Dow and SAP also announced layoffs to cut costs

The list of companies that have announced layoffs in the past two weeks has been expanded by Dow and SAP, informs The Wall Street Journal. The American chemical company Dow will cut 2,000 employees in its offices around the world, the German software maker SAP will cut up to 3,000 jobs.

In announcing the cuts, Dow said it intends to cut costs by $1 billion this year, given the slowdown in the global economy and the resulting drop in demand for the company’s products. In addition, Dow plans to “close some of the assets and bring costs in line with the macroeconomic situation.” SAP is also making cuts worldwide, with most of them coming from locations outside of Germany. The company is also seeking a buyer for its business software maker Qualtrics International. SAP management expects the cuts and restructuring to achieve savings of up to €350 million per year starting in 2024.

The day before Dow and SAP announced 3,900 job cuts announced American technology corporation IBM, accounting for 1.5% of the total number of employees. In total, over the past two weeks, several dozen large companies have announced similar measures. Someone is making larger cuts, such as Amazon – 18 thousand, Alphabet – 12 thousand and Microsoft – 10 thousand, someone less ambitious, like 3M – 2.5 thousand, Spotify – 600. McDonald`s warned that by April they intend to “make difficult decisions” about changing the number of employees, without giving specific numbers. Meanwhile, some companies are finding opportunities to hire new employees. So, Airbus SE intends to recruit more than 13 thousand people this year, of which 9 thousand will work in Europe, and the rest in the US, China and other regions. AND walmart announced an increase in starting wages for hourly workers from $12 to $14.

Alena Miklashevskaya