Planet, one of the leading companies in the tech industry, recently announced that they will be laying off 10% of their global staff due to a shift in their focus. The company plans to focus its efforts on maximizing return on investment, and is conducting an international resource review that will affect staff in all locations.
CEO Maria Jones confirmed that nearly 10% of the Planet workforce of over 10,000 people would be laid off in order to make room for more high ROI investments. Jones also stressed that the restructuring is part of a long-term vision for Planet, and describes the layoffs as an example of pressure on companies to be more judicious in their operations.
The review process has been ongoing since just before the pandemic due to strained business practices, and Planet expects that the shift will allow them to realize their potential and focus on driving higher returns from fewer resources. Jones noted that the layoffs will affect different staff levels, depending on the shift in focus.
As expectations to remain competitive become higher by the day, many companies have had to rethink their strategies and restructure costlier operations. Planet is one of the first in the tech industry to do so, and boasts a large presence in Europe, North America, and Asia. Going forward, the company will use its resources to focus on the projects that offer the highest ROI, prioritizing growth opportunities and digital transformation programs.
Overall, the restructuring will affect almost 1000 jobs around the world, but the impact will be seen in the long run. While Planet’s actions may be seen as a step back for some, the reliability and stability of the firm’s operations are expected to improve.
