Per CNBC
Microsoft Announces 10,000-Employee Layoff Shortly After News of Unlimited Time Offs
1/18/2023
Companies have been announcing layoffs left and right, and another massive company has declared that it will follow suit. Microsoft has just announced that through March 31, the company will let go of 10,000 employees.
This comes shortly after employees were told they would be getting unlimited time offs in the form of 10 corporate holidays, leave of absence, sick leave, and mental health time off.
Due to macroeconomic factors and the economy's performance in 2022, numerous companies are slowly laying off staff by thousands. Some of these companies include Alphabet, Amazon, and Salesforce.
In July last year, Microsoft announced that it would let go of just 1% of its employees. Soon after, the company released news that less than 1,000 workers would lose their jobs.
Microsoft CEO Satya Nadella shared a memo with employees regarding the CEO's confidence in how the company will do. This came with the announcement that through the end of Q3 2023, 10,000 employees would lose their jobs.
Nadella: "This represents less than 5 percent of our total employee base, with some notifications happening today. It’s important to note that while we are eliminating roles in some areas, we will continue to hire in key strategic areas."
The CEO also highlighted that while some companies were becoming more cautious in their spending, another potential technological advance has been spotted with AI. However, the company is operating with caution as it plans to thin out certain roles in some areas while hiring in others.
Microsoft's layoff efforts come at a time when the company is in talks of investing $10 billion into OpenAI, the company behind the popular ChatGPT model. Nadella said the layoffs would result in a $1.2 billion expense in severance costs and other related expenses.
The 10,000 layoffs do not represent the largest number of employees the company had to let go of. In 2014, Microsoft let go of 18,000 people after its acquisition of Nokia's business.
See flow at unusualwhales.com/flow.
Other News:
- Microsoft, MSFT, employees are getting unlimited time off
- Microsoft, MSFT, in talks to invest $10 billion with OpenAi.
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