Largest Sequential Drop Ever, Amazon Cuts Off 1 Lakh Employees  - Vibes Of India

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Largest Sequential Drop Ever, Amazon Cuts Off 1 Lakh Employees 

| Updated: August 10, 2022 14:29

Amazon has laid off about 1 lakh employees, which is the largest sequential drop in history. The cut off has been made mainly at its fulfilment centres and in the distribution network. The e-commerce giant is an employer of more than 15 lakh people. 

Brian Olsavsky, chief financial officer of Amazon, said on its quarterly earnings call that it is good for people to go back and question their hiring plans and Amazon is doing that too. He says they won’t be seen hiring from the same place over the last year, or the last few years. 

He further added that in the previous year, Amazon had laid off 27,000 of its employees. Though they had added 14,000 workers in the first quarter of this year.

Google, another tech giant, is also reducing their hiring. Google’s Chief Executive Officer Sundar Pichai told his employees “Like all companies, we’re not immune to economic headwinds… The hiring pause is part of that slowdown to enable teams to prioritise their roles and hiring plans for the rest of the year.” 

Ola is also cutting off employees. It cut off about 1,000 employees. Though it is aggressively hiring for its electric mobility business. An ET report says that those who have not been aimed to get laid off, have been asked to resign voluntarily. The firm is delaying the appraisal process of the employees it wants to cut off, so that they resign themselves. 

Amazon reported a loss of $3.84 billion, or $7.56 a share, for the first quarter of the year. A year ago, it reported a profit of $8.1 billion, or $15.79 a share, for the first quarter.

Financial stress has compelled start-ups in India to exercise laying off employees to cut costs. Only last week, edtech unicorn start-up Byju’s cut off more than 600 employees which included both permanent and contractual employees. 

The below table showcases the name of the company and their number of laid off employees this year. 

S.NoName of the company Number of Employees Laid Off 
4Vedantu 400
6Furlenco 200
7Trell 300
8OkCredit 40
Netflix 450

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