News Update

OLX Fires 15% Of Its Staff As Part Of Global Tech Layoffs

• ByStartupStory     |    January 31, 2023

According to a report in financial daily, OLX Group has also declared that it is terminating 15% of its global workforce due to a slowdown in demand for its services, joining a number of other digital companies that have been laying off employees nationwide. 

The Financial Express said that the corporation will let go of approximately 1,500 workers. ‘ According to a spokeswoman for OLX, the company is taking the required steps to lower its cost structures while keeping in mind the macroeconomic environment. 

Another 6,000 job layoffs have also been announced by Dutch health technology company Philips as it works to improve the safety of its goods and return to profitability in the wake of a recall of respiratory devices that reduced its market value by 70%.

It also continues the trend of layoffs at technology-based companies, following announcements of thousands of layoffs by Alphabet’s Google, Microsoft, Amazon, and German software company SAP as they prepare for more challenging economic conditions and slash expenses. 

Google, a global leader in technology, has also let go of 12,000 people. Following employee layoffs, rumors surfaced that Google CEO Sundar Pichai is preparing to accept a significant pay cut in light of the challenging macroeconomic environment. 

Along with the 500 or so job cuts already disclosed by Goodyear Tire & Rubber Co. The corporation is also reducing costs in response to sluggish demand and rising prices. The corporation said that the gain from a drop in raw material costs is being offset by inflation in areas like labor and benefits. International Business Machines Corp. announced last week that it would eliminate around 3,900 jobs, joining the wave of businesses that have been laying off employees.

 

 

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