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Wednesday, February 21, 2024

Walmart Has Joined Other Large Corporations in Laying Off Workers

Other businesses have started reducing their workforces or holding off on hiring plans as worries about the US economy slowing mount

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Russell Chattaraj
Russell Chattaraj
Mechanical engineering graduate, writes about science, technology and sports, teaching physics and mathematics, also played cricket professionally and passionate about bodybuilding.

UNITED STATES: According to sources, Walmart Inc. is reorganising and eliminating hundreds of corporate positions. According to the report, the retailer informed employees in Bentonville, Arkansas, where its corporate headquarters is located, and in other corporate offices of its restructuring move. This restructuring affects several departments, including merchandising, global technology, and real-estate teams.

A Walmart spokesperson acknowledged that the company was shedding positions as it restructured its organisational structure but added that it was also investing in other areas and creating new positions.

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Walmart spokesperson Anne Hatfield stated, “We’re altering our structure and evolving select roles to create clarity and better position for a prosperous future.” According to her, the Walmart is also investing and adding employees in technology, health & wellness, and e-commerce domains.

The US retailer lowered its profit projection last week due to rising food and gasoline prices, citing the necessity for price reductions to reduce stocks.
According to facts, as gasoline and food prices have risen in the United States and worldwide, customers are no longer screaming for clothing, home products, appliances, and kitchenware.

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Other businesses have started reducing their workforces or holding off on hiring plans as worries about the US economy slowing mount. According to persons familiar with the proposal, Bloomberg News reported last month that Ford Motor Co. is preparing to eliminate up to 8,000 workers.

Facebook’s parent company, Meta Platforms Inc., announced that it would reduce its engineer hiring targets by at least 30% this year. Google, a subsidiary of Alphabet Inc., informed staff last month that recruiting would halt for the rest of the year.

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The July jobs report from the US Labor Department is expected to be released on August 5. According to projections by sources, the number of nonfarm jobs in the US increased by probably 250,000 last month.

Also Read: Google Halts All Hirings for Two Weeks

Author

  • Russell Chattaraj

    Mechanical engineering graduate, writes about science, technology and sports, teaching physics and mathematics, also played cricket professionally and passionate about bodybuilding.

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