CVS cuts 5,000 jobs as layoffs extend beyond tech. Full list of major US companies reducing staff in 2022.

CVS cuts 5,000 jobs as layoffs extend beyond tech. Full list of major US companies reducing staff in 2022.

Layoffs Continue to Plague US Companies in 2023

A wave of layoffs that hit dozens of US companies toward the end of 2022 shows no sign of slowing down well into 2023. The latest addition to this growing list is pharmacy giant CVS, which is set to cut about 5,000 jobs, mostly in corporate positions, according to The Wall Street Journal. However, the company reassures that customer-facing roles in stores and pharmacies will not be affected by these cuts¹.

Although layoffs in recent years have often been associated with the fields of technology, media, and finance, it seems that no industry is immune to downsizing. Gap and Whole Foods are among the latest companies to join the list of businesses making significant staff reductions². From Binance to Niantic, Robinhood to Grubhub, and Spotify, several major companies have recently announced job cuts³.

The downsizing trend is not entirely new either. Meta and Twitter had already implemented significant layoffs in the previous year⁴. The pandemic has undoubtedly played a role in driving these cuts, but other factors, such as an ongoing economic downturn and stagnating sales, have also contributed to the difficult decisions made by companies across various sectors⁵.

While layoffs have affected different industries, with the tech sector being hit particularly hard, it’s interesting to dive deeper into the numbers. According to Layoffs.fyi, a site dedicated to tracking layoffs since the start of the pandemic, tech companies alone have slashed over 223,000 jobs in 2023. Comparatively, during the pandemic, they cut 80,000 jobs from March to December 2020 and 15,000 jobs in 2021⁶.

Notable Job Cuts in 2023

Here are some of the significant job cuts announced so far in 2023:

• August 2023 Student Loan Interest Rates
• Trump’s PAC now skiplagging
• Many cars are still more expensive to charge than to fill up with gas.

• CVS: Approximately 5,000 corporate roles⁷.
• Binance: Specific numbers undisclosed⁸.
• Niantic: Specific numbers undisclosed⁹.
• Robinhood: Specific numbers undisclosed¹⁰.
• Grubhub: Specific numbers undisclosed¹¹.
• Spotify: Specific numbers undisclosed¹².
• Meta (formerly Facebook): Massive layoffs¹³.
• Google: Massive layoffs¹⁴.
• Goldman Sachs: Massive layoffs¹⁵.

The wide variety of companies on this list underscores the pervasive nature of layoffs in 2023. As the economic landscape continues to evolve, businesses are grappling with the need to adapt and make tough decisions regarding their workforce. It remains to be seen whether this trend will continue throughout the year or if companies will find new ways to weather the storm and protect their employees.

Ultimately, both employers and employees must navigate these uncertain times with resilience and creativity, finding ways to maneuver through the challenges and emerge stronger on the other side. As industries evolve and new opportunities emerge, it is crucial for individuals to continually upskill and pursue growth to remain competitive in the ever-changing job market.

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