The wave of retrenchment is passing through companies in such a way that in today's time almost companies are taking out their employees. This is gradually showing the increasing demand for jobs in the market.
New Delhi: The speed at which people are being fired from the company shows that there is going to be a severe job crisis in the coming times. European software company SAP has announced that it is cutting around 2,900 jobs, after iconic US tech company IBM said it is cutting around 3,900 jobs.
The numbers build on 150,000 job cuts last year and about 30 percent of the number that Computerworld reported on Wednesday.
Company running in loss
SAP said the job cuts would amount to about 2.5 per cent of its workforce of about 112,000. The Germany-headquartered company also said it wanted to give up its 71 per cent ownership in US software company Qualtrix. SAP CEO Christian Klein in a streamed video called the layoffs a "very targeted restructuring" that will help focus on the areas where we are strongest to continue our accelerated growth.
IBM linked the layoffs announced Wednesday to the sale of its technical services unit and its healthcare unit, saying it was not linked to revenue. IBM said its quarterly revenue rose 6 percent to $16.7 billion.
IBM CEO gave information
Painting a positive picture, IBM President and CEO Arvind Krishna said that looking into 2023, we expect full-year revenue growth in line with our mid-single digit model. Customers across all geographies have increasingly adopted our hybrid cloud and AI solutions, as technology continues to be a distinguishing force in today's business environment.