Recently, Companies like Facebook, Google, Twitter, Amazon, Microsoft and others announced job cuts. Thousands of tech employers lost their jobs.
Now, PayPal has also announced that it is planning to reduce its workforce by about 7% or 2,000 full-time employees.
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PayPal, the online payments company, is cutting 2,000 jobs in a push to cut it’s opportunity cost. The changes will come across several parts of its business.
Also In 2015, PayPal terminated 500 employees to reduce cost. As per the reports, more than 4,000 employees terminated in the past three years.
Source: Google
PayPal’s CEO Dan Schulman says “While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do,”
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He further added in a statement that “Over the past year, we made significant progress in strengthening and reshaping our company to address the challenging macro-economic environment while continuing to invest to meet our customers’ needs,”.
“We must continue to change as our world, our customers, and our competitive landscape evolve”, said Dan Schulman
Source: Google
Companies which laid off Employees
At the start of this year, Amazon announced that it would cut more than 18,000 jobs from its workforce.
This month, Google, owned by parent company Alphabet, cut 12,000 people from its workforce. Similarly, Microsoft is also laying off 10,000 workers due to it’s slower revenue growth.
Last week, Spotify cut 6% of its about 10,000 workers.
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