Volvo Cars' battery company Novo Energy said on Monday it will cut its workforce by 50% to reduce costs after evaluating its business to take account of the bankruptcy of Sweden's Northvolt, which originally co-owned the venture.
The layoffs amount to 2% of PwC's 75,000 workforce in the U.S. and were concentrated mainly in its audit and tax businesses, the report said.
STMicro employs around 11,500 people in France and 12,700 in Italy, with a total global workforce of 50,000. While specific site-level impact was not disclosed, the company had previously announced plans to reshape its manufacturing operations in Tours and Crolles.
Commenting on the fast-tracked promotions, Rajani Jalan, Director - CSR and People Relations, mPokket, says, “Our HR strategy is that our employees are not restricted to the hierarchy. Employees have vertical as well as horizontal exposure here. The growth is very fast over here. We do mid-cycle and quarterly promotions depending on the performance. These promotions have been happening over the years.”
Organizations need to realize that retention for the sake of retention is not always beneficial. Not everyone who stays adds value, and not everyone who leaves is a loss. Instead of chasing low turnover numbers, the focus should shift to purposeful retention—retaining employees who are engaged, ethical, growth-oriented, and who actively contribute to a positive work culture. Sometimes, allowing the wrong fit to leave, or even encouraging it, is healthier than forcing a relationship that no longer works.
The layoffs come in the backdrop of the SoftBank-backed firm expanding into multiple new business segments. Last week, it announced the acquisition of automotive forum website Team-BHP.
Meta stated that the layoffs are part of a broader effort to streamline operations and focus on future mixed reality experiences. While the exact number of employees affected remains undisclosed, the company emphasized that the changes aim to help Oculus Studios work more efficiently while continuing to deliver engaging content for users.
The bank was addressing reports that more than 100 senior employees were asked to leave.
According to the report, Microsoft is offering 16 weeks of pay to employees, identified as "low performers", who want to leave voluntarily. This approach resembles Amazon's contentious 'Pivot' program, which has been criticized for appearing more focused on meeting termination targets than on supporting employee development.
ArcelorMittal's chief for France, Bruno Ribo, said the "difficult decision" was due "the crisis hitting the European steel industry". He said two-thirds of the cuts would be made in production and the remaining in support functions.
The layoffs are part of a broader strategy to refocus on an engineering-driven culture, the report said. The layoffs mark the first major move under new CEO Lip-Bu Tan, who took over last month to revive the struggling Silicon Valley chipmaker after years of challenges.
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