Rejoice, there is no leetrenchment, companies are only "Right-sizing" for better future growth

[k1976]

https://sg.yahoo.com/news/why-many-companies-rightsizing-152849641.html

 

[k1976]

As the era of low interest rates came to a halt over the past two years, hundreds of tech companies slashed jobs.

Alphabet, Google’s parent company, cut 12,000 jobs, or about 6% of its global workforce, at the start of 2023. Meta laid off more than 10,000 employees, or roughly 13% of its staff. So did other household names, including Microsoft, Amazon and Disney.

More than 260,000 tech employees were laid off in 2023, according to Layoffs.fyi, a site that tracks job cuts across the tech industry.

Google just announced more cuts this month.

Some executives were squeamish about using the term “laid off,” so many cloaked such discussions in opaque language.

“The term ‘rightsizing’ sounds more neutral,” said Roger Lee, creator of Layoffs.fyi, adding that the phrase is also used “to convey the fact that these companies did a lot of hiring the past couple years, and now realize, given the current economic reality, it makes sense for the business to go back to a smaller size.”

 

[k1976]

Some layoffs were announced in the strange, isolating environment of remote work settings — with workers shutting down their laptops, in their living rooms, knowing they might never speak to their teammates again.

When Wayfair, the furniture retailer, announced last January that it was laying off 1,750 employees, or 10% of its workforce, the company said it was part of a “rightsizing” plan.

That same month, when PayPal eliminated 2,000 full-time roles, or 7% of its overall staff, the company also discussed “rightsizing our cost structure.”

But experts caution that avoiding the phrase “job cuts” doesn’t soften the blow for employees.

 

[k1976]

This language can dehumanize the process,” Lee said, “and perhaps have the unintended effect of making the employee feel that the company doesn’t fully realize the real impact the decision has.”

Sandra Sucher, a Harvard University professor of management who has studied layoffs, said using euphemisms during a layoff process could reflect the psychological phenomenon of “moral disengagement,” in which business leaders rely on squishy language to distance themselves from the ethics of their decisions.

But for workers, the term “rightsizing” means one thing: They’ve been laid off.

c.2024 The New York Times Company

 

[k1976]

https://www.google.com/amp/s/www.th...982f567e-8890-11ee-99b2-bbecff313b1d.amp.html

Ford Motor Co. will slash 800 jobs from its planned electric vehicle plant in Marshall subsidized by more than $1.7 billion of taxpayer money.

Ford said it is "re-timing and resizing" the BlueOval Battery Park Michigan in Marshall.”

The news brought bipartisan criticism from Michigan lawmakers. Ford originally announced the plant as worth $3.5B and estimated it would employ 2,500 workers.

“We are pleased to confirm we are moving ahead with the Marshall project, consistent with the Ford+ plan for growth and value creation. However, we are right-sizing as we balance investment, growth and profitability. The facility will now create more than 1,700 good-paying American jobs to produce a planned capacity of approximately 20 GWh."

 

[k1976]

Ford says it plans to produce lithium iron phosphate batteries at the plant starting in 2026.

Otie McKinley, media and communications manager at the Michigan Economic Development Corp., told The Center Square in an email: "State support for this project will be reduced and adjusted based on the final scope of the project."

House Republican Leader Matt Hall, R-Richland Township, called on the state to shrink the $1.8B subsidy after Ford cut job projections from 2,500 to 1,700.

“The bad deal the governor and Democrats negotiated for Michigan taxpayers just got a whole lot worse,” Hall said in a statement. “Even with Democrats’ premature push for electric vehicles and $1.8 billion in state incentives, Ford is cutting back the project and slashing job creation because most people just won’t buy unaffordable, inconvenient EVs."

Ford says it plans to produce lithium iron phosphate batteries at the plant starting in 2026.

Otie McKinley, media and communications manager at the Michigan Economic Development Corp., told The Center Square in an email: "State support for this project will be reduced and adjusted based on the final scope of the project."

House Republican Leader Matt Hall, R-Richland Township, called on the state to shrink the $1.8B subsidy after Ford cut job projections from 2,500 to 1,700.

“The bad deal the governor and Democrats negotiated for Michigan taxpayers just got a whole lot worse,” Hall said in a statement. “Even with Democrats’ premature push for electric vehicles and $1.8 billion in state incentives, Ford is cutting back the project and slashing job creation because most people just won’t buy unaffordable, inconvenient EVs."


https://www.thecentersquare.com/michigan/article_982f567e-8890-11ee-99b2-bbecff313b1d.html

 

[True Believer]

From Woody who also said that anyone earning less than $1 million
annually is mediocre, and unfit to be a PAP Minister

 

[Bad New Brown]

I hoping to see more MNCs collapse in 2024

 

[Boonsiong]

Flooding ? Ponding ?
Retrenchment? Right sizing ?

 

[True Believer]

Car lite policy = squeezing out even more money from buyers.

 

[millim6868]

Pap like to use words to make 70% dumb si kids to feel better,lol

 

[millim6868]

But its OK for me foreigners n PRs rental I collecting, 70% deserves it,fuck tzem

 

[millim6868]

Help si kids but so many kumlan,sad

 

[True Believer]

No employee gets laid off in SG. They are "released into the job market" by their employers.

 

[Scrooball (clone)]

These journalists should be right sized for talking shit.