These are my understanding of company which are laying off 1. Airbnb- ppl dont travel so no booking no revenue 2. Grouon - ppl are not taking any service outside so no need of coupon 3. Yelp - no new reviews as no one is visiting new places If a company is dependent on people's visits / traveling (airlines) / anything related to people presence like malls jcpenney there is a potential layoff chance since they cant generate revenue. I think Firms like digital marketing, healthcare, foodservice are safe Any taught on this ? Be prepared for the worst and pray for the best. #layoffs #layoff
Many helathcare businesses are see reduction in revenue since non urgent procedures and visits are postponed. So Healthcare business is not completely down. So depending on the part of the system few healthcare projects r seeing decreased revenue. So may be for a month or 2 they r ok. If situation continues they will also feel the impact.
I know a few people in healthcare who have or are being laid off. If its not an essential visit or procedure its being postponed.
Layoffs in healthcare are rampant in the tech sector. If you arenāt a provider they probably donāt need you.
Groupon has been failing before the pandemic
That's true, but corona made it worst. hence layoffs. Business is mostly dependent on local experience
I see this as an opportunity for companies to get rid of deadweight. A lot of companies have deadweight.
Yeah, especially those companies that had layoffs really early in this pandemic. With low unemployment prior, it was difficult and costly to replace mediocre workers, the virus was a good excuse to get rid of the dead weight since the available pool of workers has increased.
Problem is, layoffs are indiscriminate. Its not just the deadweight that will lose their jobs.. a lot of good workers will too. And when all these workers hit the job market at the same time, it becomes hard to even get interviews. Employers get to hire the best workers and lowball them big time.
Not due to review submission, due to drop in ad buys.
And users in general. There is no need to go on Yelp right now.
I still go to yelp to see what I can order from Ubereat ..
Many companies want to get rid of deadweight under the covid disguise to avoid lawsuit. Also the economy will trickle down to non-directly related businesses. It will not just be travel.
This ^ nobody is looking into this problem. Some companies are simply using covid as an excuse
The problem with that is that layoffs are scary and if good people think the leadership is making a stupid decision by initiating one, they'll go too. No one wants to be in a sinking ship, and the most talented have the most options.
Thought
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Every company is affected including Amazon, Google, Facebook, Microsoft and Netflix. Also it depends on the shape of the recovery
Amazon is few dollars shy of hitting all time high
Thatās because people are hearing all about Amazon demand for necessities while completely ignoring the plummet in non-essential revenues (which will last longer), ad spend and AWS revenue (most new projects are out on hold, existing non-profitable companies shutdown and of course SoftBank and other free VC money which directly went to cloud services and ads are now completely turned off) Wait till the earnings report, especially Q2 Amazon valuation isnāt derived from groceries and yet people are behaving as though it is becoming a Trillion Dollar Grocery company (unreasonable)
Classpass laid off half of their workforce
Aren't people taking virtual classes?
Most of their revenue was from people booking classes at local venues at a discount rather than online classes.
Also the investors matter. Many companies are backed by VC/PE, if those investors are not better off and are in a bad cash position, then the companies in their portfolios also got hugely impacted.
PE now competing for $2.2 trillions bailout š°. Even Boeing trying to get that piece of the pie and it's going to get ugly
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Nothing is safe. Digital marketing will experience pullback in budgets, healthcare will become overcrowded from the sick and foodservice workers will go on strike.
Is Verizon media on hiring freeze too? Applied last month, application has been under consideration since then.
I think so