Companies are restructuring their workforce to meet their business needs and sadly the employees are mostly on the receiving end with the constant layoffs across the industry. The Walt Disney Company, also known as Disney, is an American multinational and entertainment conglomerate with its headquarters at California. Disney was founded on October 16, 1923, by 2 brothers, Walt and Roy.
In the early years of the Company, it established a solid presence in the animation industry with the creation of the global character Mickey Mouse. Disney is one of the biggest and best-known companies in the world, and was ranked number 53 on the 2022 Fortune 500 list of biggest companies in the United States by revenue. The Fortune 500 is an annual compilation of 500 of the largest US corporations by total revenue for their respective fiscal years.
According to CNBC, the Company’s CEO Bob Iger, announced that a total of 7,000 employees would be let go within the next few months, starting this week. The layoffs were initially announced in February, and the first round of notifications is expected to happen over the next four days, with a larger round of notifications to happen in April, with several thousand more staff reductions before summer.
“We have made the difficult decision to reduce our overall workforce by approximately 7,000 jobs as part of a strategic realignment of the company, including important cost-saving measures necessary for creating a more effective, coordinated and streamlined approach to our business,” Iger wrote.
While the job cuts are part of a broader effort to reduce corporate spending and boost free cash flow, it is pertinent that companies make the process less daunting for their staff by providing adequate assistance to those affected.