Some numbers to start your day and it’s not pretty.
The coronavirus pandemic, social unrest, and a scarred economy has created a tipping sentiment toward many jobs NOT coming back.
According to a Harley-Davidson press release, “The ReWire” strategy will now eliminate 700 positions globally of which 500 of the layoffs will occur this year. It will result in a $50 million restructuring charge in 2020, including $42 million in the second quarter. According to new Chief Executive Jochen Zeitz, getting the company on “a path to winning” also includes CFO John Olin leaving the company effective immediately.
Flashback – remember this abrupt CFO departure in 2009?
Some news outlets have reported Mr. Olin’s departure as a “retirement,” but color me skeptical since most retirements have a longer celebratory departure than immediately exit through the door. The current VP Treasurer, Darrell Thomas assumed duties as interim CFO until a successor is appointed.
I’m not sure why, but the CEO press release declaration of “a path to winning” reminded me of that time Charlie Sheen was winning HERE … maybe I just needed some humor?!
Harley-Davidson is not alone on the layoffs. Below are just a few of the latest examples:
- Macy’s announced it would lay off about 3,900 and shutter stores
- AT&T will lay off 3,400 and shut down more than 250 stores.
- Hilton Hotels announced it would lay off 2,100 corporate employees amounting to 22% of its corporate workforce.
- Chevron announced it will cut 10% – 15% of its 45,000 global workforce.
- Boeing announced it would lay off nearly 7,000 employees.
- Uber announced it is cutting 3,700 jobs (14% of its workforce), then a month later announced they will cut 3,000 additional jobs and close 45 offices.
- Airbnb announced it is laying off about 25% of its workforce, or 1,900 employees.
- Virgin Atlantic (now part of Alaska Airlines) announced it would cut 3,150 jobs.
- Hertz plans to lay off 10,000 employees.
- Under Armour announced that it will lay off about 6,700 employees.
- United Airlines will send layoff warnings to 36,000 employees — nearly half its U.S. staff.
- ZipRecruiter laid off 443 employees.
- GE announced it will be reducing approximately 10% of its aviation unit’s workforce, amounting to about 2,500 employees.
- Cirque du Soleil announced it is laying off 95% of its 4,679 person staff.
You get the point. Sadly, a lot of employees are expected to exit various organizations. In fact, since February, about 4.6 million Americans have stopped actively looking for work, and another 2.2 million are unemployed NOT on layoff.
And, then there are those companies that have taken an extremely tacky and classless route of laying off employees via Zoom. Looking at you Bird, the electric scooter company, who laid off 30% of its staff via a 2-minute Zoom call.
Talk about a Nobel Prize-winning way to “Put a Bird on It” — From the “Portlandia” TV show.
Photos courtesy of Harley-Davidson, Great Art and IMDb.
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