Last Updated: March 20, 2023, 18:45 IST
Tech layoffs have been at the top of news headlines in the past few months with many major companies like Google, Meta and Microsoft among others handing out the pink slips.
These giants claim the economy has slowed down compared to how it was during the pandemic and the revenues have dropped, which means cutting down the workforce, which as Mark Zuckerberg, CEO, Meta claims is bringing efficiency. But if there is one company that has stayed away from the layoff talk in 2023 it is Apple.
Many have wondered how the Cupertino-based giant has been immune to the supposed slowdown and how it has managed to hold onto all its workforce in a situation like this. Apple has decided that instead of cutting staff it makes sense to cut costs on varied projects to retain the employees.
Some might say that Apple’s financial books are healthy enough to help the company avoid having layoffs. But that doesn’t mean it has to run a business without any cutbacks and according to a Bloomberg report, Apple feels that its existing position and future plans mean any layoff could dampen its growth in the market. Apple also realises that any layoffs would suggest that the company made some hiring mistakes which has caused its revenue to fall.
The report highlights the main factors that have helped Apple to avoid these layoffs and here they are:
– Delayed bonuses for its corporate teams mean it can save up the extra money and give it later in the year around October.
– The company has decided to push some product launches and focus the investment of time and resources for projects that need more assistance right now.
– Budget cuts and stringent measures to ensure the spending across teams drops with a proper approval mechanism in place.
– Business related travel has come down and for those who have to fly and stay in other countries, they need approval of senior executives to go ahead.
– It is not like Apple has not fired its workforce but the report claims the company has decided against replacing those people who left.
It is interesting to see Apple buck the trend in a good way and we are keen to see if other companies have the financial room to alter projects rather than asking employees to leave.
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