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Corporate Layoffs Spread Beyond High-Growth Tech Giants

Dow, IBM and SAP say they will lay off thousands of workers as belt-tightening becomes the new business priority

IBM’s plan to eliminate about 3,900 roles would amount to a 1.4% reduction in its head count. PHOTO: LOREN ELLIOTT/REUTERS

IBM’s plan to eliminate about 3,900 roles would amount to a 1.4% reduction in its head count. PHOTO: LOREN ELLIOTT/REUTERS

Dow Inc., DOW 0.40%increase; green up pointing triangle International Business Machines Corp. IBM -4.48%decrease; red down pointing triangle and SAP SAP -1.77%decrease; red down pointing triangle SE joined the string of companies outlining plans to cut thousands of jobs to prepare for a darkening economic outlook even as the nation’s labor market remains tight.

The headline-grabbing expansion of layoffs beyond high-growth technology companies stands in contrast to historically low levels of jobless claims and news that companies such as Chipotle Mexican Grill Inc. and Airbus SE are adding jobs.

This week, four companies trimmed more than 10,000 jobs, just a fraction of their total workforces. Still, the decisions mark a shift in sentiment inside executive suites, where many leaders have been holding on to workers after struggling to hire and retain them in recent years when the pandemic disrupted workplaces.

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Author: Editors Desk

Source: WSJ:

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