Electrolux to fire 4000 employees globally, while Intel seeks to reduce headcount by 20%

After a lull in the markets when offices were locked down and economic uncertainty loomed large, one would expect hiring activity to be accelerated at major firms. But even as the pandemic seems to be ebbing, top firms such as Ford and Walmart among others have announced layoff this year. After a PwC survey indicated that 50 per cent firms are looking at layoffs, electronics giant Electrolux and tech major Intel are set to fire thousands of employees to trim their workforce.

More losses on the horizon despite attempts for revival

As Electrolux restructures its organisation after posting heavy losses in its third quarter, the firm is reducing its global headcount by 4000 employees. Low consumer confidence and inflation have hit the firm’s business and the same factors are expected to cause further losses in the coming quarter. Electrolux had almost 52,000 employees globally as of 2021, even after slashing its workforce by 40,000 in 20 years. Electrolux is a major player in the home appliances space in North America with an 11 per cent market share, and has just entered Indian markets again after a four-year absence.

Bigger layoffs to hit professionals?

Apart from the electronics brand, American tech major Intel has also confirmed that it will be cutting down its workforce by 20 per cent. With more than 121,000 people working for the firm globally, the number of people set to lose jobs could be as high as 24,000. That is twice the number of people that Facebook is reportedly sacking in a quiet layoff of 12,000 employees.

Layoffs are also haunting employees of startups in India, with Ola reportedly firing about 500 people and Byju’s set to reduce headcount by thousands. This is the scenario despite high attrition rates in the country, ahead of a global recession.