While the California media has been covering up the high unemployment rate in the State, like the national media hid the dementia of Joe Biden, it is now impossible to hid.
“While most layoffs were attributed to the end of the tech sector’s hiring spree during the pandemic, fears of a potential recession, and the rise of inflation, companies have continued to fire their employees this year, despite a significantly improved economic situation.
According to the website Layoffs.fyi, which monitors redundancies in the tech industry, more than 106,000 people in the sector have lost their jobs in 2024 up to June. These included layoffs from companies such as Google, Amazon, Zoom and Discord.”
Yup, in just six months this one sector lost 106,000 jobs. But the jobs did not disappear—they went to other, Free States—where they have responsible government local taxes and regulations based on need, not ideology.
California Hit by Mass Layoffs
By Giulia Carbonaro, Newsweek, 7/11/24 https://www.newsweek.com/california-hit-mass-layoffs-1923704
Intuit, the California software company known for products like TurboTax, Credit Karma and Mailchimp, announced on Wednesday that it is laying off 1,800 employees, or 10 percent of its entire workforce, as it prepares for the “AI revolution.”
Local news outlet SFGATE reported that nearly 600 employees will lose their job in California, including 384 in Mountain View and 215 in San Diego.
Newsweek contacted Intuit for comment by email on Thursday morning.
It is not the first time that the tech sector has faced mass layoffs in recent years, with the pandemic sparking a sudden downturn for the industry. In 2023 alone, more than 260,000 people lost their jobs in the sector, as reported by NPR.
In a note to employees, Intuit CEO Sasan Goodarzi wrote that the company is currently “in a position of strength” to make the most out of the innovation brought by Artificial Intelligence, but it must “accelerate our innovation and investments in the areas that are most important to our future success.” With this in mind, she added, the company has made some “extremely painful decisions,” including laying off hundreds of its staff members.
Most of those who have been told to leave the Bay Area company, 1,050 out of 1,800 employees, are not meeting Intuit’s performance expectations, Goodarzi said, adding that Intuit is not firing people to cut costs.
Others are being let go as a result of Intuit eliminating more than 300 roles across the company “to streamline work and reallocate resources toward key growth areas” and the reduction of the number of executives by approximately 10 percent.
In the same note, Goodarzi also announced that Intuit will be hiring 1,800 new people “primarily in engineering, product, and customer facing roles such as sales, customer success, and marketing.” He added that, as a result of the new hiring, Intuit expects its overall headcount to grow in the fiscal year 2025 “and beyond.”
Employees laid off will have their last day on September 9. They will receive, according to Goodarzi, a “package that includes a minimum of 16 weeks of pay, plus two additional weeks for every year of service” to help them financially through the layoff.
While most layoffs were attributed to the end of the tech sector’s hiring spree during the pandemic, fears of a potential recession, and the rise of inflation, companies have continued to fire their employees this year, despite a significantly improved economic situation.
According to the website Layoffs.fyi, which monitors redundancies in the tech industry, more than 106,000 people in the sector have lost their jobs in 2024 up to June. These included layoffs from companies such as Google, Amazon, Zoom and Discord.
