HR Bulletin Volume 136

2023 Layoffs:Atimeline of job-cuts in top companies

In January 2023 alone, tech companies have cut back on their hiring spree by reducing nearly 60,000 jobs in the U S This updated timeline highlights some of the more notable layoffs and the reasons why companies are trimming their workforce

As the economy cools and consumer spending slows, the industry prepares for a stark reality

In January 2023 alone, over 60,000 employees lost their jobs in corporate layoffs in the U S , signaling a major shake-up in the tech sector Major tech players, including Google, Microsoft, Amazon, and Salesforce, have all announced significant cuts this year.

Although many tech companies have downsized, many are still larger than they were three years ago. Nonetheless, industry experts predict more cuts in 2023 due to the US Federal Reserve's interest rate hikes and economic slowdown. Wedbush analysts predict that the trend of tech layoffs will continue in 2023, as Silicon Valley shifts from a period of rapid expansion to cost-cutting measures. In 2022, one in four layoffs were in the tech sector, despite an

overall decline in layoffs

As the industry adapts to the evolving economic climate, several companies across technology, banking, and media have already announced layoffs in 2023 Here is a list of those companies and layoff details

↓ McKinsey announces one of its largest layoffs

McKinsey is reportedly set to undertake one of its largest rounds of job cuts in history, with plans to eliminate almost 2,000 positions. The consulting giant's management team is finalising the plan, which will mainly target support staff in non-client-facing roles.

And the final number of roles to be eliminated from its 45,000 workforces could still change, according to reports. That headcount is up from 28,000 just five years ago and 17,000 in 2012. We are redesigning the way our nonclient-serving teams operate for the first time in more than a decade so that these teams can effectively support and scale with our firm,” DJ Carella, a company representative, said in an email JPMorgan to lay off about 30 investment banking staff inAsia Pacific

↓ JPMorgan sheds nearly 30 investment banking roles

JPMorgan is going to cull up to 30 investment bank jobs in Asia-Pacific this week, media reports said The crackdown on staff would see the majority of employees based in Greater China packing their bags and going, as deal flows in its biggest growth market in the region struggle to rebound. The cuts to its Hong Kong and Chinabased bankers are the biggest seen in years, though they make up less than 5 per cent of its investment banking headcount in the region.

Most of those affected are junior-level bankers. The cuts impact bankers both with a regional and China-focused remit. The move comes as investment banks seek to reduce costs globally.

↓ Vimeo to cut 11% of employees - 11% of its workforce

Vimeo has launched latest round of layoffs, which would impact 11% of its workforce. In an email to staff, Vimeo

CEO Anjali Sud said, "This was a very hard decision that impacts each of us deeply," Sud wrote in an email addressed to "Vimeans " "It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment "

↓ Yahoo's layoff plan to impact 1,600 employees

Yahoo announced a mass layoff plan, which would impact 20 per cent of its total workforce This decision comes as part of a major reorganisation of the company’s ad tech division as reported by Axios. The layoffs will affect more than 50% of Yahoo's ad tech employees, which amounts to more than 1,600 people. Yahoo CEO Jim Lanzone said that the mass firings are not due to financial compulsion but rather tactical changes to the company’s business advertising unit, which will boost Yahoo’s overall profitability.

↓ Vodafone gears up for biggest round of job cuts in 5 yearsVodafone layoffs are reportedly the next in line, ready to impact hundreds as the world economy struggles to cope. As per latest updates, these Vodafone gears up for biggest round of job cuts in last five years. According to a report in the Financial Times, Vodafone is resorting to these job cuts as the telecoms group is trying to rein in costs and revive its performance Moreover, the company is looking to axe hundreds of jobs, mostly in its London headquarters

↓ TikTok-owner ByteDance cuts hundreds of jobs in China

TikTok's China-based owner ByteDance has laid off hundreds of workers across multiple departments The layoffs affected employees at Douyin, the Chinese version of TikTok with 600 million daily active users, as well as its gaming and real estate operations. The lay-offs at ByteDance were first reported by the Chinese media outlet Jiemian.

↓ Pinterest cuts about 150 jobs, or 5% of its total workforce Pinterest Inc. laid off about 150 employees, or less than 5% of its total workforce in February's first week, joining a flurry of technology companies that are firing workers to cut costs. The job cuts came from teams across the San Francisco-based company, though not all were affected to the same degree…

Read more at: https://www.peoplematters.in/news/employee-relations/techlayoffs-2023-companies-that-have-made-cuts-36867

High cost of living pushes one third of Brits to consider job change

A third of UK residents are eyeing job changes to boost finances, 58% are cutting energy usage, and 15% are selling valuables due to financial strain, according to a study.

Britain is currently facing a high inflation rate and a significant job crisis, with many struggling to make ends meet due to a surging cost of living.

According to research conducted by recruitment specialists Oriel Partners, a third of UK residents are considering changing jobs to improve their financial situation, while 58% are cutting down on gas and electricity usage and 15% are selling valuables to ease financial pressure. The study also revealed that 76% of respondents have been affected by the cost of living crisis, with those aged 25-39 being the most impacted Additionally, 27% of all respondents are "very worried" about the crisis, with the affordability of household bills being the primary area of concern

To cope with the crisis, 65% of respondents are reducing their lifestyle spending, and 26% are using savings to pay bills The retail and wholesale industry has been identified as having the highest hiring potential in 2023

PA recruitment specialist and Director of Oriel Partners, Olivia Coughtrie, said, “Last year the PA recruitment market in London was extremely busy, and we have seen hiring continue to be buoyant at the start of 2023. Candidates, who perhaps were cautious previously to move roles, are now confident in looking to secure new employment. In addition to this, we have a number of new vacancies advertised as businesses grow and return to being office based.”

“Salaries have increased significantly over the last 12 months which has also stimulated movement in the employment market”, Coughtrie continued. She recommends that employers be flexible around remote work to attract the best talent…

What if your manager changes just before promotion?

This situation can happen to anyone. How would you come out of this tough scenario? I have a few recommendations for you.

Be ready with documentation: The first thing you need for any discussions with various stakeholders is a collection of facts and figures that support your claim about exceeding all the expectations that were set by your current manager for your promotion If the expectations were documented in the annual target setting process, it will be great It will be awesome if your progress has been tracked in the system and it reflects your performance If not, you must document stuff and get an email acknowledgement from your current manager Joint conversation with both Managers: You may not get it till you ask for it You can ask for a joint conversation The current manager can put in a strong recommendation to the new manager. It will be great if you can get both the managers together and share your concerns. You need to make sure that your current manager shares with the new one, the agreements regarding your promotion and acknowledges that you have met all the requirements. You may have to work with your current manager first to make sure that he/she believes that you indeed deserve the promotion. In case you cannot get both of them together, it will be important for you to make sure that your current manager writes an email/note of recommendation to the incoming manager. Conversation with the skip level Manager: Your manager’s manager has a big role during the transition Most likely the new manager will seek feedback and guidance from his/her own manager before making any recommendations I believe it will be great if you can get your current manager to close the loop with your skip Manager and put in a clear recommendation about your promotion

Read more at: https://www.peoplematters.in/blog/life-at-work/what-if-yourmanager-changes-just-before-promotion-29228

As time passed and the needs of the age changed, there was an ever-increasing demand on the skill level of workers. Manufacturing a steam engine was far more complicated than that of cobbling a shoe, similarly a spaceship when compared to a steam engine.

From virtual corporate boardrooms to industry think-tanks and HR conclaves, the COVID-19 pandemic has transformed the way we think about skills for the future Resiliency, agility and empathy are now trending high, and expected to hold centre stage for a while But these behavioural skills didn’t just appear overnight on title slides Why, then, have they figured so little in the business discourse, in the past? And why has so little been done to nurture behavioural competencies?

A90-second peek into history tells you why

The Industrial Revolution that began in England in the last 18th century soon changed the ecosystem across the globe irreversibly – from a workplace of manually crafted goods to mechanised, assembly line–based production across a whole range of products. Mass production became the order of the day. This approach demanded repetition, consistency and above all, absolute discipline, from its ranks of workers – not originality, individuality or creative thinking Jobs and skills were narrowly defined, based on the division of labour Roles were created within organisations by replicating these jobs on a large scale Not surprisingly, this warranted a command-andcontrol style of management, the supervisor handing out instructions, and regiments of factory workers carrying them out mechanically As time passed and the needs of the age changed, there was an ever-increasing demand on the skill level of workers Manufacturing a steam engine was far more complicated than that of cobbling a shoe, similarly a spaceship when compared to a steam engine

Read more at: https://www.peoplematters.in/blog/strategic-hr/why-investmentin-human-capital-has-been-such-a-late-starter-27997

Why investment in human capital has been such a 'late starter'

HR Evolution: What is shaping the growth of HR in Asia?

HR Evolution Perspectives 2023: Empower and Evolve seeks to assess the evolution journey of HR and how companies are anchoring business requirements of agility and employee experience in their people management processes.

Human Resources, till a few years ago, was looked at as just another function. Thanks to emerging technologies and the changing dynamic, HR today has become an integral part of the business from the peripheral role it started off with, helping in compliance and data management. Digital transformation accelerated by several macro and micro changes has brought back the ‘human’ aspect in human resources Evolving employee preferences, changing customer expectations, and newer rules and regulations have reshaped work and talent management

In today’s world of ever-evolving skill demand, HR leaders are facing the twin challenge of engaging employees and finding the right talent that has led to innovations in how they hire, upskill, and retain employees The global pandemic further accelerated the rate of workplace disruption

Today, organizational agility and employee experience have become two primary drivers of HR evolution. The priority is to build a future-ready workforce that is engaged while being skilled and productive to face rapid business disruptions. To meet the needs of agility and experience, the way ahead is to empower and evolve. From adapting to newer technologies in the hybrid world to addressing demands of creating well-being programs for employees, HR is taking newer dimensions to help businesses attract, engage and retain the right talent. APAC's most extensive study on Agility and Experience As we have entered the new year, change is abundant. Dictated by changing business needs, agility is the cornerstone of success…

Read more at: https://www.peoplematters.in/article/hr-technology/hrevolution-what-is-shaping-the-growth-of-hr-in-asia-36959