Stronger together: List of companies that have refused to lay off employees
The layoff trend that began last year has expanded to an extent that the exact number of individuals who have been laid off is now unknown. In recent weeks, several large tech companies have announced staggering numbers of job cuts, with Google letting go of 12,000 employees, Microsoft 10,000, and Amazon 18,000.
Insider estimates that more than 65,000 tech workers have lost their jobs in the past two to three months. This comes after a challenging year for the tech industry in 2022, which saw Meta, Twitter and many others sack a large portion of their employees. However, some tech firms have avoided layoffs so far and we have compiled a list of such tech companies:
1. Apple
Apple is among the few big-tech companies that have not resorted to laying off employees. However, it is taking measures to avoid layoffs, including delaying bonuses, pausing hiring, and reducing travel budgets, to name a few. The company began cost-containment measures earlier than other businesses last summer, according to Bloomberg's Mark Gurman. The report suggests that Apple is trying to make its operations more efficient, despite the uncertain economic climate, in order to safeguard its reputation for stability.
2. ASM Pacific Technology
ASM Pacific Technology Limited, a company that produces semiconductor back-end equipment, has not laid off any of its 12,000 employees worldwide. The company, which was established in 1975, operates in 30 countries and has research and development centers around the world, with 2,500 global R&D staff and 2,000 patents on leading-edge technologies, according to its website. Despite the economic downturn, the company has yet to resort to layoffs, indicating its commitment to its workforce and its efforts to maintain its global presence.
3. Atos
Atos, a French IT company that is currently undergoing a split after its shares plummeted last year, has announced that it has no plans to conduct mass layoffs in France. However, the company intends to make workforce adjustments at the European level. According to Atos CEO Nourdine Bihmane, there will be no redundancy plan in France, where the company will continue to employ 5,700 people. Nevertheless, the company has initiated a process of informing and consulting with employee representative bodies at the European level to modify its organisational structure.
4. Agilent
Amid a wave of layoffs in Silicon Valley, Agilent Technologies CEO Mike McMullen has assured employees that there will be no job cuts this year. The company's shares have increased by 15% in the last 12 months, in contrast to the S&P 500 index, which has fallen by 9% over the same period. McMullen's commitment to maintaining the current workforce is a positive sign for employees and reflects the company's efforts to prioritise employee well-being during this challenging time.
5. CGI
As North America's major technology companies continue to announce significant job cuts, CGI Inc, a Canadian tech-services firm that provides outsourced IT services and consulting, has no plans for layoffs. Despite the company's payroll rising by 10% last year to 90,250 employees worldwide, CEO George Schindler has confirmed that layoffs are not on the agenda. Instead, the company aims to win contracts from organisations that are downsizing staff, demonstrating its commitment to its current workforce and its desire to expand its business during these challenging times.
6. Cloudflare
Cloudflare, a company that focuses on improving the security, performance, and reliability of the internet, has not fired any employees during the ongoing challenging times. The company has reported strong earnings, with income of $21.6 million, or six cents per share, in the fourth fiscal quarter, up from $100,000 during the same period in 2021. Additionally, revenue surged by 42% to $274.7 million, beating analysts' estimates, who had projected earnings per share of four cents and revenue of $274.4 million. Cloudflare's successful financial performance and commitment to its workforce is a positive sign amidst the current economic climate.
7. LG Electronics
Despite the current economic climate, LG Electronics, which focuses on high value-added home appliances and TV markets, has managed to avoid layoffs. The company has achieved sales of over 30 trillion won (US$23 billion) for the first time in its North American and European premium markets. Analysts attribute this success to LG Electronics' aggressive sales strategy for high-performance products, which has paid off due to the steady demand for such products. This positive sales performance has helped the company maintain its workforce and avoid layoffs, which is good news amidst the current wave of job cuts in various industries.
8. LITE-ON Technology
Despite widespread job cuts in the tech industry, Lite-On has managed to avoid laying off any employees. In fact, the company reported a 2% increase in net profit to a record NT$14.15 billion (US$465.23 million) last year, thanks to strong demand for high-end power units used in cloud-computing data centers and optoelectronics products. The growth in sales of these products has helped to offset weak demand for components used in consumer electronics and information and communications products, such as PCs, according to Lite-On's investor conference in Taipei, Taiwan.
9. Mastercard
Mastercard CEO Ajay Banga made a promise to the company's 19,000 employees that there would be no layoffs due to the pandemic. Under Banga's leadership, the company expanded significantly, with revenues tripling and profits quadrupling during his 10-year tenure. Banga attributes this success to a long-term management strategy that focuses on partnerships and growth, rather than short-term gains.
He refused to give quarterly earnings guidance to investors and instead offered a rolling forecast of where Mastercard would be in three years, while simultaneously forging partnerships globally. Banga's decision to prioritise the long-term health of the company has helped it weather economic upheavals such as the pandemic.
10. MoonPay
MoonPay, a startup in the crypto industry, did not lay off any of its employees during the pandemic. In fact, the company raised $87 million in its Series A funding round from over 60 high-profile investors, including celebrities such as Justin Bieber, Snoop Dogg, Maria Sharapova, and Bruce Willis. The investment round took place in November 2021, and the company was valued at $3.4 billion. The crypto industry has seen significant investment this year, with over 600 startups receiving $12.5 billion in venture capital funding, according to Alex McDougall, managing director at 3iQ Digital Assets.
11. NCR Corporation
NCR Corporation, a US-based software, consulting, and technology company that offers a range of professional services and electronic products, has not laid off any employees. The company is instead expanding its business through a long-term agreement with Walgreens, one of the world's largest pharmacy operators.
Under the agreement, NCR will become the provider of ATM services across nearly all Walgreens stores in the US, Puerto Rico, and the District of Columbia. This expansion will include Walgreens locations that are already served by NCR's Allpoint ATM network, which provides surcharge-free cash access to over 1,200 issuers, including two of the five largest US banks, representing more than 70 million cardholders.
12. Nvidia
Nvidia Corporation, headquartered in Santa Clara, California, has managed to keep its workforce intact. When it comes to latest developments, the company’s Chief Executive, Jensen Huang, is expected to announce new artificial intelligence chips and technologies at the company's annual software developers' conference on Tuesday.
Nvidia has become a leading provider of chips for developing generative AI technologies that can generate images based on a text prompt or answer questions using human-like text. Despite competition in the AI chip market from Advanced Micro Devices and a few startups, Nvidia continues to dominate, holding over 80% of the market for chips used to train AI systems.
13. Sopra Steria
Despite the ongoing economic downturn, Sopra Steria SOPR.PA has refrained from laying off any employees. The company has instead made a positive move by announcing an agreement to acquire Ordina ORDN.AS. Both companies jointly disclosed the conditional agreement to buy all the shares of Ordina for an offer price of 5.75 euros per share ex-dividend.
14. ServiceNow
Despite no employee layoffs at ServiceNow, the company's shares experienced a 1.33% drop to $435.15 on Monday, during a positive trading session for the stock market, with the S&P 500 Index and the Dow Jones Industrial Average increasing by 0.89% and 1.20%, respectively. This marks the second consecutive day of losses for ServiceNow, with the company closing $166.47 below its 52-week high of $601.62.
15. TSMC
Amid the wave of tech layoffs that has resulted in thousands of engineers being laid off, Taiwan Semiconductor Manufacturing Company (TSMC) plans to hire up to 6,000 engineers, which would represent a 10% increase in headcount. TSMC is not only targeting high-priced talent but also looking to hire engineers with varying levels of education, ranging from a 2-year degree to a doctorate in electrical engineering or software development. The company's objective is to ensure that the wafers continue to flow, as TSMC is the world's largest contract chipmaker and supplies semiconductors to major tech firms such as Apple, Qualcomm, and Nvidia.
16. Tata Consultancy Services
Amidst the current trend of tech giants such as Google, Meta, Twitter, and Amazon laying off employees due to macro-economic conditions, Tata Consultancy Services (TCS), India's largest IT services exporter, declared that it will not be cutting any jobs. TCS confirmed that it will be offering raises to its employees and hiring professionals impacted by layoffs at startups. According to TCS's chief Human Resources officer Milind Lakkad, the company aims to groom and retain talent for longer careers. "There will be no layoffs. Once a staff member joins, it is our responsibility to make them productive, and derive value," he stated.
17. Tech Mahindra
Tech Mahindra, an Indian IT services company, has not conducted any layoffs, but its former CEO Kiran Deshpande recently shared his thoughts on the topic in a LinkedIn post. Deshpande stated that recent layoffs by tech giants have negatively impacted employee morale, despite resulting in stock price increases. He identified over-hiring as a key issue that leads to layoffs when business conditions deteriorate, and highlighted that stakeholders are often only focused on shareholders' interests. He also emphasised the importance of treating laid-off employees with dignity and respect, instead of resorting to brutality.