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The company announced its plan to cut 12,000 jobs, including both management and full-time/part-time contract positions
UPS Inc. announced its plan to cut 12,000 jobs, including both management and full-time/part-time contract positions, during the current year. Additionally, the company has instructed staff to return to the offices five days a week as part of a new initiative called “Fit to Serve.“ This measure comes at a time when the logistics giant is looking to strengthen its business amid a slowdown in shipments.
UPS’s truckload brokerage unit, Coyote Logistics, has been a drag on the company’s revenues. This sector has been significantly affected by excess capacity resulting from increased inventory levels and consumer spending shifting towards services rather than goods. In 2015, UPS acquired Coyote for $1.8 billion.
When UPS acquired Coyote, this unit generated annual revenues of $2 billion. However, during the pandemic, revenues almost doubled. Despite this temporary increase, UPS has noted that Coyote’s revenues have experienced a considerable decline since then.
UPS employs approximately 495,000 workers globally, with the majority in the United States. The company’s CEO, Carol Tomé, stated that the layoffs are part of efforts to reshape the company’s way of working. This efficiency drive includes the use of artificial intelligence and other new technologies to enhance its operations.
The planned layoffs are expected to affect less than 3% of UPS’s workforce, with estimated savings of around $1 billion for the company in 2024. About 75% of the layoffs are projected to occur during the first half of the year, according to executives. It’s crucial to note that these reductions will not impact unionized employees.
The company anticipates challenging comparisons with the first quarter of 2023 and will face headwinds from an unfavorable macroeconomic environment. UPS expects that revenues and margins will stabilize throughout 2024 as labor costs decrease, and demand improves both in the U.S. and internationally.
The logistics company projects revenues for 2024 in the range of $92,000 to $94,500 million, compared to the $91,000 million recorded in 2023. Additionally, it anticipates adjusted operating margins between 10% and 10.6%, slightly below the 10.9% achieved in 2023.
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