and Paul Allen started Microsoft Corporation on April 4, 1975, also known as Microsoft. Unquestionably one of the largest technology businesses in the world today, Microsoft is a global American enterprise. Microsoft, however, added its name to the list of significant businesses laying off staff when the corporation disclosed that it would be doing so as part of a “realignment.” It’s also vital to remember that Microsoft is the first major tech company to fire workers. According to estimates dated July 13, 2022, the Microsoft layoffs will affect 1% of its 1,80,000-person staff across all of its offices and products.

Along with the announcement of Microsoft laying off, the news of the slowdown of Microsoft hiring in the Windows, Teams, and Office groups has also surfaced.

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3. Netflix

Founder – Marc Randolph, Reed Hastings

Year – 1997

Laid Off – 450 Employees

In an unexpected turn of events, the largest streaming platform says it will fire 150 staff nationwide. Even though it wasn’t a large number, it nevertheless made headlines. The primary justification for firing 150 staff is reported that Netflix’s revenue growth has slowed down partly due to its rash action.

According to Netflix, the streaming juggernaut’s primary motivation is to reduce costs. One of the reasons for Netflix’s slower income growth is that it has recently lost over 2 lakh customers and is reportedly losing more. In May, Netflix again laid off 300 employees reason for which was cost-cutting.

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4. Twitter

Founder – Jack Dorsey, Biz Stone, Evan Williams, Noah Glass

Year – 2006

Laid Off – 100 Employees

On March 21, 2006, Jack Dorsey, Biz Stone, Evan Williams, and Noah Glass established the American communications firm Twitter. With its current headquarters in San Francisco, California, the United States, Twitter is one of the most popular social media sites. It has recently made headlines due to a $44 billion acquisition that was proposed by tech billionaire Elon Musk, who ultimately decided against it and was subsequently sued.

Twitter said that 30% of its personnel from the recruiting team would be leaving the company amid the turmoil surrounding the Elon Musk-Twitter acquisition agreement and the impending legal battle. According to the WSJ story from July 7, 2022, the company, which employs more than 7000 people, would be letting go of about 100 workers.

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5. BlueStacks

Founder – Rosen Sharma, Jay Vaishnav, Suman Saraf

Year – 2011

Laid Off – 60+ Employees

In 2011, Rosen Sharma, Jay Vaishnav, and Suman Saraf founded BlueStacks. BlueStacks, which has its current headquarters in Campbell, California, is the second-largest PC gaming platform in the world and attempts to bring together PC gamers and the Android gaming community.

The company has experienced tremendous growth thanks to the enormous demand for Android smartphones. 60 Indian employees of this well-known Android emulator platform have been let off, according to news from July 20, 2022. On July 18, 2022, BlueStacks used video conferences to warn the bulk of its staff that their services would no longer be required.

The corporation has reduced the number of employees at its offices in London, Tokyo, Seoul, and Beijing, in addition to India. According to the reports, there may have been 120 to 150 layoffs overall, or up to 150 employees. Restructuring inside the company is the cause of the layoffs. According to sources, BlueStacks provided medical benefits and one month’s pay as severance to the fired employees.  

See also  COVID-19: India records 19,400 new cases

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6. Unacademy

Founder – Gaurav Munjal, Hemesh Singh, Roman Saini, Sachin Gupta

Year – 2015

Laid Off – 600 Employees

This year, one of India’s largest EdTech companies startled everyone by deciding to fire 600 people or 10% of their staff. In April, it was a last-minute choice. According to the layoff justification, the workers’ performances weren’t up to par. In addition, there may be a funding slowdown in India for startups, which has also been cited as a factor in this choice.

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7. Vedantu

Founder – Anand Prakash, Pulkit Jain, Saurabh Saxena, Vamsi Krishna

Year – 2011

Laid Off – 624 Employees

Yes, another well-known Edtech company, Vedantu, has let many staff leave. They fired 424 full-time and contractual staff in only one month. Before that, 200 of its employees were let go this year. According to Vedantu, this is being done to extend their capital runway. Additionally, it is said that the closure of schools and the return of traditional classroom instruction are to blame for the layoffs at Edtech companies.

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8. Cars24

Founder – Gajendra Jangid, Mehul Agrawal, Ruchit Agarwal, Vikram Chopra

Year – 2015

Laid Off – 600 Employees

Over 600 workers from Cars24, or 6% of their workforce, bid goodbye to the company. The fired individuals included workers from various departments and positions. The corporation has just said that the layoff is based on employee performance without offering any other explanation. If staff are not giving their all, they are fired every year. The decision by Cars24 to fire its employees comes as the business seeks to grow internationally.

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9. Meesho

Founder – Sanjeev Barnwal, Vidit Aatrey

Year – 2015

Laid Off – 150 Employees

Meesho abruptly and unexpectedly sacked 150 workers from the company’s supermarket division in April. Farmiso, the name of the grocery division of the well-known reselling firm in India, has been replaced by Meesho Superstore.

The business is debating combining the grocery store with its main app. The stores restructured is cited as the cause of the layoffs. This is also based on their past performance in the industry and how well they adapted to the new Meesho Superstore structure. Meesho has a fascinating business strategy as well. If you’re interested in learning more about Meesho’s marketing approach, don’t forget to look at it.

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10. Better.Com

Founder – Eric Wilson, Erik Bernhardsson, Shawn Low, Viral Shah, Vishal Garg

Year – 2016

Laid Off – 3000 Employees

Better.com’s layoffs are likely the most contentious to date. The business has been under fire since firing over 900 employees over a single Zoom conversation last year. They have let approximately 3000 of its staff go this year alone. The corporation claims that the employees’ performance led to the layoff. They have claimed that the employees are let go due to their poor performance and low production levels. Nearly half of the company’s personnel have been let go since December 2021.

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11. Blinkit

Founder – Albinder Dhindsa

Year – 2013

Laid Off – 5% of the Workforce

An online grocery shopping company called Blinkit, formerly known as Grofers, recently let go of part of its staff in March. It is reportedly 5% of their staff. The majority of the layoffs took place in the cities of Hyderabad, Kolkata, and Mumbai. The business has invested around INR 600 crores to concentrate on its 10-minute delivery service. Along with firing its staff, the online food store pays its vendors later than expected. Cost-saving measures are cited as the primary cause of the layoff.

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12. OkCredit

Founder – Gaurav Kumar, Aditya Prasad, Harsh Pokharna.

Year – 2017

Laid Off – 40 employees

The digital ledger business OkCredit shocked the industry by laying off about 40 of its staff in February. The organisation said that changes in the company’s priorities brought on the abrupt decision. This resulted in a restructuring of the business and the duties played by its employees, resulting in some workers’ termination.

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13. Furlenco

Founder – Ajith Karimpana

Year – 2012

Laid Off – 200

A new company called Furlenco offers its clients furniture that is rented. According to reports, the corporation would let go of nearly 200 workers. Additionally, it has been alleged that the startup has ceased operations entirely in cities including Kolkata, Jaipur, Chandigarh, and Mysuru. The corporation fired many employees who worked in the customer service and grievance management divisions, citing restructuring as the primary cause.

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14. Trell

Founder – Agrawal, Sachan, Arun Lodhi, Bimal Kartheek Rebba

Year – 2016

Laid Off – 300

For the Social commerce startup Trell, nothing seems to be going well. It is believed to have terminated 300 employees, or nearly half of its personnel, as it looked into its suspected financial irregularities. The inquiry conducted by EY India is mostly to blame for the circumstances that led to this choice. However, the company publicly stated that the layoffs were necessary for restructuring and improving the business. The unnecessary positions are removed from the organisation.

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15. Ford

Founder – Henry Ford

Year – 1903

Laid Off – 580

Ford, a global American automaker, stated in April that 580 of its US employees would be laid off. This choice was made immediately after the business said it would restructure and concentrate on producing electric automobiles. Since the creation of electric vehicles needed various skill sets, the engineering department is primarily responsible for the dismissals. Therefore, according to the corporation, it is done for the company’s future needs.

See also  The economy of India On Its Way To Achieve 5 Trillion Dollar Goal; Success Awaits

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16. Noom

Founder – Saeju Jeong, Artem Petakov

Year – 2008

Laid Off – 500

The wellness app Noom tracks a person’s weight and has a mental health component. In April, the corporation terminated 500 employees or about 25% of its staff. The decision to change the coaching methodology is the only justification for the layoff. The coaching approach was modified for the company’s benefit, and the employees were let go.

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17. Robinhood

Founder – Vladimir Tenev, Baiju Bhatt

Year – 2013

Laid Off – 300

Before disclosing its financial results for the first quarter of 2022, consumer trading and investment service provider Robinhood stated that 300 of its employees, or 9% of its workforce, would be let go. They have 300 permanent staff in total. According to sources, the company’s drop in trading after becoming public last year in 2021—the year before—is the primary cause of the firing.

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18. Nestlé

Founder – Henri Nestlé

Year – 1866

Laid Off – 104

Located in Switzerland, Nestlé is a global food and beverage business. The large food processing company has abruptly shut down its California-based Sweet Earth Food business. This led to the dismissal of 104 workers. The choice was made after it became apparent that the company producing plant-based meat was losing money and experiencing slow growth. Sweet Earth Food Facility, which sells meatless plant-based food products, was acquired by Nestle in 2017.

 

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19. Tesco

Founder – Jack Cohen

Year – 1919

Laid Off – 1600

The largest retail operator in the United Kingdom, Tesco, is seeking a significant overnight makeover. Due to insufficient demand, they are mostly closing the meat and fish counters in 300 stores. Tesco’s 1600 employees may be laid off due to this choice. The grocery chain is about to reorganise itself when job losses occur.

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20. Unilever

Founder – Antonius Johannes Jurgens, Samuel van den Bergh, Georg Schicht

Year – 1929

Laid Off – 1500

The multinational consumer goods corporation Unilever is about to announce the termination of 1500 employees. The decision to make this global in effect follows its inability to acquire GlaxoSmithKline’s consumer health sector. Unilever has decided to restructure the business for development, choose a more competitive operating model, and adapt more quickly to changing market preferences.

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21. Mfine

Founder – Prasad Kompalli, Ashutosh Lawania

Year – 2017

Laid Off – 500

Mfine is a Bangalore-based digital health platform that offers services, including medical consultations, diagnostic procedures, and others. A dramatic change of events at the health platform resulted in the termination of over 500 firm employees. It makes up roughly half of their workforce. The company began hiring personnel even in April, but once the struggle to raise money became more intense, it decided to fire its staff.

 

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22. Klarna

Founder – Sebastian Siemiatkowski, Niklas Adalberth

Year – 2005

Laid Off – 700

Klarna is a Swedish fintech business that deals with online financial services. The corporation’s CEO informed the staff through a pre-recorded video that 10% of the company’s global workers would be let go. This choice will have an impact on over 700 employees. According to the CEO, the conflict between Ukraine and Russia and a potential recession are to blame for this severe action.

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23. Cineplex

Founder – Ellis Jacob, Garth Drabinsky, Gerald W. Schwartz

Year – 1999

Laid Off – 5000

Canada’s Cineplex is a chain of movie theatres. The pandemic scenario has caused various worldwide issues, including issues for the theatre chain. As theatres close in Ontario, the firm says in January that it must let go of 5000 employees. This choice was made in response to the rising popularity of Corona’s Omicron version across the nation. The layoff, though, is reportedly only temporary.

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24. Primark

Founder – Arthur Ryan

Year – 1969

Laid Off – 400

The UK-based multinational fashion retailer Primark has decided to cut off 400 employees of theirs in the month of January. According to reports, the management structure would be simplified. The sales of Primark suffered as the omicron variant increased, and the inflation appeared to worsen. Layoffs were now required to restructure the business.

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25. Royal Mail

Founder – Henry VIII

Year – 1516

Laid Off – 700

Royal Mail, the nation’s mail service, has existed for centuries. The corporation decided to lay off 700 employees in January 2022. This choice was made because the business encountered issues related to Covid, which caused delivery delays. Since the postal service’s performance had been criticised, the decision was made to terminate 700 employees to implement change and restructure the business.

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26. DiDi

Founder – Cheng Wei, Zhang Bo, Wu Rui

Year – 2012

Laid Off – 3000

Chinese ride-sharing company DiDi decided to fire 20% of its staff in February. Due to this choice, almost 3000 individuals lost their jobs. According to reports, the corporation made this choice in response to regulatory pressure that it has been under since an investigation was opened last year. It was decided to conduct a thorough investigation after the company suffered a loss and its shares experienced a sharp decrease.

See also  Is Delhi Under-Reporting The COVID-19 Deaths? : Coronavirus Alerts- 3 Days To Go For The End Of Lockdown 4.

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27. Conde Nast

Founder – Condé Nast

Year – 1909

Laid Off – 90% of the Workforce

One of the largest media conglomerates in the world, Conde Nast is the parent company of several legendary brands like Vogue, GQ, and Vanity Fair. Surprisingly, the publishing behemoth revealed that it would stop distributing Vogue Russia and other of its journals and lay off 90% of its staff there. The corporation has permanently terminated its contract with Conde Nast Russia, with the major factor cited as the Russian invasion of Ukraine.

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28. Rupeek

Founder – Sumit Maniyar

Year – 2015

Laid Off – 200

Bangalore, India, is home to the corporate headquarters of Rupeek, a provider of digital gold loans. It may be found in more than 35 cities. About 200 employees, or 10–15 per cent of the company’s workforce, were let go. Several teams and departments carried out the layoffs. Rupeek stated that the company was looking forward to making its structure smaller and more compatible as the basis for cost-cutting by terminating its personnel.

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29. Coinbase

Founder – Brian Armstrong and Fred Ehrsam

Year – 2012

Laid Off – 1100

An online marketplace called Coinbase allows you to purchase and trade cryptocurrencies. The company has no headquarters, and all of its workers work remotely. It is thought to be the largest cryptocurrency exchange platform. The corporation just announced that it would be getting rid of 1100 workers, or nearly 18% of its workforce. The corporation claims that in light of the current state of the market, the decision has been made to control and manage the company’s expenses.

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30. CityMall

Founder – Angad Kikla and Naisheel Vardhan

Year – 2019

Laid Off – 191

When the three-year-old online retailer CityMall announced that 191 of its employees would be let go, everyone was taken aback. Even after collecting $75 million, the Gurugram-based startup’s name was included in the list of firms that fired staff in 2022. According to the corporation, the systemic adjustments that are being implemented are the cause of this layoff.

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31. Byju’s

Founder – Byju Raveendran and Divya Gokulnath

Year – 2011

Laid Off – 2500

Byju’s, the largest Edtech company in India, made a snap decision to fire 2500 workers. Even after being valued at over $21 billion, the unicorn decided to fire its staff. They have cited cost-cutting for the corporation as the justification for this choice.

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31. Tesla

Founder – Elon Musk, Martin Eberhard and Marc Tarpenning

Year – 2003

Laid Off – 200

Tesla, which was developing its advanced driving assistance capabilities for Autopilot, was shocked. In an unexpected turn of events, Tesla fired 200 staff who were working on the autopilot feature. Elon Musk had previously requested that the firm cut its workforce by 10%.

Common Reasons for the Layoffs

In reaction to their issues, several large corporations and organisations will fire workers in 2022. Various factors differ from firm to company. Common causes of layoffs include the following:

  • Companies cannot adapt to the situations after the lockdown and pandemic.
  • Inflation is on the rise again.
  • Companies facing financial difficulties.
  • The slowdown of funding in the business world.
  • The Ukraine invasion by Russia has led to many companies stopping their business with the latter.
  • The inefficiency of employees.
  • Restructure and modernisation of a company.

Companies That Have to Freeze Their Hiring

  • Numerous businesses have halted employment due to the fragile state of the global economy and other factors. These businesses are:
  • According to reports, Meta has frozen employment for the entire year. The corporation cites the industry-wide slowdown, the invasion of Ukraine, and changes in private data as the key justifications.
  • Wayfair has stopped hiring for 90 days, and the rationale is the state of the global economy.
  • As a result of Twitter’s ownership change—Elon Musk now owns the company—hiring has been halted, and many of its top employees are being let go.

Companies That Might Layoff Their Employees

  • Amazon is said to be overstaffed as they have hired many people in their warehouses, leading to the slowdown of productivity. During the pandemic, it was said to be understaffed because of Covid leave, but with the return of the workforce in the warehouse, it turned into the opposite.
  • Walmart is also going through the same problem as Amazon; it is now overstaffed and looking forward to recovering from the company’s profit decline.

Conclusion

As previously indicated, many businesses are terminating their employees. The reasons for this range from poor economic conditions to pandemics, corporate restructuring, and even employee inefficiencies. In addition to all of these, there appears to be a delay in fundraising and pressure from investors to increase the company’s profitability. The worst looks to be yet to come in light of the current state of the world economy.

Edited by Prakriti Arora

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