Massive job cuts in 2019

Massive job cuts in 2019
Massive job cuts in 2019

Job cuts mean a reduction in the number of jobs in a company, area or a country. A single person could be fired from his job due to his job performance, unethical behavior, or personality differences.

But layoffs usually occur with more than one worker for impersonal reasons, such as business or economic decisions.

The most common reason for layoffs is because companies need to cut costs due to the absence of profits or on falling sales.

Mergers and acquisitions of companies may also result in layoffs, as overlap in some areas may lead to the decision to eliminate positions.

In addition, overstaffing, a change in roles, or outsourcing could result in job losses at companies. The elimination of redundant tasks may also lead to job losses.

However, workforce reductions are sometimes secretive and plagued with rumors as companies announce little or no details while planning such moves. Also, companies must take great care while laying off their workers to avoid legal ramifications.

According to a report by global placement firm Challenger, Gray & Christmas Inc., job cuts announced by U.S.-based employers increased by 45 percent to 76,835 in February of 2019 from 52,988 in the previous month, and were up by 117 percent from a year earlier.

Despite February being the shortest month of the year, it witnessed the highest number of job cuts in the U.S. in over three-and-a-half years.

They are the highest job cuts for any month since July 2015, primarily due to the U.S. Army’s cutting over 50,000 jobs and falling oil prices, causing thousands of job losses in the energy sector.

The industrial goods industry announced for the largest number of job cuts of 29,665, followed by the retail sector with 18,874 job losses. This includes the announcement by Payless ShoeSource that 16,000 associates would lose their jobs as the discount chain closes 2,500 stores.

Here are some of the major job cuts announced by various companies across the world in