Disney’s big cut a reminder of choppy road ahead?

Layoffs have been a common cost reflexive strategy for companies hit during the pandemic. Disney’s announcement to slash 28,000 employees in its sinking US business marks one of the deepest workforce reductions of the COVID-19 era. The reduction targeted majorly at part-time workers, however, includes few executives as well.

The virus doom has hit several theme parks across the globe due to imposition of lockdowns. Orlando-based SeaWorld Entertainment also laid off 1,900 employees. Despite theme parks resuming operations, they still remain below their pre-COVID levels.

“The outbreak of coronavirus has triggered several companies to downsize their workforce. Disney’s Co joins the travel, tourism, and hospitality industries to wipe out jobs worldwide.” Here are some of the biggest layoffs during COVID-19:

1. Scandinavian Airlines (SAS) declared a reduction of 90% of its staff as it plans to halt flight services too.

2. Cirque de Soleil, an entertainment circus producer company also laid off 95% of its staff.

3. Online traveller TripAdvisor laid off 900 of its employees amounting to a quarter of its workforce.

4. United Airlines slashed 16,400 workers in early September.

5. Cab aggregator app Ola laid off 1,400 employees as public transport was suspended during the lockdown.

6. Two largest food-tech companies Swiggy and Zomato also laid-off employees as demand slumped.

7. Airbnb Inc. announced 25% of its workforce reduction as the pandemic pummels travel sector.

8. American Airlines and Delta Airlines plan to downsize 19,000 and 2,000 jobs respectively.

9. MakeMyTrip also bore the brunt of travel-hit industry and cut 350 jobs.

10. Sephora laid off over 3,000 employees across the US via conference call.

Announcements like these point to further challenges in a rebound anticipated in later part of the year. According to Q2 Yelp Economic Average report, 79% of closed businesses said they were closing temporarily, while 21% announced permanent closings. The figures point out that 60% of businesses may never reopen again, shifting their temporary loss during the COVID crisis to permanent.

While e-Commerce giant Amazon is looking to fill 33,000 corporate and technology jobs in the coming months, it will be a test against time whether virus hit companies will rear back or fall off the cliff.

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