The trend of reducing the workforce in the technology sector has been seen for the past three months and now it has reached HP. HP wants to cut between 4000-6000 employees within three years as a measure to reduce the company's operating costs.
Through this workforce reduction plan, up to 10% of the workforce will be eliminated with cost savings of up to $1.4 billion per year. These reductions will affect the workforce globally. It had to be done because demand for computers in the commercial and consumer sectors has shrunk post-pandemic.
Twitter, Amazon, and Meta are among the companies that have laid off tens of thousands of workers also due to post-pandemic economic challenges. In Southeast Asia, SEA, Shopee's parent company also laid off workers because the company suffered losses of hundreds of millions.
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