Relief For Anxious Employees As Tim Cook Confirms 'Apple Is Not Considering Mass Layoffs'

At a time when most tech giants, including Meta, Microsoft and Google, have already announced mass layoffs, Apple has been the only prominent exception.

Amidst the growing fears of possible layoffs at Apple, which recently opened its first two retail stores in India and launched its new savings account, the tech giant¡¯s CEO Tim Cook has provided some much-needed relief to anxious employees.

No Mass Layoffs Planned At Apple

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Apple doesn¡¯t have plans for big layoffs, CEO Tim Cook recently said while discussing the company¡¯s earnings last week. Tim Cook¡¯s announcement is in stark contrast to what other tech giants have been doing.

Apple CEO has already taken a voluntary 50% pay cut as well to save costs.

"Not Something We Are Talking About"

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¡°I view that (mass layoffs) as a last resort and, so, mass layoffs is not something that we¡¯re talking about at this moment,¡± Cook said, as per a CNBC report.

However, Cook didn¡¯t rule out the possibility of job cuts but said that Apple isn¡¯t planning any and that such a move would only be a ¡°last resort.¡±

Apple is cutting costs, however, and has slowed its rate of hiring, the CEO said. ¡°We¡¯re continuing to be extremely prudent on hiring. We¡¯re continuing to hire, just at a lower clip level than we were before,¡± Cook said. ¡°And we¡¯re doing all the right things of challenging the things that we spend, and we¡¯re just finding a few more ways to save on it.¡±

Apple slowed hiring during the pandemic more so than many of its rivals. It¡¯s one reason why it might be better positioned not to lay off employees now in response to macroeconomic conditions.

But Apple also remains extremely profitable, reporting $24 billion in net income on $95 billion in total revenue during its March quarter earnings report.

Also Read: From Google To Microsoft: Why Most Tech Giants' Stocks Are Soaring This Year Despite Mass Layoffs

How Other Tech Giants Justified Mass Layoffs

During mass layoff announcements in recent months, tech giants' CEOs justified the mass layoffs in their own ways. Alphabet CEO Sundar Pichai said, "We hired for a different economic reality," while Microsoft CEO Satya Nadella said they were "Focusing on our short and long-term opportunity."

Twitter's Former CEO Jack Dorsey admitted, "Regret growing the company too quickly." Mark Zuckerberg meanwhile said that Meta was "Taking steps to become a leaner and more efficient company". Last year, American automaker Ford¡¯s CEO Jim Farleyhad said, "We have too many people.¡±

Also Read: 93% Employees Who Turned Entrepreneurs After Layoff Are Now Competing With Their Old Company: Survey

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