Jobs

The job cuts have been announced less than a week after the collapse of a plan to spin off EY's global consulting business into a new company, reports Financial Times. "After assessing the impact of current economic conditions, strong employee retention rates and overcapacity in parts of our firm, we have made the difficult business decision to separate approximately 3,000 US employees," an EY spokesperson was quoted as saying.

The acquisition marks BetterPlace's second major move this year, following its majority stake acquisition of blue-collar workforce fulfillment platform MyRobin in Indonesia earlier this year. The acquisition, for which the financial details were not disclosed, of TROOPERS will accelerate its presence in the region and establish a stronger foothold in Southeast Asia, BetterPlace said in a statement.

Founded in 2022 by Tushar Mittal, and co-founded by Akshya Kumar and Divyanshu Sharma, the startup is a platform for designers, architects, contractors, office furniture, and material suppliers providing an entire array of commercial interiors. "The sector is unorganised, opaque and so under-served, that we believe only a tech-led approach can help deliver delightful experience to workspace owners," said Mittal.

According to the 2023 global research report focused on talent mobility trends by Cornerstone, about 51 per cent of employees say that the best way their company can support their skill development is by giving them opportunities to pivot, stretch, and grow.

The layoffs affected the engineering department the most, especially roles like product managers and software engineers, etc. The company said in a statement that upholding a high bar for performance and productivity is crucial to maintaining this level of growth. Therefore, as part of our continuous performance management.

The report by job platform Naukri showed that insurance and banking sectors are witnessing a secular bull run in new job creation, significantly contributing to the upward hiring trend in the overall white-collar job market of India.

A commentary in Fortune said that the world is witnessing the beginning of increasing unemployment in the financial sector and high-tech, which "benefitted from the US Federal Reserve's easy money policies since the Great Recession of 2008" In an effort to cool off the economy and get inflation to its target rate, the Federal Reserve began to increase the Fed funds rate rapidly throughout 2022.

The decision was taken by EPFO's board of trustees. Last year, EPFO had declared 8.1 per cent as the rate of interest for 2021-22, which was the lowest in 40 years. The last time the interest rate had slipped to 8 per cent was in 1977-78. Subsequent to the CBT decision, the interest rate on EPF deposits for 2022-23 will be sent for the finance ministry's approval.

The job cuts will reportedly affect Disney's media and distribution segment along with ESPN and the parks and resorts division, according to CNBC. "This week, we begin notifying employees whose positions are impacted by the company's workforce reductions," Iger wrote in the memo.

Walmart is shrinking its workforce as many retailers plan on roughly flat or declining sales, reports CNBC. A company spokesperson said that this decision was not made lightly. "We're working closely with affected associates to help them understand what career options may be available at other Walmart locations," the spokesperson said in a statement.