Job cuts aren't that big a news. In fact, most of the times you hit the internet these days, you are greeted with a news saying that some big name has ridden itself of this many employees.
However, the rate of job cuts have actually gone up in recent times. There was a report not long ago from Challenger, Gray & Christmas, Inc., where it was mentioned specifically that the rate of job cuts surged to 50 percent in January 2014.
"The 45,107 job cuts last month were 47 percent higher than a December total of 30,623, which was the lowest one-month total since 17,241 planned layoffs were announced in June 2000. January job cuts were up 12 percent from the same month a year ago, when 40,430 job cuts were recorded," the report stated.
Only recently, Microsoft CEO Satya Nadella Confirmed as many as 18,000 job cuts for the company. Apart from stopping the Nokia X platform, Nadella announced via an email to employees that the Redmond-based tech titan is all set to layoff a total of 18,000 people within the next year.
"We will begin to reduce the size of our overall workforce by up to 18,000 jobs in the next year. Of that total..Nokia Devices and Services is expected to account for about 12,500 jobs, comprising both professional and factory workers," he added.
"We are moving now to start reducing the first 13,000 positions, and the vast majority of employees whose jobs will be eliminated will be notified over the next six months."
But, as we mentioned earlier, this is not the first instance of a major price cut for a company. Hence we take a look at the top 5 major job cuts by big names in recent times.
Back in March of 2014, Google announced that it would cut about 1,200 jobs in the company. In fact, that's 10 per cent of the workforce the company had for its previous Motorola Mobility unit. Make a note that Google had already ridden itself of 4,000 ofg its employees back in August 2012.
In August 2013, AOL announced that it was going through a major re-structuring and hence it required to cut its work force. The company later went on to cut the work force by 10 percent. AOL finished 2012 with a little over 5,000 employees under its wing.
Broadcom, popular communications chipmaker, back in October 2013, said it was cutting approximately 1,150 jobs, nearly one-tenth of its workforce, as part of a global restructuring. The company stated that the job cuts were aimed at cutting costs as well as better focusing the company's spending on key initiatives.
In April of 2012, faced with mounting losses, Sony Corp announced that it would slash 10,000 jobs, or about 6 percent of its global workforce.
Canadian handset maker BlackBerry, back in September of 2013, said that it would cut 4,500 jobs. And that was about 40% of its worldwide workforce, in an attempt to stop major losses that the company was going through at that time.