Freight broker Coyote Logistics is looking to again reduce its workforce as it struggles with a dramatic freight downturn that has squeezed revenue across the brokerage sector.
The staff reductions are expected to target those in senior manager and director roles, according to a person familiar with the matter. Affected employees will have the opportunity to accept a severance and leave voluntarily, the person said.
In a statement, Chicago-based Coyote said that to “support current optimization initiatives, a small number of employees are being given the opportunity to pursue voluntary separation.” It did not respond to queries as to how many employees might be affected.
A Coyote spokesman said that “since this is a fully voluntary program, it is each employee’s decision if they wish to stay with the organization.”
The person said, however, that those who don’t take a separation package would eventually be laid off.
Any departures would represent the fourth round of staff reductions this year at Coyote. The company previously announced layoffs in January, May and September.
According to LinkedIn data from September, Coyote’s total headcount was down 7% over the past two years and down 2% over the past six months.
Coyote operates under the Supply Chain Solutions unit of UPS Inc. (NYSE: UPS).
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LouisiAnimal
Just call a spade a spade! They’re laying people off. When there are too many people left after the voluntary layoffs, then they’ll just involuntarily lay some more off.
Jose Rodriguez
Let’s also not forget that a lot of independent carries are turning away from Coyote, TQL, JB hunt, C.H. Robinson and a few more, because of their far below the market rates.
Charlie Dean
Am I reading that correctly? “Those that don’t take the voluntary separation would eventually be laid off.” What is the difference there? Why are they remotely concerned about demanding that their employees leave “voluntarily” so strange.