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  1. Home

Amazon to Cut 18K Jobs Amid Rising Costs

  • #Labor
  • #Unemployment
story
JAN 2023
Image copyright: Reuters
story last updated JAN 2023

The Spin

Narrative A

Although the pandemic tech boom allowed companies to increase their workforces by as much as double, recent economic woes have, unfortunately, shattered that brief market boom. The US Federal Reserve has reacted to inflation by hiking interest rates, leading to a reduction in available venture capital while digital ad revenue is also down. The firms that over-hired during the pandemic are now being forced to downsize.

Forbes

Narrative B

Layoffs are the old-school way of dealing with recession. Companies should today find alternative strategies because social media has made everyone a workers' rights activist with a global microphone. Beyond the poor optics, companies that conduct mass layoffs have been proven to perform more poorly than those that avoid them because of the cost of restructuring and the low morale among remaining staff.

Harvard Business Review

Metaculus Prediction


Articles on this story

Amazon hardware head confirms layoffs in memo
TechCrunchAUG 2022
Read the memo Amazon's Alexa and devices chief Dave Limp sent to notify his division of layoffs: 'I know this news is tough to digest'
Business InsiderAUG 2022