Sunday, February 25th, 2024

After Twitter and Google, now there is a stir in HP due to retrenchment, 6000 employees will lose their jobs


Photo: File job cut

There is a stir of layoffs in tech companies around the world. After Twitter, Meta, Amazon, another big tech company has decided to cut jobs. Laptop and electronics maker HP Inc is expected to cut about 6,000 jobs. The relief, however, is that the company won’t be laying off all at once. Rather this phase of layoffs may continue till the end of 2025. According to the report, with this retrenchment, the company is going to cut its global workforce by about 12 percent.

Layoffs will continue till 2025

HP Inc. is currently providing employment to around 50,000 people. The company has announced that it will lay off around 4,000 to 6,000 employees in the coming years. The special thing is that the company has announced the layoffs during the presentation of its financial year 2022 report. “The company expects to cut approximately 4,000-6,000 employees. The retrenchment process is expected to be completed by the end of 2025,” the statement said.

Decision taken after laptop sales decreased

According to company sources, there was a dramatic jump in sales of HP’s laptop and computer devices during the Corona pandemic. But after the school offices opened after the pandemic, the PC and laptop segment sales once again fell flat. Due to the rapidly decreasing sales, the decision to cut jobs has come from the company.

Fear of recession is troubling companies

Worries of inflation and recession in global markets can also be one of the deciding factors for layoffs by companies. Given these conditions, HP Inc. is expected to report lower-than-expected profits in the first quarter given weak demand. Although the company has not yet clarified when this layoff will start in other global markets including India.

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