Layoffs galore in tech companies! Over 98,000 already handed pinks slips so far in 2024 – Details
layoffs galore in tech companies! over 98,000 already handed pinks slips so far in 2024 – details
In the first half of 2024, over 330 corporations worldwide laid off over 98,000 people, signaling the start of a mass layoff wave in the tech sector. According to a report mentioned in the Times of India, 98,834 employees have been laid off thus far, and 333 companies, including well-known ones like Apple, Google, Microsoft, and Meta, have announced job layoffs.
This pattern reflects both the advancement of AI technology and economic difficulties. Even if tech behemoths like Meta, Twitter, and Cisco drastically trim their staffs in 2023, the list of businesses doing so keeps growing, indicating that the job crisis might not end in 2024.
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Restructuring at tech giants like Google, Microsoft
Over a thousand workers were purportedly let go by Microsoft earlier this month from a variety of divisions, including the mixed reality and Azure cloud units. It was reported that "most of the job cuts are within the company's Strategic Missions and Technologies org, which aims to sell Microsoft's cloud software and server rentals for businesses with highly specified needs such as telecom firms and space companies."
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Reportedly, around 1,900 Microsoft employees have been laid off, mostly from its gaming sector, after acquiring Blizzard. As the corporation goes through restructuring, several executive-level employees have also left.
Amazon made layoffs across a number of divisions, including Buy with Prime teams, Twitch (35% or around 500 employees), Audible (5%), and Prime Video.
As part of restructuring Reality Lab, which is in charge of the business's AR/VR headsets, software, and other metaverse projects, Facebook parent company Meta recently let go of a small number of its employees.
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Indian companies also focus on efficiency driven cuts
80% of the staff of ReshaMandi, a B2B marketplace that specializes in silk products, were let go after the company was unable to obtain a Series B investment. Big players in retail and food delivery like eBay, Flipkart, and Swiggy have also reduced staff in order to reorganize their priorities. The massive fintech business Paytm laid off some employees in order to automate more tasks with AI. Other Indian businesses that have experienced layoffs are Swiggy, Byju's, and Ola.