In 2024, businesses across different industries will have to make impactful decisions to stay afloat and avoid running into crippling financial trouble. The rise of inflation is affecting everyone from large conglomerates to ordinary workers.
As such, more companies have started increasing the prices of their goods/services, furloughing workers, or both. In the long run, downsizing overhead costs gives businesses more room to absorb inflation and continue flourishing in their respective industries.
Just earlier this month, Americans learned about YouTube, Google, Amazon, and Twitch all laying off staffers they deemed as non-essential. Next up is UPS, with the parcel service set to bid farewell to 12,000 jobs.
Bad news for UPS employees who deliver packages
According to UPS, it’s observed a notable reduction in demand for delivery, hence rendering a decent chunk of its workforce unnecessary. The company furthermore predicts that slashing 12,000 jobs will engender $1 billion in savings.
Earlier today, UPS revealed during an earnings meeting that the volume of domestic shipments dropped by 7.4%. Its $24.9 billion in 2023 fourth-quarter revenue likewise suffered a decline from 2022’s $27 billion fourth-quarter earnings.
