When the recent buzz surrounding Follett Layoffs broke out, it wasn’t much of a surprise to many of us, especially people who are quite familiar with the history of Follett Corporation.
This is a renowned provider of educational products to schools and public libraries. But this company has a history that intertwines with periods of workforce reductions.
However, despite this past, it’s crucial to note that in 2023, there are no ongoing layoffs at the company. So, if you hear about any speculations about Follett layoffs, they are definitely referring to the ones that have happened in the past.
Let’s take a deeper dive into all of this in this post. So, keep reading to learn a few more things about the Follett layoffs speculations circulating in the industry.
History of Follett
Follett Corporation, based in Westchester, Illinois, began its journey in 1873 when Charles M. Barnes opened a used book store in Wheaton, Illinois. This humble beginning led to a company that today offers a wide range of educational products to schools and public libraries.
The company saw numerous transformations, including mergers and name changes, before settling as Follett Corporation in 1957. What sets Follett apart is its deep-rooted history and evolution into a wholesaler of used books, and later, a pivotal provider of educational products.
This company has really impressive history of adaptation and growth. And that’s the reason when Follett layoffs start rolling in; they come as great surprise to many.
Is Follett Laying Off Employees?
Historically, Follett has experienced its share of layoffs. Most notably, in 2013, Follett Higher Education Group, part of Follett Corporation, had to make a tough call. Approximately 570 full-time employees at 400 stores were laid off.
This decision was driven by the need to adapt to the changing shopping trends of students, aiming for more flexible staffing during peak shopping times.
But concerning the recent Follett layoffs speculation circulating, there is no truth in that. Currently, in 2023, Follett is not experiencing any ongoing layoffs.
This stability reflects how well the company is doing presently. Over the years, Follett has shown how well it could navigate through challenging times and adapt to the evolving educational sector.
You may also like:
- Is Hips and Curves Going Out of Business?
- Is Wells Fargo Going Out of Business?
- Is Texas Roadhouse Closing?
Why Did Follett Downsize Workforce?
The layoffs in Follett’s past were influenced by various factors. The primary objective was to align with customer satisfaction and company growth. Follett invested over $200 million in technology, distribution, digital content, and online sales, marking a significant shift in its operational strategy.
The reduction in full-time staff aimed to provide more flexibility and better match student shopping behaviors. These layoffs undoubtedly had a profound impact on the employees.
Many faced the uncertainty of seeking new employment and navigating a challenging job market. Follett recognized this and offered severance packages and part-time positions to support those affected.
What is Presently Happening with Follett?
Well, if you are a fan of this iconic brand, it’s normal to get a little worried, especially after seeing the buzz about its potential layoffs. Well, you should put your mind at rest because the company seems to be doing great.
As of 2023, the time of writing this post, Follett is focusing on realigning its bookstore labor to better serve its customers. This strategic shift reflects the company’s commitment to adapting to market demands and enhancing customer experience.
Also, in 2022, Follett was recently acquired, signaling a significant transformation in its business operations. This has been nothing short of amazing. It marked a new chapter in the long-standing history of the company.
Follett’s Recent Partnerships
In a significant move towards enhancing educational accessibility and efficiency, Follett Higher Education announced a key partnership with GreenLight Credentials in May 2023. This collaboration marks an important step in integrating advanced technology into the academic landscape.
GreenLight Credentials, known for its innovative use of blockchain technology in verifying educational credentials, presents a game-changing solution for students and educational institutions alike. This partnership is another sign that Follett’s is well committed to not just providing educational materials but also to simplifying and enriching the academic journey for students across the nation.
But what does this partnership mean to students? Well, it means students are now more empowered as it gives them more control over their academic records and facilitates smoother transitions between educational phases and into the workforce.
With GreenLight’s platform, students can securely manage and share their academic credentials, easing the process of college applications and job hunting. Again, this collaboration is expected to reduce administrative burdens on schools and level the playing field for students from various backgrounds.
Is Follett a Good Company to Work?
Well, who wouldn’t want to work at such a noble and growing brand? If you are considering working at Follett, then it’s just natural to want to know how working in such a company would turn out.
However, Follett’s employee satisfaction ratings provide a mixed picture. The company presently has an average rating of 3.0 out of 5, and only 34% of employees recommend the company. This shows that the company may not be as perfect as many have always assumed.
It reflects there are still some areas for improvement. However, the slight improvement in ratings over the past year suggests ongoing efforts to enhance the work environment. So, if you are considering picking a career path at Follett, then we don’t think it would be a bad idea after all.
Who Are Follett’s Top Competitors?
Before we round up this post about Follett layoffs, let’s take a moment to talk about the fierce competition the company is facing. Perhaps that will help you better understand why the company needs to evolve and adapt to the changing landscape, which, of course, involves layoffs.
#1: Franklin Mint
Franklin Mint stands out with its unique niche in the collectibles market, generating approximately $7.2 million in revenue. While primarily known for its collectible coins, die-cast vehicles, and other memorabilia, its expansion into educational materials places it as a unique competitor to Follett.
The company’s focus on combining educational content with collectible items offers a distinct approach to learning resources, differing from Follett’s more traditional educational products. And this poses a major threat to Follett.
#2: Macmillan
Macmillan, a heavyweight with $1.4 billion in revenue, is a global publisher of books, academic materials, and digital resources. With hundreds of employees, Macmillan’s efficiency and broad reach in the publishing industry make it a formidable competitor to Follett.
Its strength lies in its extensive catalog of educational materials and its global presence, catering to a diverse range of educational needs and audiences.
#3: Chronicle Books
Chronicle Books, with $75 million in revenue and a team of 100 employees, is renowned for its distinctive and innovative publishing. This San Francisco-based company specializes in books, gifts, and stationery, often characterized by their artistic and creative design.
Chronicle Books’ focus on aesthetic and quality content places it in a unique position in the market, appealing to a niche that values design and creativity alongside educational content.
#4: Scholastic
Scholastic is another Follett’s major competitor that’s worth talking about. This is a giant in the industry with $1.6 billion in revenue and 8,900 employees. The brand is perhaps best known for its significant impact on children’s literature and educational materials.
Its global reach and diverse range of books, educational programs, and digital resources make it a key player and a direct competitor to Follett, especially in the school and library markets.
#5: Goodreads
Goodreads, with its unique position as a social cataloging website for books, generates around $5 million in revenue with 279 employees.
While not a direct competitor in terms of publishing or distribution, Goodreads influences the educational sector through its extensive database of books, reviews, and recommendations. Its platform provides insights into reader preferences and trends, offering a different but significant form of competition in the realm of educational content and reader engagement.
Final Thought on All You Should Know About Follett Layoffs
To bring all of this to a close, we need to remind you that while Follett has experienced layoffs in the past, most notably in 2013, the company has shown resilience and adaptability.
As of 2023, the company stands strong with no new layoffs. It continues to evolve and contribute significantly to the educational sector. This resilience and adaptability make Follett a noteworthy entity in its industry.
If you are presently seeing any layoff news about Follett, we recommend that you just disregard them because the company is not presently downsizing. Instead, it has its focus on partnering with reputable names in the industry to further cement its place in the competition.