The Cleveland Clinic is a renowned non-profit academic medical center. It is based in Cleveland, Ohio. Its outstanding patient care and novel contributions to medical science have long been recognized. This institution is known for its expertise in cardiology and heart surgery. So, it regularly appears among the best hospitals in the United States. Cleveland Clinic Layoffs 2024?
Despite its reputation, the Cleveland Clinic has had severe financial challenges. This resulted in staff reductions and layoffs. The difficult economic situation was made worse by the COVID-19 epidemic. Along with that, its growing operating expenses led to these actions. In this article, let us learn more about the layoffs at Cleveland Clinic in detail.
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About the Cleveland clinic
The Cleveland Clinic was founded in 1921 by faculty and alums of the Case Western Reserve University School of Medicine. The Cleveland Clinic Foundation operates it. The Clinic’s main campus in Cleveland comprises 170 acres. It includes 14 affiliated hospitals and 20 family health centers across Northeast Ohio.
Globally, Cleveland Clinic has established medical centers. It includes locations like Florida, Nevada, Canada, the United Arab Emirates, and the United Kingdom.
Financial Challenges
The Cleveland Clinic has had major financial challenges in recent years. The COVID-19 epidemic, together with economic issues, has put a burden on the hospital.
In the third quarter of 2023, Cleveland Clinic recorded a $14.9 million operating shortfall. It was down from $28.3 million the previous year. Revenues for this period rose to $3.6 billion from $3.3 billion in 2022.
However, operating expenses increased to $3.4 billion from $3.1 billion. It was due to the growing number of patients and rising inflation affecting labor, benefits, supplies, and pharmaceutical costs.
The Cleveland Clinic connects these financial issues to several important factors:
1. Nationwide labor shortages have caused staffing issues. This resulted in higher overtime costs and premium pay for caregivers.
2. Rising numbers of patients and inflation have driven up the cost of supplies and medications.
3. To meet patient care demands, agency nurses and temporary professionals have been utilized.
4. Medicare and Medicaid reimbursement rates have not kept up with increased expenditures. It increased the financial burden.
The Cleveland Clinic also stated in the report:
“Agency employee costs have been elevated in the third quarter of 2023. but they are below the highs experienced in 2022. It was due to the various workforce plans adopted by the system. This was meant to reduce its dependency on agency personnel.”
Salaries and benefits rose by 8.1% in the third quarter compared to the same time in 2022. Supply expenses rose 11.6% over the same time last year, while pharmaceutical costs rose 21.1%.
According to the study, days of revenue in accounts receivable were 55 in 2023. It was up from 52 during the same period in 2022. The Cleveland Clinic had 308 days of cash on hand, up from 333 in 2022.
Impact of the COVID-19 Pandemic
The COVID-19 pandemic has had a significant impact on healthcare organizations, including the Cleveland Clinic. The financial strain became more obvious in 2022. In that year, the hospital recorded an operational loss of more than $200 million. This huge loss was in contrast to the hospital’s excellent financial performance in 2021 when operational income was $746 million.
Throughout the pandemic, Cleveland Clinic faced the following:
Labor costs have increased by 15% to 30%.
Costs for drugs, supplies, and energy have risen greatly.
Healthcare services were disrupted, resulting in lower patient volumes and revenue.
Despite increased prices, Medicare and Medicaid reimbursements have not kept up. It worsened the financial problems.
Layoffs at Cleveland clinic
To address these issues, the Cleveland Clinic has taken cost-cutting measures. The healthcare system has reduced travel, consulting fees, and administrative hiring. They also started charging for electronic messages via the MyChart portal. The patients’ insurance was billed for
Messages that took five minutes or more of a healthcare provider’s time.
These financial challenges have resulted in layoffs at the Cleveland Clinic. It was made to decrease operational expenses and maintain its finances. The actual number of layoffs has not been officially disclosed. But the impact has been severe. Employees from various departments have lost their jobs. These all happened due to the hospital’s efforts to streamline operations and decrease costs.
The layoffs are part of a larger strategy to deal with the Cleveland Clinic’s finances. By decreasing administrative and non-essential staff, the hospital hopes to focus on core patient care services. This decision will likely help the organization handle financial issues. Thus, it can continue to provide high-quality service.
Conclusion
In summary, the Cleveland Clinic has faced significant financial challenges. It led to layoffs and cost-cutting measures to stabilize the organization.
Despite these, the Cleveland Clinic remains committed to its mission of providing exceptional patient care. The hospital continues to invest in new facilities and initiatives. It aims to improve patient services. Also, it maintains its reputation as a leading healthcare provider.
Cleveland has projects like the opening of Cleveland Clinic Mentor Hospital and the expansion of the Cole Eye Building on the main campus. It shows that the organization is geared toward growth and innovation.
On November 19, 2018, the manufacturer of Cilest (norgestimate and ethinyl estradiol) informed healthcare providers that the oral contraceptive would be discontinued by July 2019. This choice was made for commercial reasons rather than security, efficacy, or quality concerns. Is Cilest discontinued?
Cilest supplies ran out by mid-July 2019. So, both doctors and patients prepared for a change to other contraceptives. In this article, let us learn more about why Client has been discontinued.
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Overview of Cilest
Cilest is an extremely effective birth control tablet. It prevents pregnancy by more than 99%. It may also aid women with heavy and painful periods.
Cilest is a combined oral contraceptive pill. It contains two synthetic hormones: norgestimate (a progestogen) and ethinyl estradiol (an estrogen). This combination prevents pregnancy through multiple mechanisms:
Inhibition of ovulation: The hormones prevent the release of an egg from the ovaries.
Cervical mucus thickening: This makes it difficult for sperm to enter the uterus.
Endometrial alteration: The lining of the uterus becomes less suitable for the implantation of a fertilized egg.
Cilest, like other combination oral contraceptives, helps beyond avoiding pregnancy. It also aids in:
menstrual cycle regulation,
cramp relief, and
the treatment of acne and polycystic ovary syndrome (PCOS).
Why is Cilest being discontinued?
Cilest is a popular combined oral contraceptive. The discontinuation of it led to many concerns and queries from users and doctors. The decision to stop manufacturing was made in July 2019. The decision was driven by commercial factors rather than concerns about the drug’s safety or efficacy.
Cilest debuted in the late 1980s. It became a popular contraceptive due to its dual-hormone formula. It successfully prevents getting pregnant. Despite its success, the industry’s changing dynamics and competition forced the manufacturer to leave the market.
Thus, the decision to discontinue Cilest was mostly business-related. The pharmaceutical industry is competitive. To be viable, manufacturers have to evaluate their product portfolios constantly. Factors that influenced the decision included:
The market for hormonal contraceptives has become highly competitive. Many alternatives provide similar results and benefits. Newer formulations, extended-release choices, and other methods of delivery have gained popularity. Thus, these are all reducing the market share of earlier medicines, such as Cilest.
When patents expire, generic copies of hormonal contraceptives become available. They can also be bought at cheaper prices. This lowers the profitability of branded drugs such as Cilest.
Pharmaceutical businesses may consider streamlining production. This is to focus on more profitable or creative products. To better allocate resources, it may be necessary to discontinue less profitable lines.
Alternatives to Cilest
There are two direct alternatives to Cilest: Cilique and Lizinna. They both have the same active ingredients and work in the same way. These options ensure a smooth transition for people who need to modify their pill of choice.
Clique
Cilique is chemically similar to Cilest. It gives the same hormone dosage, which offers the same level of contraceptive protection and benefits.
Lizinna
Lizinna is an alternative that has the same active components as Cilest. It performs identically, making it an excellent choice for those hoping to move from Cilest.
When switching to a new contraceptive, users can experience some symptoms. They are headaches, nausea, or spotting between cycles. These side effects are usually mild and temporary. However, if you experience any severe symptoms, you should seek medical attention right away. It includes blood clots, severe headaches, or eye issues.
Combining oral contraceptives with some drugs may lessen their effectiveness. Always notify your doctors of any extra medicines you are taking. This allows them to look into potential interactions and change your contraceptive method as needed.
Conclusion
The discontinuation of Cilest marks the end of a widely used contraceptive option. But Cilique and Lizinna are available to offer comparable options. They ensure the continuity of contraceptives.
Care. Users should smoothly move to these alternatives by finishing their existing pack of Cilest and starting the new pack without delay.
Healthcare practitioners should proactively identify patients who use Cilest. They should counsel them to switch to other alternatives. This helps maintain contraceptive efficacy and manage possible negative effects during the transition. Users should also understand how to handle missed medicines. They should be aware of potential reactions to other medications.
Users may ensure that their contraceptive choices continue to provide benefits and protection. They should stay informed about the reasons behind Cilest’s discontinuation and the alternatives that are available.
Emerson College is a private institution located in Boston, Massachusetts. It is known for its specialized programs in the arts and communication. Recently, it has announced a series of layoffs in response to declining enrollment. The college’s main campus is situated in Boston’s Theater District, with additional campuses in Los Angeles and the Netherlands. This institution owns historic theaters and offers a range of arts-related degree programs. Emerson Layoffs 2024?
Emerson is facing a significant decrease in the size of its incoming first-year class for the fall of 2024. In this article, let us know more about the layoffs at Emerson.
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Effects of campus protests on enrollment
Emerson College President stated that new student enrollment is much lower than expected. The college’s administration blames the drop in enrollment on a variety of causes. This includes the effects of recent campus protests.
According to a message from Emerson’s president, Jay Bernhardt,
“The negative publicity and social media reactions caused by these protests have harmed the college’s appeal to new applicants.”
The protests took place in late April. It included a pro-Palestinian campsite and ended in over a hundred arrests when authorities interfered to clear the camp. These events have been connected to the negative reputation of the college. Thus, it has affected enrollment numbers.
In his message with the college’s faculty and staff, President Bernhardt stated that the student protests affected many significant yield events and campus tours. They are important for attracting new students.
Yield events are important because they aim to convert admitted applicants into enrolled students. So, disruptions at these times may seriously impact a college’s enrollment.
The protest not only disrupted these events but also received major negative attention from social media. Thus, it affected the college’s recruitment efforts.
The fall in enrollment has also been connected to broader national trends. It is showing a decline in interest in smaller private colleges. These trends are combined with enrollment deposit delays caused by the rollout of a new FAFSA form. It has created a perfect storm that has resulted in the current situation.
This year’s FAFSA (Free Application for Federal Student Aid) changes created major holdups and processing mistakes. It complicated things for universities around the nation, including Emerson. Thus, it had to extend financial aid deadlines and adapt to enrollment effects.
Layoffs at Emerson
The enrollment gap has serious financial impacts. It is forcing Emerson College to make budget cuts. It includes limiting new faculty recruitment and cutting off some staff positions.
The president’s message stated that both vacant and filled staff posts are at risk. Also, he said that the faculty positions may also be reduced. These actions are labeled as a “one-year phenomenon.” However, they are expected to have a long-term impact on the college’s finances and operations. It’s due to the loss of tuition and housing revenue from fewer enrollments.
Thus, Emerson’s management is taking immediate steps to fix the financial shortage. But the consequences for the entire college community are severe.
Faculty and staff members, notably those connected with the Faculty and Staff for Justice in Palestine, have expressed concern. They are worried that the administration may be using the current situation to reduce criticism and solidify control over the college’s future.
Illona Yosefov, an instructional technologist and union head steward, shared this opinion. She expressed concern that the layoffs and hiring restrictions could be used to frighten faculty and staff into compliance.
The situation at Emerson College reflects bigger issues in the United States higher education system. It shows how institutions handle activism and its effects on campus life. The college’s response to the protests, as well as its budget changes, show the necessity for institutions to strike a balance between supporting student voices and managing their operations for long-term survival.
Conclusion
In summary, Emerson College’s layoffs and enrollment issues show how outside factors can affect small private universities. The factors include student activism and broader enrollment patterns.
The college’s leadership is in a position to make difficult decisions. This is to improve its financial situation while also addressing the underlying causes that have contributed to the fall in student enrollment.
The outcomes of these measures will have a significant impact on Emerson College’s long-term path. It’s because it navigates the challenging environment of higher education.
In March and April 2024, hundreds of employees at biotech and health tech companies were laid off. The biotech giant Genentech is eliminating positions in South San Francisco. These layoffs are permanent.
According to an April 3 WARN letter, Genentech intends to give pink slips to 436 employees at its headquarters in South San Francisco. The cuts are slated to take effect between June 5 and August 7. Dozens of directors are on notice. The layoffs will also affect scientists, administrative assistants, and engineers.
According to a statement, Genentech is making the changes to refocus its efforts on the most promising therapies currently in development. In this article, we will learn more about Genentech’s layoffs.
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About the company
Genentech is a member of the Roche Group. It is a biotechnology company that researches and develops treatments for severe and life-threatening diseases. The company’s innovations include the first targeted antibody for cancer. Also, it found the first treatment for primary progressive multiple sclerosis.
Earlier this year, Swiss company Lonza purchased Genentech’s Vacaville manufacturing site. The changes are part of biotech’s evolving landscape. It focuses on specific medicines for smaller patient populations. Also, it shifts large-scale commercial manufacturing to other sites. The business stated in a prior statement:
“We regularly assess our operations to ensure we remain well-positioned to meet the needs of patients today. Also, we keep on providing innovative new medicines in the future.”
Genentech combined its footprint in 2023
Genentech has laid off hundreds of employees in many waves as part of its reorganization efforts. In the late summer and fall of 2023, the company closed its first biologics plant at its South San Francisco headquarters, laying off 271 people. The company announced further layoffs as the year went on. Thus, it is shifting from a “national strategy” to a more localized operating approach.
The strategic decisions reflect Genentech’s goal of relocating its commercial manufacturing activities across its global network. Also, it focuses on centralizing clinical supply production within its R&D hub in South San Francisco.
Genentech layoffs 2024
Genentech and four other businesses in San Francisco and the North Peninsula are laying off 790 employees. Four of them are ending at least part of their operations.
Although Genentech is not removing any facilities, its wave of layoffs is the most extensive. The South San Francisco-based biotechnology company is laying off 436 employees, as stated in a letter sent to state and local officials in April 2024. According to business spokeswoman Nadine Pinell, this accounts for around three percent of its global workforce. It includes employees not working at its headquarters at 1 DNA Way. Pinell declined to reveal how many people affected by the cuts live in South San Francisco.
According to a statement,
“Genentech is reducing its workforce to focus on the most promising therapies under development. Despite the layoffs, Genentech is still hiring in other areas. Roche, its Swiss-based parent firm, expects its headcount to remain steady this year”.
Also, Genentech stated, “This limited cut will allow us to focus our resources on the areas that we believe can provide the most benefit for patients.”
Susan Stewart is an assistant general counsel in Genentech’s employment law group. On April 3, she wrote in a letter to state and local officials that the business plans to make the cutbacks on four distinct dates: June 5, June 24, July 22, and August 7.
The business intends to lay off two vice presidents, 22 leading scientists, and 18 therapeutic area managers. However, it will keep clinical supply production and research and development facilities at its prominent South San Francisco location.
Conclusion
The biotech industry will face a severe problem in 2024. While there are many successful biotech startups, the sector is also facing huge cutbacks.
Major biotech and pharmaceutical companies are affected, including Amylyx Pharmaceuticals, Novartis, Genentech, and Sanofi. There is a haves-nots dynamic at work. While biotech startups are suffering, established companies are experiencing significant layoffs.
Also, Kenvue, which separated from Johnson & Johnson in 2023, has announced plans to lay off around 4% of its workers. Bristol Myers Squibb has revealed one of the most significant employment reductions of the year thus far. It plans to lay off about 2,200 individuals, or nearly 6% of its workforce.
At least five magazines have been titled Vanity Fair. The current Vanity Fair is an American monthly magazine covering politics, fashion, and pop culture. Condé Nast Publications publish it.
In January 2024, more than 400 Condé Nast employees walked off the job in a historic 24-hour work stoppage, protesting the company’s plan to lay off workers.
Until January, an uneasy conflict existed. According to sources, as contract negotiations went on, Condé Nast began shifting employees on the planned layoff list out of their prior jobs and into a centralized team working across the brands. In this article, we will learn more about the layoffs at Vanity Fair.
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Condé Nast employees’ strike to protest layoffs
On January 23, 2024, 400 employees of Condé Nast, the parent company of Vanity Fair, Vogue, and GQ, walked out. The NewsGuild of New York called for a daylong strike on the day of the Academy Awards nominations. This was to protest “unlawful conduct of layoff talks and bad-faith bargaining.”
The protest comes after Condé Nast declared on November 1 that it would reduce 5% of its workers. The firm then revised its plans, indicating that it would lay off 94 unionized employees, which is around 20% of the Condé Nast Union.
The union’s bargaining team replied to management’s plan with fewer layoffs, more outstanding severance, and a moratorium on cuts. The publisher’s last offer was made earlier in January. They set the total number of cuts at 94. According to the union, it reduced the planned severance by nearly half.
The vice chair of Conde Nast Union’s CNE unit, Ben Dewey, said in a statement:
“Today results from the last three months of fighting for our coworkers on the company’s layoff list.” “Our 24-hour walkout is about standing strongly behind our coworkers. We are making it obvious to Conde Nast management that we will not accept disrespect at the bargaining table over these layoffs. It’s time to begin negotiating in good faith with us.”
On behalf of Condé Nast Union, the NewsGuild of New York has filed an unfair labor practice claim, citing regressive bargaining.
A work stoppage like this is the latest to affect major news businesses. In recent months, the employees at the Los Angeles Times and Washington Post have been walking out in advance of layoffs and contract disputes.
Condé Nast intends to lay off more employees
On March 20, 2024 (Wednesday), approximately 35 Condé Union members marched to executives’ offices. They did this to protest extra layoffs they claimed were threatened during labor discussions on March 19 (Tuesday). A bargaining session for the first contract happened on Tuesday. The company planned to add five more employees to its pre-existing list who would be laid off.
The company also warned that more could be added. The Condé Union also claims that the business did not present any counter proposals to union requests from the previous week. This includes remote work and paid time off during Tuesday’s Zoom conference, which management allegedly ended abruptly.
On Tuesday, Condé Nast filed an unfair labor practice charge against the Condé Union’s umbrella organization. The company’s reasons include the following:
“The union has not taken our workforce reduction proposal seriously in four months of negotiation. In December, the union made only one proposal about layoffs. We asked for a minimum of seven months’ severance and insurance safety for affected employees. Also, only 28 cuts were requested, as opposed to the original 94.”
“We also notified the union that we would start proposing cost-saving measures. This is to cover the cost of ongoing salary carrying costs that are not in our 2024 budget,” the memo said. “Despite our best attempts to avoid it, the union’s delay has left us with no choice but to seek cost cuts. Today, we informed the union that we will add more duties to the planned reduction list.”
In a statement, NewsGuild of New York president Susan DeCarava described the claim as
“a clear attempt to force us into agreeing to their layoff plans.” She continued, “As we have throughout talks, we are ready to bargain when management wants to stop the show and bargain in good faith.”
Employees on the layoff list have been informed that they will be reassigned to a group separate from their previous brands. According to a source at the time, this group is known as the “Central Content Unit.”
Layoffs at Central Editorial Group
Approximately 100 employees have recently joined Condé Nast’s “central editorial group.” Their work has taken an unusual turn in recent months. Condé Nast began relocating employees on the proposed layoff list from their old jobs to a centralized team working across the brands as contract negotiations dragged on.
Nine more employees were added to the layoff list a few months later. Some mentioned employees then left or were promoted, so they are no longer on the list. According to a NewsGuild official, 95 have been installed in the centralized group.
It was awkward enough for people on the list to stay with the organization for months. A few members of the centralized group spoke with THR about their suspension. Some describe this as a “rubber room” as the union and management continue negotiating.
Depending on what the union negotiates, some people are more harmful or have given up. But others think they might recover their previous positions. It’s still being determined how long the situation could last.
Conclusion
Following their September 2022 union vote and the layoff of at least 100 coworkers, the writers—The News Guild of New York’s Conde Nast unit members—bargained for months for their first contract. Subsequently, they marched to the streets to speak up for themselves.
A supermajority of the unit’s members, including all of its premium magazines, agreed to walk out, so management finally got down to serious bargaining. At 3 a.m. on May 6, the day of the gala, the two parties reached their first contract.
The University of Southern Maine (USM) is a public university with campuses in Gorham, Portland, and Lewiston. It is the southernmost campus in the University of Maine System.
The University of Southern Maine (USM) reported layoffs on May 14, 2024, in a letter from President Jacqueline Edmondson. USM is laying off several employees as it continues to struggle financially.
The specific number of layoffs was not specified in the letter. However, Edmondson noted that USM would discontinue the Russell Scholars project and lay off specific management staff. The layoffs take effect on May 17, 2024. In this article, let us explore USM layoffs more.
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IS USM struggling financially?
The seven-university system is dealing with declining enrollment and state funding that has yet to keep up with inflation. It also experienced concerns about its chancellor’s leadership. A nearly complete hiring freeze, budget cuts, and restricted travel occurred. Thus, the University of Southern Maine is reducing its expenses.
In a message to the school community in June 2023, USM President Jacqueline Edmondson stated that the university’s future is bright. But she added, There are difficulties.
The letter from the USM president comes at a time when the state’s public universities are facing a systemwide crisis. Maine’s state university system consists of USM and six other schools. It continues to struggle financially as decades of flat investment relative to inflation catch up with it. Also, a multiyear drop in enrollment caused by
declining affordability,
growing apathy about the value of a college degree,
the COVID-19 pandemic, and
a shrinking young population.
Although the dollar amount granted by the state has increased year after year, it has not kept pace with inflation. The state’s share of the system’s general budget has dropped drastically. In 1972, the state funded almost 70% of the university system’s finances, with tuition covering the other 30%.
State funds and tuition account for roughly 43% of the system’s costs. Revenues from food, housing, conferences, and athletics cover the balance of the system’s general expenses.
Meanwhile, enrollment has dropped, making up an essential part of the system’s revenue. At the same time, the system’s costs are rising due to inflation and other budgetary concerns.
The UMaine System’s situation is familiar. Across the country, public university systems are dealing with similar financial, social, and demographic issues. Some have even closed entire campuses.
Many people are concerned about these patterns. Educators and others believe that high-quality, easily accessible colleges and universities are vital for societal equity, learning, and economic growth.
USM’s strategic plan
The UMaine System Board of Trustees approved a five-year strategic plan in the summer of 2023. This describes its future aims in broad strokes. The system intends to avoid severe steps such as campus closures. Instead, leaders will try to rectify
declining enrollment trends,
boost efficiency, and
attract new students.
The plan outlines broad objectives, leaving the specifics to be filled out later. However, it depends mainly on doubling down on recruitment initiatives and increasing outside funding. It also relies on remote learning, which the system has adopted since the pandemic began.
The system has invited each school to outline its plans for aligning with and supporting the systemwide strategic plan by October 1, 2023.
Layoffs at USM
On May 13, 2024, the University of Southern Maine announced that it would be laying off an unknown number of staff.
The letter did not specify the precise number of layoffs, and university officials did not say how many positions were being cut. However, according to Edmondson, USM will drop the Russell Scholars initiative and cut certain administrative posts. The layoffs take effect on Friday, May 17.
“I decided to reach out to share some difficult news,” Edmondson wrote. “The leadership team and I had to make difficult choices about how to evaluate the reallocation of finances. We have to strike a balance between the university’s priorities. We hope that these measures will set the university up for future expansion.”
The Russell Scholars program’s director and associate director posts have been dissolved. Management positions such as director of advising, graduate studies, and student engagement and leadership have also been eliminated.
The Russell Scholars initiative has been open to all first-year and transfer students. It includes
academic coaching,
specific core curriculum classes,
a “guided exploration of career interests,” and
on-campus living.
According to USM’s website, Russell Scholars is a “close-knit, friendly community that combines academic and social life. They promote a home away from home within the larger university.”
Edmondson wrote in an email to the Press Herald:
“We realize that this is hard for those directly affected, their teams, students, and our community. That is why we have done all that is possible to avoid position cuts until now.”
The University of Southern Maine has campuses in Gorham, Portland, and Lewiston and enrolls around 7,000 students. USM’s enrollment is down roughly 10% from five years ago.
USM, like many other colleges and universities across the country, is experiencing enrollment problems. To increase enrollment, the system launched a direct admissions pilot program. The program is enrolling students who have not formally applied. Nearly 300 students entered in 2023–24 through the direct admissions process, and system officials said they plan to expand it in the future.
Conclusion
Over the past few years, the financial situation has reduced extracurricular activities and programs, laid off tenured staff, and caused the loss of campus life. This has resulted in turbulence for the UMaine System, as seen by student sit-ins and faculty votes of no confidence in the system.
Chancellor Dannel Malloy and faculty members are concerned that further layoffs will occur in 2023. They worry that programs will be reduced and that campuses will lose individuality. Also, autonomy means that power is centralized between the system and the chancellor.
The 2023 was a challenging year for the biopharma business. Some companies laid off and rearranged their workforces to survive in the market. Mergers and acquisitions increased in the pharmaceutical and life sciences industries in late 2023 and have continued to rise into 2024, indicating an upturn.
BioMarin Pharmaceutical Inc. laid off its employees in 2022. But there was no news about layoffs in 2024.
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About BioMarin
BioMarin Pharmaceutical Inc. is an American biotechnology business based in San Rafael, California. The company has offices and facilities across the U.S., South America, Asia, and Europe. Over the years, BioMarin has faced criticism for drug pricing and specific cases of restricting access to drugs in clinical trials.
BioMarin Pharmaceutical’s stock has fallen 13% in the last month. The company does not issue regular dividends, which means that almost all of its profits are reinvested in the company. However, this does not explain why the company has yet to experience any growth.
BioMarin’s Layoff
In October 2022, a press release issued on October 6, 2022, announced that BioMarin Pharmaceutical would lay off approximately 120 people to save money. The company’s plan to reduce its staff by 4% aimed to simplify the organization, increase efficiencies, and reduce managerial layers. The move was to save the drugmaker about $50 million per year, beginning in 2023.
According to the release, BioMarin intended to reinvest a “major portion” of the funds in its clinical and early-stage portfolio. The cash can also fund the U.S. launch of one-and-done hemophilia. Roctavian, a gene treatment, received European approval in August after facing regulatory delays at the FDA.
BioMarin explained to FierceBiotech that “organizational assessment showed that some roles in the organization were redundant. Also, it is not aligned with the company’s longer-term goal.”
BioMarin employs the majority of the impacted workers in the United States. The business stated that they were informed of the decision. At that time, BioMarin planned to spend around $25 million on the reduction during the third and fourth quarters of 2022.
CEO Jean-Jacques Bienaime stated this in a post-market release during the layoff announcement:
“Change is needed to fulfill our promise. We have to operate the business for the benefit of our patients, shareholders, and other stakeholders. To function with the best efficacy and efficiency, our organization must be the proper size. It should have the proper structure and the correct focus.”
BioMarin’s financial results appeared stable. At the end of June 2022, the Californian business had $1.52 billion in cash and equivalents, the same amount as it had at the start of 2022. In its August 2022 financial report, the company raised its full-year 2022 revenue expectations from $2.05–$2.15 billion to $2.06–$2.16 billion.
BioMarin anticipated paying $20 million to $25 million in one-time costs to cover employee termination benefits and severance.
BioMarin’s commercial chief leaves the company
Alexander Hardy is BioMarin’s new CEO. The company has announced that Jeffrey Ajer, the team lead, will be leaving by July. Thus, he is reorganizing his commercial team.
The announcement was made via a short SEC filing. It stated that the 18-year-old company veteran Ajer would “step down” as the business’s executive vice president and chief commercial officer (CCO) in July and that the departure was “without cause.”
There was no supporting press statement, quotes from Hardy or Ajer, or information about the new CCO’s plans. Ajer has been with BioMarin since 2005. He was promoted to his current position in 2012.
According to a BioMarin representative, the company “has begun to look for his successor. Jeff will keep leading the organization in the interim.”
The representative also stated that Ajer played a “pivotal role” during his extended company term. “We are grateful for everything he did during his tenure.” The company did not specify how or when he decided to depart or whether it was part of Hardy’s new strategy plan.
Conclusion
It’s a critical time for BioMarin’s commercial team. Hardy recently appeared at the J.P. Morgan Healthcare Conference. He told investors that the company’s “top priority” is to expand its dwarfism medicine. Until now, there has been no news about layoffs at BioMarin.
Indeed, the job portal is laying off around 1,000 people, or 8% of its workforce. The cutbacks affect many areas and organizations, but unlike last year, they are not uniform. The layoffs occur mainly in the United States and are primarily aimed at R&D and some go-to-market teams.
In a memo, CEO Chris Hyams stated that the company is profitable but unprepared to prepare for long-term growth. He noted that the reductions are more targeted than the 2,200-worker reduction done last year. In this article, let’s explore layoffs at Indeed in more detail.
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What happened in Indeed?
Indeed, Inc. is a global job posting website based in the United States. The website collects job listings from thousands of websites and makes revenue by selling premium job posting and resume tools to employers and companies looking to hire.
In 2023, Indeed, Inc., the world’s largest job board, laid off 2,200 employees. This accounted for approximately 15% of its workforce. Its subsidiary site, Glassdoor, laid off 140 employees in 2023. The layoff is Indeed’s first big one, in addition to the genuine and tragic impact on these former workers. Previously, it had grown like a weed in practically every place it was found. Workers received emails informing them of their status. Those who lost their jobs were met with the subject line, “Your Position Has Been Impacted.”
Following that, Indeed CEO Chris Hymans gave an obvious explanation for the layoffs:
“Last quarter, U.S. overall job opportunities declined 3.5% yearly. Also, the sponsored job volume fell by 33%. Our organization is too large for the challenges ahead with prospective job vacancies at or below pre-pandemic levels.” In other words, there are too many people and little revenue.
Indeed, it may be overhired due to revenue growth in 2021 and 2022. Overhiring, particularly in the tech industry, caused a significant portion of Indeed’s growth in 2022.
2024 Layoffs at Indeed
Indeed, it said it will lay off roughly 1,000 employees, or about 8% of its workforce. The company is taking this action to simplify its operations.
In a memo made public on May 13, 2024, CEO Chris Hyams accepted responsibility for “how we got here.” He noted that the company is still being prepared for growth after last year’s worldwide hiring slowdown, which resulted in repeated quarters of dropping sales.
The decision also intends to reduce “too many organizational layers” within the business. This mirrors Mark Zuckerberg’s actions last year when the CEO stated that he wanted to “flatten” Meta’s organizational chart.
“We have been trying to simplify every aspect of our business. But we can’t get where we need to go without significant alterations,” Hyams stated.
Hyams said the company’s leadership worked with its H.R., legal, diversity, equity, and inclusion departments “to ensure objectivity and equity in the decision-making processes.”
“The final picks have had no unequal effect on women, underrepresented genders, or the underrepresented minority population in the U.S.,” Hyams stated.
He added: “Within the hour, workers outside of Ireland, the United Kingdom, and Australia will find out whether they have been affected by this decision. If you are affected, your email will contain a link to the specifics of your separation package, which will differ by location. Most employees’ compensation amounts have increased in the last year. They include severance, healthcare benefits (where applicable), and outplacement assistance, among other things.”
Reasons for the layoff
Reporters asked a spokesperson how the layoffs might affect Indeed’s headcount. He stated the company had no further information beyond Hyams’ letter. It was indeed announced last summer that it employed 2,800 individuals in Austin. It is a decrease of approximately 100 employees from the previous year. The company declined to release an updated head figure on May 13, 2024.
“I am sad to convey the news that we have made the difficult choice to reduce our staff size through a layoff,” Hyams stated in the letter. “A year ago, our cut was driven by cost savings. Unlike that, we are taking this action because we need to simplify our organization by making it easier and faster for us to make decisions. It will also enable us to expand revenue and hire more effectively.”
“As hard as these changes are, our new structure will help us to simplify and work efficiently as one team. Thus, we will reignite revenue growth. We aim to drive towards our 2030 goal of helping 100 million individuals get jobs.”
She was told that in March 2023, it would lose 2,200 jobs or around 15% of its global workforce. The company, which generates revenue through sponsored job posts, blamed slowing the overall job market and demand for its technologies.
For the most recent round of layoffs, Hyams stated, “While the layoffs touch many groups and regions, they are not across the board like last year. Instead, they are mainly concentrated in the
The U.S. focuses more on R&D (research and development) and some go-to-market teams.”
He stated that the business would “significantly restructure” its R&D team, removing layers of management and implementing additional efforts to “simplify decision-making and create clarity.”
Indeed, executives have organized a worldwide town hall meeting for staff on May 14, 2024. Hyams stated that there will be more details on the general organizational structure. This will be followed by more meetings with corporate leaders to respond to employees’ questions.
Conclusion
The layoffs occur when Indeed faces growing competition from rival job boards like LinkedIn and Glassdoor. The company is also under pressure from investors to increase its profitability.
“We are sure that these modifications will make Indeed a stronger company in the long term,” Hyams stated.
Square Enix is about to become the latest game company to lay off its employees. The business has stated that it will shortly begin layoffs at its U.S. and European offices.
Square Enix’s new “medium-term business plan” was released. It provided hints of problems and outlined a goal to “strongly pursue” multiplatform game creation and “efforts designed to win over P.C. users.”
However, the bad news was hidden more profoundly in the document, under the heading “Rebuild overseas business divisions from the ground up.” According to the report, Square Enix has begun “improving costs at its European and American offices via structural reforms.”
One thing we’ve learned from the previous year and a half of gaming industry disasters. It is about “optimization” and “restructuring,” code terms for layoffs. As a result, the same thing is valid here.
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What happened to Square Enix?
Square Enix Holdings Co., Ltd. (Square Enix) develops and distributes digital entertainment products. The business publishes, distributes, and licenses entertainment content worldwide through its multinational brands.
Square Enix’s latest financial figures showed that profits were down roughly 70% from the prior year. It can be caused by the recognition of ¥22,087 million ($141 million) in losses on content disposal as an unusual loss.
It stated that these losses are due to the removal of efforts that do not align with the company’s future plans. This implies they were either linked to a single platform or relying too heavily on external developers.
Square Enix has stated that it will pursue a multiplatform strategy, including Nintendo platforms, PlayStation, Xbox, and P.C.s.
The business claimed that by taking this action, it would be able to
“Create a space where more customers can enjoy our titles regarding popular franchises and AAA titles, including catalog titles.”
However, the original concept needed to be updated. Recently, Final Fantasy games have launched as PS5 exclusives. This includes Final Fantasy 7 Remake, Final Fantasy 16, and Final Fantasy 7 Rebirth. Rumour has it that sales of the later releases could have been better.
Square Enix’s layoffs
Square Enix’s layoff news comes shortly after the business revealed the demise of several unannounced games. Many large video game firms have experienced layoffs. Square Enix has now announced layoffs in its European and American units, but it has yet to make an official announcement.
This report came just after Square Enix reported weak financial results compared to last year. This was mainly due to the cancellation of undisclosed video games. This decision was meant to better align with a new longer-term company strategy, “Square Enix Reboots and Awakens.” However, it has resulted in a 70% earnings loss compared to last year.
It still needs to be determined what these games are. But news of them was released as a rising tide, quickly followed by Square Enix’s layoffs. The decision was announced at a company town hall meeting. During that meeting, president Takashi Kiryu stated that those in publishing, I.T., and Square Enix’s Collective Indie Games division would be the most affected. Also, the layoffs will happen over the coming month. The actual number of layoffs has yet to be revealed.
Reasons behind the layoff
Takashi Kiryu has been eager to explore innovative techniques and tactics for the company. It wasn’t until the beginning of this year. In a new year’s message to the world, he announced the firm will be “aggressive” in its use of A.I. in future video games. We’ve seen A.I. employed to some extent in Foamstars. But we haven’t seen any significant involvement in Square Enix games.
More importantly, these layoffs occurred just after Square Enix sold most of its Western studios and I.P. to Embracer Group. These studios are behind games like Deus Ex and Tomb Raider. After that, they were caught up in Embracer’s ongoing layoff hurricane. Eidos Montreal was especially affected. It lost 100 employees and had a Deus Ex game canceled. So, according to this news, the western half of Square Enix’s firm has been severely beaten up.
The rollercoaster of layoffs and studio closures appears to be far from over. In an industry overflowing with freshly laid-off coders, you have to wonder how much talent will be able to hang on until new possibilities appear. Also, it is shocking how many will be lost permanently.
When and where does the layoff happen?
Square Enix plans to let off an undefined number of staff from its U.S. and European operations this week. These offices are based in California and the United Kingdom, respectively. According to those in attendance, Square Enix president Takashi Kiryu announced the news during a company-wide meeting.
As we all know, layoffs like these were expected following Square Enix’s most recent financial.
Earnings report. As part of Square Enix’s goal to restructure its global business divisions from the bottom up, the company “began optimizing costs.” This will happen at its European and American offices through structural reforms.
After almost 10,000 layoffs across game studios and publishers this year, it’s simple to read between the lines:
“Structural reforms sound exactly like “layoffs.”
According to the publication, these layoffs will occur over the next month. The individuals affected received notice this week. The entire number of expected layoffs needs to be clarified. Employees in publishing, I.T., and Square Enix’s Collective Indie Games branch are expected to be most affected.
Employees laid off in the United Kingdom will be subject to a “one-month consultancy period” under local U.K. law. The impacted U.S. employees could lose their jobs by the end of the month.
Square Enix later confirmed the planned cuts in a statement, stating that:
“Several months of analysis and discussion were undertaken among our leadership team. Only after that did we decide to restructure our Western organization.”
Conclusion
The video game business has suffered severe layoffs. The complete closures at studios of all sizes happened in 2023–2024. In just one year, there were over 16,000 layoffs. As 2024 continued, there was no sign that this trend would calm down.
Mastercard experienced major workforce layoffs in February 2024. The company did not officially disclose the actual number of laid-off employees. However, it was evident that there had been a major decrease in staff, affecting multiple departments and levels.
This was not the first time Mastercard had laid off employees. In February 2015, the company laid off around 500 employees as part of its restructuring plan. But why did Mastercard lay off its employees?
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About the company
Mastercard was founded in the 1960s as Interbank. It has since evolved to become one of the world’s best-known brands. The company is headquartered in New York, USA. It offers financial services across the globe. Its core business is to process payments between merchant banks and card-issuing banks or credit unions.
Mastercard was founded by a group of banks and regional card associations. The business was created in response to Bank of America’s BankAmericard. It ultimately became Visa and remains its main competitor. Before its first public offering, Mastercard Worldwide was a cooperative. It was controlled by over 25,000 financial institutions that issued its branded cards.
The Mastercard layoffs were one of the major events that threw a wrench in the success story of the company. The layoffs at Mastercard were a difficult but necessary move. It is important for the company’s long-term development and viability. Mastercard keeps adapting to the changing financial services. Meanwhile, it promises to provide cutting-edge payment solutions and value to its global customers.
Mastercard overcomes economic pressures
The finance and banking sectors are dealing with layoffs and ongoing inflation. However, Mastercard claims the impact on its own company has been minor. It is despite the recent effects of a cold snap in the United States and the likely disruption of the 2024 election season.
“The[overall job market stays strong. There’s low unemployment and strong pay,” said Michael Miebach, CEO of Mastercard, on an earnings call in January 2024. “While inflation is regulated, there are specific cases in which goods and services remain high.”
Mastercard declared $6.5 billion in net revenue for the quarter ended December 31, 2023. It is up 11% from roughly $5.85 billion a year ago. It posted a profit of $3.18 per share, up 18% from $2.70 the year before.
“We achieved strong earnings and revenue growth for the full year 2023. It was due to robust customer spending, cross-border volume growth of 24%, and the strong execution of our strategy,” Miebach stated.
However, in the US, the rate of payment growth is decreasing. Switched volume includes authorization, clearing, and settlement. It increased by 11% in the fourth quarter. But this is down from 14% in the third quarter but still higher than 10% in January 2024.
Mastercard, like Visa, blamed reduced January sales in part on the weather in the United States, citing a series of violent winter storms. When the weather was calmer, payment performance outside was comparable to December’s record. According to an analyst note from Jeffries, the January fall for Mastercard was most likely caused by poor weather.
Mastercard added that tougher comparisons affected the growth numbers for payments. It will be more difficult for current growth rates to catch up with the recent past. It’s because of the larger payment growth spikes that occurred late in 2022 and early in 2023.
According to Miebach, Mastercard is still looking for “secular” prospects in the US. It includes increasing open-loop transit payments, open banking, and real-time processing of payments.
Miebach mentioned that the card network is keeping an eye on elections. Also, he is planning alternatives based on unexpected news or alternative results. However, he did not specifically discuss how isolationism affects international payments.
Mastercard also aims to support payments in China in the near future, according to Miebach.
Why are there layoffs at Mastercard?
The key cause of the layoffs at Mastercard was the company’s restructuring initiatives. Businesses must constantly look at their strategies and workforce as they develop and evolve. MasterCard was not an exception. The company opted to restructure its operations. This is in order to improve operational efficiency and stay competitive in the fast-paced financial technology sector.
Layoffs are often viewed negatively. However, they play an important role in the reorganization of a company. Companies that reduce workers can streamline operations, increase productivity, and focus on important areas. The Mastercard layoffs were part of a larger strategy aimed at ensuring long-term profitability and growth.
According to sources, in February 2024, Mastercard reduced its workforce massively. However, the business does not officially reveal the number of laid-off employees. Every organization experiences peaks and falls, and Mastercard is no exception. The Mastercard layoffs are a tragic moment in company history.
Despite the layoffs, Mastercard continues to perform well in the market. Their stock price has risen this year, indicating the trust of investors. The business’s recent earnings reports reflect robust customer spending. It is important for its growth.
Mastercard has also been actively developing in the financial technology field. Thus making it easier for customers to open digital accounts and explore open banking alternatives.
Mastercard launches AI tool
In May 2024, Mastercard stated that it hopes to be able to identify stolen credit or debit card numbers. This can be done well in advance of the data being in the hands of online criminals, as stated.
Mastercard is incorporating artificial intelligence into its fraud-prediction system in its most recent software upgrade. Thus, it hopes that it will allow banks to exchange stolen cards before fraudsters use them.
Johan Gerber, executive vice president of security and cyber innovation at Mastercard, said,
“With the help of generative AI, we will be able to locate possible compromise sites for your credentials. We will identify how they might have been compromised. Also, we will swiftly resolve the issue for both you and our other customers who aren’t yet aware of their compromise.”
Mastercard claims that with this new upgrade, it will be able to use various patterns or contextual information. It includes geography, time, and addresses, along with partial yet stolen credit card numbers found in databases. It will help to reach consumers faster and replace the defective card.
The patterns can now be reversed. The batches of faulty cards were used to identify possibly hacked retailers or payment processors. According to Gerber, pattern identification goes beyond what humans can do with database queries or other typical methods.
Many stolen credit and debit card details are floating around on the dark web, ready for purchase by any thief. Many of them were taken from customers who used their credit or debit cards at the wrong gas station, ATM, or online retailer. However, the majority were taken from retailers in data breaches over the years.
These compromised cards may go unnoticed for weeks, months, or even years. Only when payment networks dig into the dark web to search for stolen numbers does a merchant discover a breach? Otherwise, the card is used by a criminal to make payments. Thus, banks realize a batch of cards has been compromised.
“It is now possible for us to proactively contact the banks to ensure that the customer is taken care of and receives a new card. This will allow them to resume their daily activities with minimal disturbance,” stated Gerber.
Mastercard’s move comes as its main competitor, Visa Inc., looks for ways to get users to discard their 16-digit credit and debit card numbers.
Conclusion
Mastercard is not only surviving. But they constantly look for new chances. The company has helped small businesses through a number of initiatives. They have reduced fees to ease the financial pressure on these firms. Also, they’ve begun exploring the possibility of cryptocurrencies, which are a promising route in today’s digital age.
Despite the layoffs, the company appears to remain focused on its aim of promoting financial access and economic growth. The Mastercard layoffs in February 2024 were a difficult decision. However, it is vital for the company to remain competitive. Despite the obstacles, Mastercard is performing well in the market. It has a rising stock price and high customer spending. The company actively innovates and supports small businesses, proving its dedication to growth and financial inclusion.
While layoffs are painful, Mastercard’s actions show its dedication to adapt and thrive in an ever-changing financial market. Thus, the business is ensuring its long-term prosperity.
