In the volatile job market of today, layoffs are becoming increasingly common place. In a day and age when a high standard of living is expected, layoffs cause problems to the entire family of the former employee. Large-scale layoffs create problems tenfold as all the former employees scramble for a limited number of new jobs.
Here is a list of 9 recent large-scale layoffs:
1. Microsoft – 18,000 Layoffs
American multinational Microsoft Corporation is a household name for developing and manufacturing computer software and hardware. The creators of Microsoft Windows line of operating systems, Microsoft Office and gaming consoles, Microsoft Corporation grew at a rapid pace becoming the world’s largest software maker by revenue in 2011.
In July 2014, Microsoft announced that it would be laying off nearly 18,000 employees, the bulk of whom worked with Microsoft’s mobile division Nokia.
2. Hon Hai – 20,000 Layoffs
Taiwan-based Hon Hai Precision Industry Co., Ltd., is a multinational electronics contract manufacturing company which produces electronics for major American, Japanese, Canadian and Finish tech companies. Products manufactured by Hon Hai include iPhone, iPad, iPod, BlackBerry, Kindle, Nintendo 3DS, PlayStation 4, PlayStation 3, Xbox One, Nokia and Wii U.
In 2008, Hon Hai was hit with the global recession and was forced to slash 5% of its work force to control costs, resulting in the layoff of 20,000 employees.
3. Hewlett-Packard– 27,000 Layoffs
Hewlett-Packard Company is an American multinational information technology company which began modestly in a garage, and grew exponentially along with the rampant popularity of computers. HP develops and produces a variety of computer hardware components and software for the consumer, business and government markets.
In 2012, after failed attempts at diversifying and partnerships, HP was forced to layoff 27,000 employees.
4. Boeing – 31,000 Layoffs
The Boeing Company is a well-known multinational corporation for designing, manufacturing, and selling airplanes, rotorcraft, rockets, and satellites worldwide. An American corporation, The Boeing company is considered to be among the largest global aircraft manufactures.
In 2001, the September 11 hijack and crash of aircrafts along with recession seeping in resulted in a drop in air travel which was the sole profit ringer of The Boeing Company and the corporation announced layoffs of 31,000 employees.
5. Ford – 35,000 Layoffs
The Ford Motor Company, popularly known simply as Ford, was incorporated in 1903 and is an American multinational automaker that produces the range of Ford vehicles and Lincoln luxury vehicles. Among its portfolio, Ford has also produced automotive components and tractors.
In 2002, barely a year after impacts from the recession became visible Ford struggled to boost profits and cut costs. Multiple cars such as Ford Escort, Mercury Cougar compact car, Mercury Villager minivan, and the Lincoln Continental were phased out and 35,000 layoffs were announced.
6. AT&T – 40,000 Layoffs
AT&T Inc. is an American multinational telecommunications conglomerate that provides mobile telephone, fixed telephone and broadband subscription services. AT&T is considered to be the largest provider of fixed telephone services and second largest provider of mobile telephone services in US.
In 1996, in preparation of a split into three separate companies for communications services, telecommunications equipment, and computers, a layoff of 13% of AT&T’s total workforce i.e. 40,000 employees was announced.
7. Citigroup – 50,000 Layoffs
Citigroup Inc. is an American multinational investment banking and financial services corporation that was formed when in one of the world’s largest mergers in history- the banking giant Citicorp and financial conglomerate Travelers Group merger in October 1998.
In 2008, Citigroup was hit hard by the credit crisis that shook up Wall Street and announced layoff of 50,000 employees to stay afloat.
8. IBM – 60,000 Layoffs
International Business Machines Corporation (IBM) is an American multinational technology company that manufactures and markets computer hardware and software along with offering consulting services.
In 1993, personal computers and client servers gained popularity rendering IBM’s core mainframe business as redundant. In an attempt for a re-haul and to cut costs, 60,000 layoffs were announced.
9. U.S. Army – 70,000 Layoffs
United States Army, the largest section of the United States Armed Forces announced a reduction of troops in 2014, bringing the number of Armed Forces personnel down to pre-World War II numbers. In order to return to pre-World War II troop strength of the US Army, a layoff of around 70,000 active positions would be required.