• 3,000 firms
  • Independent
  • Trusted
Save up to 70% on staff

News » Executives face layoffs as companies slash costs

Executives face layoffs as companies slash costs

Photo from Live Data Technologies

CALIFORNIA, UNITED STATES — It’s not just rank-and-file employees feeling the brunt of widespread layoffs and cost-cutting measures. 

Nearly half of all job cuts in 2023 were at the manager level or above — almost double the share compared to the previous five-year average, a recent study by Live Data Technologies revealed.

Meanwhile, according to Challenger, Gray & Christmas, Inc., over 1,500 CEOs departed last year – the highest since tracking began in 2002. 

Sundar Pichai of Alphabet, Tim Cook of Apple, and Jamie Dimon of JPMorgan all took pay cuts amid this corporate austerity trend, as Forbes reported. Zoom founder Eric Yuan also slashed his compensation by 98%.

Investors and boards often advocate executive layoffs to tackle challenges and meet growth targets. Restructuring eliminates executive roles to reduce expenses, while strategic shifts like mergers prompt job cuts at the top.

Rising inflation, surging expenses, and the artificial intelligence (AI) boom have forced firms from various industries to restructure operations and optimize budgets.

However, the manager’s drought carries consequences. The UKG Workforce Institute found 86% of managers face burnout, including 73% of C-suite leaders, as workloads increase with fewer supervisors available for coaching and guidance.

Read more here.

Start your
journey today

  • Independent
  • Free
  • Transparent

About OA

Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO)

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between Philippines outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 900+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.

About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.

“Excellent service for outsourcing advice and expertise for my business.”

Learn more
Banner Image
Get 3 Free Quotes Verified Outsourcing Suppliers
3,000 firms.Just 2 minutes to complete.
Learn more

Connect with over 3,000 outsourcing services providers.

Banner Image

Transform your business with skilled offshore talent.

  • 3,000 firms
  • Simple
  • Transparent
Banner Image