Economy Update Bidenomics

[SunsetBengal]

So the WH wants to keep telling us how the economy is actually doing so well, and it's just that consumers aren't experiencing the benefit of it, yet.  Well, here's an article that highlights 25 companies who are reducing work force in an effort to maintain profits.  So if as Kamala Harris claimed that the Biden-Harris admin. has created record numbers of jobs, where and in what fields are these "jobs"?  As is seems to me, companies that pay an actual competitive salary are dumping labor force at a pretty good clip.

https://www.msn.com/en-us/money/companies/ey-and-deloitte-are-scrutinizing-staff-workloads-and-quietly-letting-some-workers-go/ar-BB1izuzW?ocid=msedgntp&pc=U531&cvid=679d6f8da96348adbb5d51fa2c602cf3&ei=98#image=BB1ii2gA|25

Quote:Big Four firms are paying close attention to employee workloads, especially time spent with clients.
Employees with limited client work are at risk of losing their jobs at the firms, per The Times.
These firms have been cutting jobs as client demand slows.
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The full list of major US companies slashing staff this year, from Paramount to Google and Microsoft
Google laid off hundreds more workers in 2024.
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'Several hundred' jobs are being cut at Amazon Prime Video and Amazon MGM Studios.
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Nike's up-to-$2 billion cost-cutting plan will involve severances.
BlackRock is planning to cut 3% of its staff.
Rent the Runway is slashing 10% of its corporate jobs as part of a restructuring.
Unity Software is eliminating 25% of its workforce.
eBay is cutting 1,000 jobs.
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Flexport will reportedly lay off 20% of its workers.
iRobot is laying off around 350 employees and founder Colin Angle will step down as chairman and CEO.
UPS will cut 12,000 jobs in 2024.
Paypal CEO Alex Chriss told staff the company would lay off 9% of its workforce.
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Snap has announced more layoffs.
Estée Lauder said it will eliminate up to 3,100 positions.
DocuSign is eliminating roughly 6% of its workforce as part of a restructuring plan.
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Paramount Global is laying off 800 employees days after record-breaking Super Bowl.
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Cisco slashes more than 4,000 jobs amid corporate tech sales slowdown.

19 Companies Laying Off Mass Numbers Of Employees Right Now To Start 2024

Cisco slashes more than 4,000 jobs amid corporate tech sales slowdown.
Networking company Cisco announced it was slashing 5% of its workforce, or upwards of 4,000 jobs, Bloomberg reported on Wednesday.

The company said it was restructuring after an industry-wide pullback in corporate tech spending — which execs said they expect to continue through the first half of the year.

The Big Four have been shedding staff to cut costs in recent months. Now they’re scrutinizing employee workloads and letting go of "underemployed" staff, The Times of London reported.

EY and Deloitte are among the Big Four firms that are amping up inspections of workloads, especially time spent with clients, sources familiar with the matter told The Times.

These performance-related firings are separate from company layoffs, they said, and are mostly impacting the consultancy arm of these companies.
The two firms are measuring employee “utilization rates,” which look at time sheets and work schedules to show how much time staff is spent working with clients.

Employees working with clients are considered “utilized.” Those who aren’t working with clients are considered “on the bench” and instead work on internal programs, The Times wrote.

The sources said that the utilization rates could also show which employees aren’t putting themselves forward for big money-making engagements.

EY told Business Insider in a statement that it has "well-established performance management processes" that look at a variety of metrics.

“While utilisation can be an indicator of an individual's wider performance, it is never considered in isolation,” it said in the statement.

The Big Four firms, which include EY, Deloitte, PWC, and KPMG, have cut hundreds of jobs in the past year amid a challenging economic climate.

Deloitte announced plans in September to cut 800 jobs and a further 100 in February across its UK consulting, financial advisory, and risk advisory business.

Meanwhile, EY cut at least 300 roles in the UK in 2023 across several areas of its business, including its advisory business.

Analysts say these cuts and harsher performance metrics are partly due to the firms overhiring after the COVID-19 pandemic and low levels of attrition in recent years, which means many employees have stayed put because of fewer opportunities in the job market.

Additionally, slowing client demand means there isn’t enough work to go around for all employees.

Consulting firm McKinsey is also facing the consequences of its pandemic-era hiring spree.

It recently gave 3,000 staff poor performance reviews, which are internally known as "concerns," according to Bloomberg.

Employees who receive these ratings are typically told they have about three months to turn it around or be "counseled to leave" the company, per Bloomberg.