Representational Image.
New Delhi: In one of the most recent contributions to the layoff frenzy in the computer industry, PayPal, a key player in digital payments, has joined in after announcing the termination of 2000 employees.
Following the company’s public announcement, the top executive pleaded for “compassion for each other” at this trying moment.
The percentage of the company’s overall workforce that has been let go is 7%. “Change may be tough, especially when it includes valued colleagues and friends leaving,” Paypal CEO Dan Schulman remarked.
PayPal joins a host of other IT firms that have cut staff this year. Google announced it would lay off 12,000 employees, while Amazon has eliminated 18,000 jobs. Microsoft has announced that it will fire 10,000 employees.
In anticipation of a long-term digital boom, tech companies aggressively hired during the pandemic. However, they were compelled to lower their goals as a result of the subsequent global economic recession.
In his further explanation of his remarks, Schulman stated that the sacked employees would be handled with the “utmost respect and sensitivity.” He continued, “I’m optimistic we’ll get through… with compassion for one another.”
After the massive layoffs, morale has been declining at tech companies. Many employees reportedly find out they were fired when their corporate login credentials cease working or their work passes automatically deactivate.
The company’s ideals, according to Schulman, “are around the fight against any type of discrimination.”
Despite facing harsh criticism from several UK lawmakers after temporarily stopping the payments to Toby Young, an advocate for free speech, last year, the corporation has since changed its mind.
The layoffs follow PayPal’s announcement of a $15 billion share buyback scheme last summer in response to pressure from activist shareholder Elliott Management.
Furthermore, the business has been planning employment cuts since since its stock price plummeted last year.
However, in an effort to save money without resorting to mass layoffs, the world’s largest chipmaker, Intel, plans to stop paying its executives. According to rumours, its chief executive would receive a 25% pay cut, and other topmanagers will also receive pay cuts of 10%.
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