With the decreasing cash flow, many businesses have announced layoffs of the employees.
The spread of coronavirus is keeping people confined at homes and the economy heading towards a recession. Almost every industry has been negatively impacted by the pandemic. Millions of jobs are at risk.
With the looming uncertainty, businesses can only hope things get back on track as soon as possible. But recovering from the aftermath of coronavirus would take a long time for the businesses. Here’s an overview of companies who have announced layoff so far:
- On March 15, Scandinavian Airlines (SAS) announced that it would temporarily lay off 10,000 employees which equals 90% of its total staff. The airlines have also halted the operations of the majority of its flights and are operating with limited service.
- Air Canada will lay off 5,100 cabin crew members, which means half of the employees would be losing their jobs. The planned flights for April have been cut by nearly 80%.
- Norwegian Airlines announced a temporary layoff of 90% of its employees on March 16, which counts to 7,300 employees. The airline has also canceled 85% of its flight.
- Transat AT, a Canadian airline and travel company downsized around 3,600 of its employees, which is 70% of its total workforce.
- World’s largest hotel company, Marriott International has furloughed 10,000 of its employees along with laying off many other workers.
- SoftBank backed Oyo Hotels has laid off 5,000 employees, out of which 3,000 employees in China, equal to 30% of its workforce.
- Pebblebrook Hotel Trust which owns nearly 54 hotels, has significantly laid off 8,000 of its workers. It’s planning to cut down the jobs of additional 2,000 workers by the end of the month.
- Around 200 workers of the President Donald Trump’s hotels in Washington DC, New York & Las Vegas were laid off on March 20. Other properties of the President, Like Palm Beach’s Mar-a-Lago, have been temporarily closed.
Retail & Technology Industry
- The French Multinational Cosmetic retailer, Sephora laid off some of the part-time and seasonal workers in the U.S., while the Canadian corporate employees are working at reduced hours.
- Fashion start-up Everlane let go off and furloughed 200 employees from its retail and backend departments.
- Apartment rental start-up, Sonder has reportedly laid off or furloughed 400 employees, which equals 30% of its workforce.
- Bird, a vehicle sharing platform has laid off 30% of its workforce, which equals 406 employees of the overall workforce of over 1,300.
With many other firms either laying off or furloughing several employees, hiring at most of the firms has been put to halt.