Workday, PayPal follow tech layoff trend

Workday and PayPal announced layoffs on Tuesday, adding to the growing trend among the tech industry.

The cloud software company Workday plans to cut hundreds of jobs as it lays off about 3 percent of its global workforce.

• The company told employees in a message on Tuesday that it decided to restructure and realign some teams across the company, leading to the layoffs, the majority of which will be those working on product and technology, according to a copy of the message from the Securities and Exchange Commission.
• The message said company leaders will meet with the affected employees and expect notifications to be completed by the end of the day Tuesday, Pacific Standard Time.

PayPal announced on Tuesday that the company will lay off 2,000 employees, which is about 7 percent of its workforce.

• CEO and President Dan Schulman wrote in a message to employees shared on the company website that while PayPal made “substantial progress” in restructuring its cost structure and prioritizing its allocation of resources, more work needs to be done. He said the downsizing will occur within the next few weeks, and that some organizations in the company will be “impacted more than others.”
• “Change can be difficult – particularly when it includes valued colleagues and friends departing. We will face this head-on together, drawing on the unparalleled scale of our global platform, the strategic investments we have made to strengthen our core capabilities, and the trust and loyalty of our customers,” Schulman said in the message.