Global HR headlines: Twitter faces new lawsuit, more US job cuts

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PepsiCo latest US company to announce job cuts.

Goldman Sachs will reportedly shrink its bonus pool for senior employees by as much as 50 percent, according to media reports, as economic headwinds continue to force companies into cost-cutting mode. Meanwhile, chipmaker Intel and snack and beverage manufacturer PepsiCo also tighten their belts, with reports of job losses and other cost-cutting measures. Social media platform Twitter faces yet another lawsuit which says that the recent mass layoffs affected female employees more than male workers.

New lawsuit against Twitter

A new class lawsuit charges that the mass layoffs and constructive discharges that have hit Twitter since Elon Musk bought the company have affected female employees to a significantly greater degree than male workers.

Bloomberg reports that Musk tweeted just this week that testosterone rocks, and he “has been vocal about promoting women having a lot of babies”, the suit said.

Twitter is facing lawsuits alleging it failed to give proper notice of layoffs to workers and contractors in violation of federal law and that Musk’s demands that employees return to the office and work long, intense hours discriminate against disabled workers.

Intel starts cost-cutting exercise

Intel has reportedly started its cost-cutting exercise with a couple of hundred US employees set to lose their jobs next month, and manufacturing employees worldwide being offered unpaid leave.

The layoffs, which are permanent, are scheduled to begin on 31 January 2023, reports MarketWatch.

The chipmaker follows in the footsteps of other tech companies like Meta and Amazon in cutting jobs.

PepsiCo lays off workers

PepsiCo is laying off workers at the headquarters of its North American snacks and beverages divisions, a signal that corporate belt-tightening is extending beyond tech and media, according to people familiar with the matter and documents reviewed by The Wall Street Journal.

It is reported that the cuts will be heavier in the beverage business because the snacks unit already has trimmed positions with a voluntary retirement programme.

PepsiCo makes Doritos and Lays potato chips, among other snacks and beverages, and employs about 300,000 people worldwide.

Goldman Sachs shrinks bonus pool, say media reports

Goldman Sachs’ bonus pool for senior employees is expected to shrink by as much as half, news platform Semafor has reported.

The dealmaking boom on Wall Street has taken a hit from high interest rates and soaring inflation.

Fees for advising companies on mergers and acquisitions, a key driver of revenue at the big US banks, plunged this year from record highs last year, reports Reuters.

Bloomberg News previously reported that Goldman plans to cut year-end bonuses for its traders.

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