Massive Layoff Coming! Amazon Plans To Cut Nearly 30,000 Jobs From Today | All You Need To Know

Amazon is reportedly planning to reduce its workforce by cutting up to 30,000 corporate jobs starting Tuesday. This reduction accounts for nearly 10% of Amazon's approximately 350,000 corporate employees, though it represents a small fraction of the company's total workforce of 1.55 million. This move marks the largest job cut at Amazon since late 2022 when around 27,000 positions were eliminated.

Amazon's shares saw a rise of 1.5%, reaching $227.53. The company is set to announce its third-quarter earnings on Thursday. The decision to downsize comes as Amazon aims to reduce expenses and address overhiring during the pandemic's peak demand, according to sources familiar with the situation.

Impact on Various Divisions

The upcoming layoffs may affect several divisions within Amazon, including human resources (People Experience and Technology), devices and services, and operations. Over the past two years, Amazon has been gradually reducing jobs across various sectors such as devices, communications, and podcasting.

Managers of affected teams were instructed to undergo training on Monday to effectively communicate with staff following notifications that will be sent out via email starting tomorrow morning.

Target's Workforce Reduction

In a similar vein, Target announced last Thursday that it plans to eliminate around 1,800 corporate positions. This move aims to streamline decision-making processes and boost efforts to regain the struggling discount retailer's customer base.

Around 1,000 employees are expected to receive layoff notices next week. Additionally, Target intends to cut about 800 vacant positions. These reductions account for roughly 8% of Target's global corporate workforce, with most affected employees based at the company's Minneapolis headquarters.

Leadership Changes at Target

Michael Fiddelke, Target's Chief Operating Officer and soon-to-be CEO on February 1st, informed staff about the downsizing in a note issued on Thursday. He mentioned that more details would be provided on Tuesday and requested Minneapolis office employees work from home next week.