Tuesday, August 16, 2022

Walmart lays off 200 company employees amid rising inflation

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Retail giant walmart has laid off at least 200 company employees as the economic downturn takes its toll on companies around the world.



Walmart described the layoffs as a way to “better position the company for a strong future,” reports The . Wall Street Journal.

Walmart has nearly 1.6 million employees in the US.

“We are updating our structure and evolving selected roles to provide clarity and better position the company for a strong future,” a company spokesperson said in a statement on Wednesday.

At the same time, the company is “continuing to invest in key areas such as e-commerce, technology, health and wellness, supply chain and advertising sales, and creating new roles to support our growing range of services,” the statement said.

The news of layoffs at Walmart came after the company recently cut its earnings outlook due to inflation.

The global macroeconomic situation, especially rising inflation, has hit other retail giants such as Target and also Best Buy, which lowered its profit targets.

Amazon has also reduced its direct workforce by nearly 1 lakh, the largest consecutive decline in its history, primarily in its fulfillment centers and distribution network.

According to Brian Olsavsky, Chief Financial Officer, Amazon plans to become more cautious about hiring staff at its headquarters and other facilities in the future.

Amazon said it is seeing a stabilization in its workforce at the moment.

Shopify and Robinhood have also announced layoffs, while several big tech companies have frozen or slowed the hiring pace.

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