America, You Will Wish You Watched This Before Going to Work
message strange truth world news current events January 2023 today this week this month motivation
When even the biggest online retailer in the world starts the year by cutting tens of thousands of jobs due to a rapidly deteriorating economic environment, then you know that the outlook for 2023 is a whole lot uglier than we could have imagined. In fact, Amazon’s CEO just announced that incoming layoffs will be nearly 50% higher than previously estimated as the company grapples with slower growth, declining sales, plummeting profits and a grim stock market performance. Fears of a severe downturn are stirring the e-commerce giant to aggressively cut costs in preparation for even tougher circumstances for businesses in the months ahead. Consumers are seeing their purchasing power evaporate while interest rates rise and unemployment rates start to climb once again. What we’re about to face next may come as a shock for many Americans, and that’s what we’re going to expose today. Amazon’s new CEO Andy Jassy, who took over the role in July 2021, is in an aggressive cost-cutting mode as the company confronts the compounding effects of four quarters of disappointing results, slumping sales across the board and a gloomy economic landscape for 2023. The recent wave of frugality is uncommon for the online retailer, which is famous for its generous investments in different areas of the market, new sales programs, product development, and hefty expansion over the past decade. In fact, since 2018, Amazon’s employee base has swelled from under 650,000 to 1.6 million last year. But in recent months, things have taken a massive turn for the worse for the e-commerce retailer, consequently resulting in the permanent shutdown of many of its programs, including its telehealth service, as well as the discontinuance of its video calling projector for kids, the closure of all but one of its US call centers, also discarding its roofing delivery robot project, shuttering almost all of its brick and mortar locations around the country, and canceling plans for opening new warehouse locations. On top of that, Amazon is drastically reducing the size of its secretive Skunk Works Lab grand challenge, according to Insider. Last month’s annual hardware event, which normally showcases a roster of gadgets and robots that may or may not still be around in a year or two, was noticeably constrained compared to prior launch events, the outlet reported. On the recruiting front, the company is freezing hiring in many sectors, including its retail business. And Andy Jassy just announced that mass layoffs will continue throughout 2023. On Wednesday, the executive announced that Amazon is cutting over 18,000 jobs, almost 50% higher than its December projection that around 10,000 positions would be slashed. The looming job cuts represent the single largest number of layoffs announced by an online retailer since the industry began aggressively downsizing last year. Several teams will be affected, Jassy said, including the human resources department and Amazon stores employees. The CEO added, the staff reductions were set off by the uncertain economy, highlighting that the measures will help Amazon to reestablish its financial health after a year of major losses. But he called the cuts a difficult decision, noting he is deeply aware that these role eliminations are difficult for people, and we don’t take these decisions lightly or underestimate how much they might affect the lives of those who are impacted. The company will start informing affected staff from January 18, he said. The move comes after Amazon reduced its headcount by 99,000 people in 2022. The current trend of belt tightening has raised questions amongst investors about whether the financial problems faced by the online retailer in the past few quarters will persist as the recession accelerates. Last year, Amazon was one of the main big tech companies to experience an alarming growth and slowdown just as inflation reached a 40-year high and crimped sales. In the fourth quarter, Amazon disappointed Wall Street with a holiday season forecast that woefully missed analysts’ expectations.
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