DAP Posted January 31 Posted January 31 Quote UPS said Tuesday it will cut 12,000 jobs, with the mass layoff coming only months after the delivery company averted a massive strike by agreeing to a new labor contract. The Teamsters in August voted to approve a tentative five-year contract agreement with UPS, putting a final seal on contentious labor negotiations thathas threatened to disrupt package deliveries for millions of businesses and households nationwide. UPS has roughly 500,000 employees. On a conference call Tuesday morning, CEO Carol Tome said that by reducing the company's headcount UPS will realize $1 billion in cost savings. Tome also said that UPS is ordering employees to return to the office five days a week this year. "We are going to fit our organization to our strategy and align our resources against what's wildly important," Tome said. UPS shares dropped nearly 9% Tuesday. The company project 2024 revenue of $92 billion to $94.5 billion, short of Wall Street's expectations for a figure above $95.5 billion. Revenue also came up short in the fourth quarter, sliding 7.8% to $24.9 billion. That's just shy of Wall Street projections for $25.31 billion, according to a poll of analysts by FactSet. Profits for the quarter ended in December slid by more than half to $1.61 billion, or $1.87 per share, from $3.45 billion, or $3.96 per share. On an adjusted basis, quarterly earnings per share totaled $2.47, a penny above the average estimate, according to FactSet. Under the new union contract, UPS drivers will earn an average of $170,000 in annual pay and benefits by the end of the deal. The pact, which covers about 340,000 UPS workers in the U.S., was also expected to create more full-time jobs and secure air-conditioning in new trucks. UPS joins a number of other major U.S. companies axing jobs in 2024 amid forecasts for slower economic growth. Earlier this month, Alphabet-owned Google laid off hundreds of workers on its hardware, voice assistance and engineering teams to cut costs. Other tech players to announce significant cuts include Microsoft and business software maker Salesforce, while retailers eBay, Levis, Macy's and Wayfair also plan to shed jobs. Most economists expect the labor market will slow this year, but predict the U.S. will avoid a recession. Job growth has proved resilient, with the country adding a robust 2.7 million jobs in 2023. https://www.cbsnews.com/amp/news/ups-job-cuts-layoffs-12000-2024/
Dancehall Queen Posted January 31 Posted January 31 Quote On the heels of a historic deal with its 350,000-strong workforce that delivered to drivers a six-figure salary and benefits (and which Tomé herself praised) it seems as if 2024 is starting off as a disappointing year, to say the least, for UPS managerial staff. In an attempt to save $1 billion amid sinking revenue, executives at UPS are culling 14% of full- and part-time managers and contractors. Tuesday’s announcement reveals a split between the fates and fortunes of blue-collar workers and their office counterparts. With the backing of the largest union in the nation, the Teamsters (whose single largest contract is with UPS), blue-collar workers have succeeded in getting the stability and benefits that white-collar employees are now losing. The cushy corporate jobs that used to be seen as a pathway to wealth have experienced a bit of a swingback lately from their heights in the 2010s—look no further than the recent rounds of layoffs amid once high-flying tech companies. UPS delivers 12,000 job cuts to management months after historic deal for unionized drivers—yet another sign the pendulum is swinging toward blue-collar workers https://fortune.com/2024/01/30/ups-layoffs-12000-management-union-contract/amp/ Mostly the same info, but this framing seems more accurate to me. 1
playboi Posted January 31 Posted January 31 ive only ever had bad experiences with UPS paybacks_its_so_funny_to_me.gif
MatiRod Posted February 1 Posted February 1 On 1/30/2024 at 6:27 PM, Dancehall Queen said: UPS delivers 12,000 job cuts to management months after historic deal for unionized drivers—yet another sign the pendulum is swinging toward blue-collar workers https://fortune.com/2024/01/30/ups-layoffs-12000-management-union-contract/amp/ Mostly the same info, but this framing seems more accurate to me. Yeah the new path to stability is via unions, I’ve noticed that too with friends recently
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