Southwest Airlines is implementing significant cost-cutting measures to boost its financial performance. The airline has paused corporate hiring, promotions, and most summer internships. Additionally, Southwest is suspending its traditional employee “rallies,” a team-building event since 1985. CEO Bob Jordan emphasized the importance of every dollar in a memo to staff, stating the need to return to excellent financial performance. The company will evaluate hiring needs on an ongoing basis. Southwest’s shares have risen by 14% over the past year, though this growth lags behind competitors like United (up 160%), Delta (up 70%), and American Airlines (up 33%). The airline plans to report its fourth-quarter results on January 30.
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