Ting Internet will lay off 13% of its workforce nationwide.
The Charlottesville-based internet provider, which serves markets across the country, is banking on recent trends in the technology sector, which have already cut tens of thousands of jobs in the first five weeks of 2024. This was cited as the reason behind this move.
“Given the evolution of our business and the textile industry over the past decade, our needs today are different than when Ting Internet was first founded,” said Ting Executive Vice President and Head of Community Affairs. Neith Myrick said Friday. .
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The layoffs will impact 72 Ting employees across multiple North American business teams and multiple geographic markets, including three employees in Ting’s home state of Virginia. The company operates businesses in Bill and Alexandria.
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Myrick’s statement said the decision was “part of the normal strategic planning process.”
“Despite these changes, Ting’s commitment to serving our customers remains the same,” Myrick said. “Any change is difficult, but I’m very grateful to our team members who have set high goals and helped build Ting with us over the past 10 years.”
Ting’s 72 laid-off employees will join the approximately 25,000 technology colleagues who have lost their jobs by 2024. Another 100,000 tech workers were laid off in 2023. Nearly 100 companies in the industry were laid off, including Google, Meta, Microsoft, and Amazon. Each company has made significant job cuts in the first five weeks of the year, citing the impact of the pandemic and persistent inflation as driving forces behind the cuts.
But outsiders studying these tech giants have identified different reasons.
“Technology has a herd effect,” Jeff Schulman, a professor at the University of Washington’s Foster School of Business, told NPR in late January. “Layoffs appear to be driving up stock prices, and these companies have no reason to quit.”
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In a recent report, Jeffrey Pfeffer, a business professor at Stanford University, dubbed this trend of technology companies simply following the lead of other companies “copycat layoffs.”
T-Mobile, another major internet provider, announced in August that it would cut 7% of its technology workforce, covering about 5,000 employees. A company-wide email from T-Mobile President and CEO Mike Siebert at the time said the cuts were made to improve efficiency and reduce costs.
Small business industry desperate for jobs
Small business industry desperate for jobs
Individuals looking for work may want to include small and medium-sized companies in their job search, as well as big-name companies. Many small businesses are actively looking for employees. In fact, according to a report from the National Federation of Independent Business, 40% of small business owners have job openings they need and want to fill.
Next Insurance used survey data from the National Federation of Independent Business Federation to identify the industries with the highest employment rates for small businesses. The NFIB survey was conducted in December 2023 among 10,000 small and medium-sized business owners who are members of the federation, and 518 of them responded.
According to the NFIB survey, the construction and transportation industries had the highest number of job openings during the same period. Companies involved in agriculture and finance had the least number of owners reporting vacant positions. One of the challenges small business owners face is finding qualified applicants, with 33% looking for skilled workers.
Many employers plan to attract more applicants by increasing compensation for these open positions, a trend that continues post-COVID-19. The Chamber recommends that small businesses offer things like flexible work schedules and employee wellness discounts to stay competitive. These new benefits are intended to enhance the compensation that many employers already offer, such as health benefits and paid time off.
Another NFIB report found that 9 out of 10 companies hiring or seeking to hire had few or no qualified applicants. If you’re interested in construction or transportation, which has more employment than any other industry, you may find your perfect fit at a small business.
In many industries, small businesses struggle to hire and retain employees.
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Transportation and construction industries are the most hiring.
Transportation and construction are two areas where small businesses are looking for skilled workers. Some of these companies also help train future employees through educational programs and apprenticeships.
The transportation industry needs to hire a younger workforce to maintain its position. The US Department of Transportation noted in a review at the end of 2022 that nearly a quarter (24%) of transit workers are over the age of 55. In addition, almost half (42.7%) of transport workers are over 55 years old.
When these employees retire, younger employees are needed to replace them. Transportation companies are also increasing their workforce. HireRight’s 2022 U.S. Transportation Spotlight Report cites “online job boards, employee referrals, and social media” as the most effective ways to connect transportation operators with prospective employees.
The construction industry offers new opportunities for workers seeking employment in small and medium-sized businesses. In his February 2023 article by Associated Builders and Contractors, he stated that to meet industry demand, he would need to hire 342,000 additional workers on top of annual payrolls in 2024. I am.
As the older workforce ages, efforts to create more accessible training and apprenticeship programs are accelerating. For example, in 2021 ABC members invested her $1.6 billion in educating people interested in construction.
Story editing by Shannon Luders Manuel and Jeff Inglis. Copy edited by Paris Close.
This story originally appeared on Next Insurance and was produced and distributed in partnership with Stacker Studio.
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