OLX Group Axes 800 Jobs Amid Economic Woes and RestructuringOLX Group, the parent company behind the popular online marketplace, has revealed plans to cut 800 jobs worldwide. These layoffs, part of an organizational restructuring announced earlier this year, will impact employees across various levels and functions, with a particular focus on OLX’s automotive division, OLX Autos.OLX Autos has been grappling with challenges in recent months, prompting the company to withdraw from the business in several markets. To ease the transition, OLX says it is “committed to supporting all impacted people” by providing severance packages and outplacement assistance.This news comes amid mounting economic troubles, as soaring inflation and stagnating growth make business expansion difficult and lead to job losses in certain sectors. OLX is not alone in announcing layoffs; Netflix, Meta, and Twitter have also made similar moves in recent months.The workforce reduction at OLX highlights the harsh economic climate we currently face. As companies grapple with increasing operational costs, it’s likely we’ll see even more job cuts in the near future.
