The Covid-19 pandemic has caused mass layoffs and retrenchments. Here is some of the major corporations that has announced of their organization.

Business May 08, 2020 No Comments

With the coronavirus outbreak that puts economies to a halt, it has impacted almost every industry in the world as businesses are not allowed to operate.

The pandemic is expected to impact millions of jobs around the world, especially the travel and hospitality business; as people are not allowed to travel or they might think twice to travel even when the situation gets better.

Here’s some of the major corporations in the world that has announced the downsizing of their organizations.

Marriott is suspending the salaries of the Chief Executive Office and Executive Chairman for the balance of 2020, reduce the salaries of senior executives by 50%, furloughing thousands of employees and pulling back all non-essential spending.

SoftBank backed hotel chain, Oyo Hotels laid off approximately 5,000 of its global workforce, whereby 3,000 is from China.

Uber is cutting 3,700 employment, which is about 14% of its workforce and CEO Dara Khosrowshahi waived his base salary for the remainder of the year.

Airbnb is planning to layoff 1,900 employees, which totals 25 per cent of its staff.

Lyft would cut 17 percent of its workforce. With all of its cost-cutting measures, they would save $300m in annual overhead.

Virgin Atlantic may be cutting 3,150 jobs which is about 30% of its workforce.

British Airways said that it would cut up to 12,000 jobs.

Aircraft maker, Boeing, will be cutting approximately 10 per cent of its 160,000 workforce; which will be completed by the end of this year through voluntary and involuntary layoffs.

TripAdvisor will be reducing its workforce by 900 personnels; which 600 of them are from the US and Canada. The rest of the employees will have to face temporary pay reduction.

Walt Disney stops paying more than 100,000 of their employees, which is nearly half of its workforce. Most of them are the workers for the theme parks and hotels, which has been shutdown for more than a month.

The Trump Organization laid off or furloughed more than 2,000 employees from its hotels and golf courses business.

Groupon, the platform that provides discount services will lay off or furlough around 2,800 of its workforce.

Department store chain in Australia, Myer Holdings temporarily laid off 10,000 of its workers.

ClassPass decided to let go 22 per cent of its employees while furloughing another 31%.

These are just a few of the companies that we have listed, and what we do not know is that there are a huge number of small businesses in everywhere in the world who are succumbed to layoffs and closure.

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