According to various news sources, the Walt Disney Company will start alerting affected employees this week.
The company’s chief executive officer, Bob Iger, reportedly revealed in an internal memo on Monday that affected employees will be contacted in three waves beginning this week.
Disney Mass Layoffs
During the following four days, “leaders will be directly informing the first group of impacted employees,” he wrote. In response to USA TODAY’s request for comment, Disney did not immediately react.
According to Disney, the purpose of the employment layoffs was to save $5.5 billion across the entire corporation.
Disney employed 220,000 workers as of October 1st, of which around 166,000 were employed domestically and 54,000 were working abroad. Iger returned to Disney in November following a challenging term for outgoing CEO Bob Chapek, who will succeed Iger in 2020.
Despite a generally robust labor market in 2017, the layoff notices came amid a surge of job cuts across several industries in recent months, from media to technology.
More than 7,000 employees at Disney will start receiving layoff letters this week as part of a significant cost-cutting initiative that will affect all of the organization’s core divisions.
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Layoffs Will Come In Three Waves
In a statement to staff members on Monday morning, Disney CEO Bob Iger announced that the layoffs would begin today and come in three waves.
On February 8, Iger made public his aim to drastically reduce Disney’s overhead through worker cutbacks. It is anticipated that both top management levels and lower-level executives will be affected by the layoffs.
The extensive shift that Disney and other media businesses are undergoing as they struggle to make the tough switch from analog TV and traditional movies to the on-demand streaming era is reflected in the enormous layoffs.
Working with guests at Disney’s theme parks is one sector of employment that is anticipated to remain mostly unaffected. The resilience of demand for Disney’s international theme parks after the pandemic shutdowns have been a crucial support for the business amid difficult times for Hollywood.
About 220,000 people worked for Disney as of October, with 166,000 of those positions located in the United States. According to Disney’s 2022 annual report, almost 78% of its employees are full-time.
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