COVID-19: World layoffs April 23: Oyo, Henry Ford Health System,
Posted on 04/23/2020
Oyo
SoftBank-backed Oyo is furloughing more workers and is conducting a 25% fixed compensation pay cut across the board for April to July 2020 payroll. Oyo claims the coronavirus pandemic cut its revenue by roughly 60%.
SoftBank-backed Oyo cuts salaries, furloughs employees
Oyo is furloughing more employees globally and levying a 25% pay cut across the board through July this year
as the Indian budget lodging startup looks to reduce its expenses to deal with the coronavirus pandemic that has slashed its revenue by about 60%.
Rohit Kapoor,
chief executive of Oyo,
shared the news with employees in a virtual town hall Wednesday.
The move comes at a time when Oyo has already furloughed and cut thousands of jobs in recent months.
TechCrunch
https://techcrunch.com/2020/04/22/softbank-backed-oyo-cuts-salaries-furloughs-employees/
Henry Ford Health System
Henry Ford Health System plans to furlough 2,800 employees or 9% of its 31,600 workers across its five hospitals. Interestingly, the massive Ford Foundation has over US$ $13,708,263,000 in assets. According to its website, “The Ford Foundation makes between $500 million and $600 million in grants each year.” The foundation has overseas offices in Latin America, Africa, the Middle East, and Asia.
“I know that news concerning furloughs is painful — especially for an organization like ours, whose greatest strength has always been our people,” Henry Ford Health System President and CEO Wright Lassiter III wrote in an email to staff on April 22, 2020. “We value each team member’s unique contribution and this decision does not change that. But, we must face these realities head on.”
Endeavor Group Holdings
Talent agency and live entertainment company Endeavor Group Holdings Inc. is expecting more cuts. In 2019, after getting flack on the Jamal Khashoggi controversy, Endeavor returned investor capital from the Saudi Arabia Public Investment Fund (PIF).
State of Michigan Government
As state tax revenue plummets, Michigan Governor Gretchen Whitmer sent temporary layoff notices were sent to more than 2,900 of the state’s 48,295 employees who are handling less than full capacity.
Houzz
Online platform Houzz, with a focus on home renovation and design, terminated 155 employees, roughly 10% of its staff. Houzz last valued at US$ 4 billion.
Halliburton
Oilfield service company Halliburton is closing its Broussard facility. Halliburton terminated 36 employees effective April 14, 2020.
ExtraHop
Seattle-based cyber security company ExtraHop terminated an undisclosed number of employees on April 22, 2020.
Patreon
Online platform Patreon terminated 30 employees, roughly 13% of its employees.
Sweetgreen
Fast-causal salad chain Sweetgreen slashed 10% of the 350 employees at its Culver City headquarters.
Keywords: SoftBank Group Corporation.
SWFI
https://www.swfinstitute.org/news/79099/swfi-daily-layoffs-briefing-april-23-2020