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Due to economic difficulties and new market challenges, large tech companies are initiating layoffs across the board.
Amazon has already dismissed 18,000 employees and Microsoft lowered its workforce by 10,000.
Google and IBM have also eliminated job roles, respectively wiping out 12,000 and 3,900 staff positions.
Joining this wave of cost-cutting measures is PayPal who recently disclosed that 2,000 employees will be let go in the next weeks – approximately 7% of their global staff.
Although the massive reorganization includes closing physical offices in some regions, Dan Schulman reassured those affected workers will be provided generous financial packages during this transition period.
By reducing expenses and pivoting to digital methods, the CEO hopes to keep up with the customer needs and competitive landscape changes without jeopardizing service quality.
As reported by Bloomberg news site, the increase in remote operations along with a surge in online shopping (which saw PayPal’s profits skyrocket during Covid-19) allowed for cash flow diversification but resulted into this valuable personnel downsizing effort now that businesses are slowly returning to pre-pandemic patterns.
This article was updated 1 month ago
