Tech Layoffs 2024: Xerox Company has announced to reduce its workforce by 15 percent. At the end of last year, Xerox had approximately 20,500 employees. More than 3,000 employees of the company are likely to be affected after this decision.
Tech Layoffs 2024:
Xerox Company has announced to reduce its workforce by 15 percent. Xerox had approximately 20,500 employees at the end of last year. More than 3,000 employees of the company are likely to be affected after this decision. Shares of Xerox fell more than 12 percent after the company’s decision.
Xerox has cut 15 percent of its workforce to implement the new operating model. Currently, there is no information available about which departments will be most affected by this reduction.
The Company shall retrench employees only after consultation with local works councils and employee representative bodies. The company may provide financial assistance to the employees affected by the layoffs.
A total of 2.61 lakh workers have been laid off worldwide since last year. In India alone, around 18,000 people lost their jobs last year. This information has been collected by Layoff-Fi, an organization that monitors layoffs globally.
According to statistics, about 70 percent of the workforce cuts across the world have taken place in the US alone. After this, India is second and England is third in this list. Below you can see the number of job cuts in which countries in 2023-
• America: 1.79 lakh
• India: 18 thousand
• Germany: 13.1 thousand
• United Kingdom: 9.4 thousand
According to the statistics, 4,700 people were laid off the most in the ed-tech sector. This was followed by layoffs in the food (4,700), finance (2,765), retail (2,141), consumer (1,772) and healthcare (991) sectors.
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