Sonita Uijt de Haag, MBA, PHR’s Post

Qualcomm intends to lay off over 1,200 workers in California due to restructuring - https://lnkd.in/eTYqBD5R Qualcomm revealed its intention to reduce headcount at its Shanghai office only in the third week of September. Now, the technology company is reportedly preparing to lay off over a thousand employees from its global workforce of 51,000. This time, the cuts are being made at its California offices, specifically in San Diego and Santa Clara. The company is expected to offer substantial severance packages to the affected employees. According to the firm's annual financial filing, approximately 1,064 employees will be let go from the San Diego office by the second week of December 2023, while approximately 194 employees will be asked to leave the Santa Clara office. The facilities at both locations will remain operational. Given the macroeconomic environment, the company had previously indicated the possibility of job cuts and reorganisation in its quarterly earnings report. The company plans to invest in primary growth and investigate diversification opportunities. It hopes to finish the restructuring by the first half of fiscal year 2024. Qualcomm's semiconductor and mobile telecommunications ventures have offices in over a dozen Chinese cities. It has research and development facilities in both Beijing and Shanghai. Qualcomm mentioned 'workforce reductions' as part of broader restructuring efforts in an August stock exchange filing discussing its quarterly revenue. Shanghai job cuts were announced in September.

Seven reasons why companies lay off employees, including: 1. Financial difficulties: If a company is facing financial challenges, such as declining revenue or increased expenses, they may need to reduce costs by laying off employees to remain solvent. 2. Restructuring: Companies may undergo organizational restructuring to streamline operations, adjust to market changes, or reallocate resources. This can lead to layoffs as roles are eliminated or consolidated. 3. Mergers and acquisitions: In the event of a merger or acquisition, redundancies may arise as the new entity integrates operations, leading to layoffs to eliminate overlapping roles. 4. Technological advancements: Automation and technological advancements can render certain job roles obsolete, leading companies to lay off employees whose skills are no longer needed. 5. Downsizing or rightsizing: Companies may downsize or rightsize their workforce to align with changes in business priorities, market demand, or strategic objectives. 6. Performance issues: In some cases, companies may lay off employees due to poor performance or failure to meet job expectations, particularly during performance reviews or restructuring efforts. 7. Global crises: External factors such as economic recessions, natural disasters, or pandemics (e.g., COVID-19) can significantly impact business operations and necessitate layoffs to mitigate financial losses and ensure long-term sustainability. Overall, while layoffs are often a difficult decision for companies, they may be deemed necessary to adapt to changing circumstances, improve efficiency, or ensure the company's survival in challenging times.

As economic uncertainty lingers, industry experts say Austin tech sector remains strong Despite a rocky 2023, industry experts say Austin is still strong heading into 2024, even as economic uncertainty remains. While less money is flowing in certain sectors, others, such as manufacturing, are expected to see growth. Read more here: https://lnkd.in/gbuyvfPC

US chipmakers are currently facing a shortage of qualified workforce. This shortage of skilled workforce is not a new problem, and as Jerome Powell mentioned some time ago, one way to fight this deficit and inflation is by changing the immigration policy. Let's hope that this new plan can help the chipmaker industry address the workforce shortage in the US. Check out the full article here: https://lnkd.in/g_KtmynR

Numerous factors are forcing organizations to be highly strategic with their talent. #Manufacturers should assess how their IT and broader technology teams enable peak efficiency amid continued labor hurdles.

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When companies need to reduce costs, the first solution that comes to mind is usually staff reduction. However, this approach can have severe consequences for the organization's culture and operations. Instead, companies should start by looking at their existing pricing and terms for common goods and services. It may require some work, but it will cause minimal disruption to the business. After that, companies should scrutinize their consumption and determine where spending can be reduced. It's essential to question everything and justify all expenses. While there may be areas where spending should increase, the net effect should be to drive benefits to the bottom line. Only after these measures should layoffs and reorgs be considered. Investing some time and effort in other areas may reduce the impact of these measures. Let's start a discussion on how to navigate cost reduction without sacrificing the organization's long-term success.

I have always always always explained to my small business and entrepreneur cohorts that I've coached and taught for many years: That small businesses are the best customers a business can buy. All you need to do is look at how the banks covet small business customers, and realize that there's a lot of money in the Small Business customer. That being said, I always caution small business owners to hold onto their money and hold onto their earnings because everybody's coming for you. At this point corps trying to squeeze as much as they can out of the economy and out of available customers. Small businesses need things. Small business owners watch your pocketbook, if there's ever a time to stop spending, it would be now. The brands that sell ads to you: Unless you're spending $1 billion a year, it will be very difficult for you to get the results you seek on these platforms. I doubt this post will get much visibility because LinkedIn is a large brand and they're selling ads too. "The restructuring aims to focus more on the Google Customer Solutions (GCS) team, which deals with smaller business clients, indicating a strategic shift in Google’s approach to ad sales."

WOW, this stopped me dead in my tracks, because for most people I know (including myself at one time) this is/was the case. I hope my next job is with an employer who cares for their people WHILE making a profit. "Another reminder that a business is committed to maximizing profits for shareholders, they don’t really care about you. You are a line item on a spreadsheet." #jobseekers #jobseeking #jobseekingtips