🎉 The latest in layoffs 🧑‍💼

Today’s edition is brought to you by PARLAY TALENT, helping your company scale on your terms, on time, and on budget.

Read time: 2.5 minutes

Good Afternoon Party People! 🎉

Why was the computer cold at the Office Party?

It left its Windows open…

(Thanks, ChatGPT)

PARTY PLAN 🎉

🧑‍💼 The latest in layoffs

💸 CEO reduces his pay to give raises

🏀 INSANE work schedule

And, of course, MEMES!

MEME OF THE DAY

PRESENTED BY

Everything about the job market has changed. Call it a revolution, but how we hire, retain, and search top talent in 2023 is like nothing we’ve ever seen before. Yet, recruiting agencies continue to offer the same services and strategies invented just after World War II. It’s time for a change.

Check out PARLAY | TALENT to see how they’re putting their partner’s needs before their own.

LAYOFFS

The Latest in Layoffs…

It’s been one crazy year for layoffs. While tech layoffs are declining MoM, a number of additional companies have continued to cut headcount.

  • Rolls Royce plans to cut 2,500 (6% of total headcount) jobs in a company-wide restructure aimed at improving overall efficiency. (CNN)

  • 216 University of Wisconsin employees jobs were cut this week. 140 layoffs occured, while the other 76 accepted voluntary retirement. The job cuts are a result of an $18 million budget deficit. (TheNorthwestern)

  • Ford lays off 1,200 more employees last week. 500 employees were laid off as “upstream effects” from the UAW strike (feel like that should be “downstream”). Another 700 workers who build the F-150 lightning are being let go, potentially signaling a shift away from Ford’s EV push. (Forbes)

  • LinkedIn cuts 668 jobs (more than 3% of its entire workforce) in a move to “adapt organizational structures and streamline decision making.” (LinkedIn)

  • Coding help forum Stack Overflow cuts 28% of its staff (100+ people) only a year after doubling in headcount. The rise of ChatGPT and AI coding solutions are most likely to blame for the decrease in demand for coding help. (The Verge)

  • Chipmaker Qualcomm to layoff 1,258 employees (2.5% of its workforce) by the end of the year. (CNN)

  • Flexport, a supply chain software startup, will lay off about 20% of its workforce. (CNBC)

  • CitiBank cut 2,000 more jobs in Q3, bringing yearly total to 7,000. CFO Mark Mason said the recuction in workforce will continue, but hasn’t given out a number yet. (Business Today)

  • PNC Bank will lay off “undisclosed number of workers.” (CBS News)

  • Qualtrics cuts 780 jobs (14% of its total workforce), blames complexity from rapid hiring in the past. (GeekWire)

  • The Washington Post is hoping to cut 240 jobs amid struggles to grow subscriptions (NY Times)

PAY

Not All Heroes Wear Capes

Usually, when you hear news about CEOs, it’s negative. Layoffs, controversial beliefs, even celebrating an employee who sold their dogs so that they could focus more on work.

But when CEOs do great things, they deserve to be celebrated.

Container Store CEO, Satish Malhotra, recently voluntarily reduced his salary by 10% to help offset the costs of increasing wages for all remaining employees. And his reduction in salary means raises for those on staff.

The company has been through layoffs earlier this year, and recently reported a $10.1 million loss in last quarter’s earnings report. But, Malhotra wanted to make it clear that he values the employees sticking it out with him.

Sure, he’s still making dang good money (reduced down to only $832,500 per year), but the gesture is certainly a selfless act that many wouldn’t do.

Malhotra is invited to The Party.

WORK

No Days Off

If you’re a fan of the NBA, you know Shams. For those that don’t Shams Charania is an NBA journalist for The Athletic and Stadium. He’s often the first to break the latest NBA news and trades.

He broke the news that Donald and Melania Trump tested positive for COVID. In 2023, Shams reported the first 3 picks in the NFL (not NBA) draft ahead of many insiders. The guy is superhuman.

You gotta respect his hustle. 18-hour days. 12 hours on vacation. Absolutely getting after it while poolside. More texts per day than your high-school daughter.

This man is going to develop arthritis in his thumbs. And quitting pick-up basketball?! That’s pure dedication.

No time to sleep when you’re Shams.

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