United Parcel Service Inc. UPS, -2.15% disclosed Tuesday that its workforce was reduced by about 9,000 employees in 2021, as job cuts in the U.S. more than offset net hiring internationally. The package delivery giant said in its 10-K filing with the Securities and Exchange Commission that it had 534,000 global employees at the end of 2021, excluding seasonal employees, of which 444,000 were in the U.S. and 90 were located abroad. That compares with 543,000 global employees at the end of 2020, of which 458,000 were located in the U.S. and 85,000 were located internationally. The decline in workforce seems to jibe with the company’s “better not bigger” strategy, which included the sale of some assets. Of the 2021 workforce, there were 89,000 management employees, which which 44% work part-time, and 445,000 hourly employees, of which 51% work part-time. In comparison, UPS had 495,000 global employees in pre-pandemic 2019, of which 413,000 were in the U.S. and 82,000 were internationally located. UPS’s stock, which fell 1.1% in afternoon trading, has slipped 1.8% over the past three months, while the Dow Jones Transportation Average DJT, -1.44% has given up 12.2% and the Dow Jones Industrial Average DJIA, -1.38% has declined 6.1%.
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