McDonalds to make job cuts: reports

CNN reported that fast food giant McDonald's is planning to cut some of its corporate staff, citing a company memorandum. 
 
CEO Chris Kempczinski said in a memo to employees that roles and staff levels will be evaluated, announcing possible "difficult" discussions and decisions ahead. The memo, obtained by the network, adds that initiatives will be "de-prioritized or stopped altogether" in order to push the organization while reducing global costs, and freeing up resources to further invest in the company's growth. 
 
McDonald's says it plans to communicate its future staffing plans by April 3rd. The company does not have a set dollar amount to cut or a number of employees it's planning to let go, the report added. 
 
According to the report, McDonald's had over 200,000 corporate employees and workers at company-owned restaurants at the end of 2021, with more than 75% of those jobs based outside of the United States.

On a related note, the world has been witnessing a wave of job cuts among business giants such as Twitter, Amazon, and Silicon valley.

Two days ago, Amazon's Chief Executive Andy Jassy announced that the retail giant plans to cut more than 18,000 jobs under the pretext of economic uncertainty, and that the company hired too rapidly during the pandemic.

"Between the reductions we made in November and the ones we're sharing today, we plan to eliminate just over 18,000 roles," said CEO Andy Jassy in a statement to his employees, adding that the company was "deeply aware that these role eliminations are difficult for people, and we don’t take these decisions lightly."

Just two months ago, the company announced it laid off 10,000 workers.