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Is Tim Cook The Only CEO Immune To The Economic Crisis?
In recent months, almost all major tech companies have announced layoffs of thousands of employees. After months of mass layoffs, only one Big Tech remains: Apple. The global economic crisis has led to a decline in smartphone purchases, China is facing production issues, and the expectation is for a poor quarter. Despite all this, Tim Cook (CEO of Apple) seems immune to the problems occurring in the global landscape.
Management Philosophy That Prevents Mass Layoffs
The only time Apple conducted a mass layoff was in 1997, just a few months before Steve Jobs replaced Gil Amelio as CEO. A total of 4,100 employees were laid off, and some projects had to be canceled. Since then, Apple has become Apple.
The company aims to always launch products at the “Apple standard,” not to present major innovations just because the competition did. Even though the company “created the smartphones” we know today, the innovations in its products tend to be incremental and gradual.
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Large Hiring During The Pandemic Resulted In Mass Layoffs For Several Big Techs
Most Big Techs took advantage of the growth in electronics purchases that occurred in 2020-2021 to hire hundreds of thousands of employees. While Apple’s workforce increased by only 20%, some of its competitors saw growth of over 50% at that time.
The most recent mass layoff at Apple was in August of last year when the company laid off 100 employees from its workforce of 164,000. Of course, many people were laid off, but it doesn’t come close to the staggering number of layoffs that occurred at other Big Techs.
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