Layoffs | Hasbro cuts 1,100 jobs at Christmas - HR must do more to prevent layoffs in 2024

Hasbro announced 1,100 job cuts on 11 December 2023, with CEO Chris Cocks citing market headwinds as “stronger and more persistent than planned.”

There is a bitter irony in a toy manufacturer being forced into layoffs just two weeks before Christmas, usually the strongest sales period for such companies.

But Hasbro is not alone. State Street, Zulily, Twilio, and Spotify make up December’s cohort of major redundancies, and 2023 has seen myriad layoffs across every industry, from financial services to eCommerce, each with a suitably vague corporate memo in tow.

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Cost-cutting drive | Automotive firm offers to pay 6,000+ workers to quit their jobs

Back in November 2022, whilst announcing plans for layoffs in 2023 at Meta, CEO Mark Zuckerberg stated that accelerated post-pandemic revenue growth “did not play out the way I expected.”