AM I NEXT? NO LOVE AT EXL SERVICE

New York City, New York-based EXL Service, an IT and management consulting company offering outsourced back-office and digital solutions services to corporate, industrial, and government customers, has announced a mass layoff of employees based in the United States and India.

The layoffs will impact 800 employees, or less than 2% of its workforce, mostly junior-level staff in data analytics and digital operations. The decision was driven by the company's desire to reposition its offerings to meet the customer demand for generative artificial intelligence.

According to a company spokesperson, “We need to ensure our talent and skill sets are closely aligned with the evolving needs of our clients. This adjustment involves a mix of re-evaluating existing roles while bringing in top talent with expertise in data and AI.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT CHECKR

San Francisco, California-based Checkr, a technology company that provides AI-enhanced automated employee background checks, has conduced a major reduction in force.

The personnel realignment impacted 32% of the company's workforce across all departments and levels resulting in 382 layoffs.

According to a company spokesperson, “In response to economic conditions that have impacted companies’ hiring, we made the difficult and painful decision to reduce the size of our team. This will allow us to operate more efficiently and ensure the long-term health of our business.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT AMYLYX

Cambridge, Massachsetts-based Amylyx, a biopharmaceutical company specializing in therapeutics for treating amyotrophic lateral sclerosis, has announced a major reduction in force following the voluntary withdrawal of Relyvrio from the marketplace due to its failure in a confirmatory clinical trial.

The reduction will impact up to 70% of the company's workforce or approximately 274 employees.

According to an SEC filing...

"On March 8, 2024, the Company announced topline results from PHOENIX, a global, 48-week, randomized, placebo-controlled Phase 3 clinical trial of AMX0035 (sodium phenylbutyrate and taurursodiol [also known as ursodoxicoltaurine]; RELYVRIO in the U.S., ALBRIOZA™ in Canada) in people living with amyotrophic lateral sclerosis (ALS). PHOENIX did not meet its primary endpoint of reaching statistical significance (p=0.667) as measured by change from baseline in the Revised Amyotrophic Lateral Sclerosis Functional Rating Scale (ALSFRS-R) total score at Week 48, nor was there statistical significance seen in secondary endpoints."

"On April 3, 2024, the board of directors of Amylyx Pharmaceuticals, Inc. (the “Company”) approved a restructuring plan designed to focus the Company’s resources on key clinical and preclinical programs (the “Restructuring Plan”). The Restructuring Plan includes a reduction in force which is expected to reduce the Company’s workforce by approximately 70% and a decrease in external financial commitments outside of its priority areas. The Company expects to substantially complete the Restructuring Plan by the end of the third quarter of 2024. As part of this Restructuring Plan, the Company expects to incur severance and severance-related charges of approximately $19 million."

"The Company is also evaluating its inventory purchase commitments and the impact its Restructuring Plan will have on inventory obsolescence. The Company may also incur other charges or cash expenditures not currently contemplated or that cannot be currently estimated due to events that may occur as a result of, or associated with, the Restructuring Plan."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?