Layoff in tech companies continue in the second half of 2024 also. In the first half many employees lost their jobs because of cost-cutting in the IT sector.
Most popular companies such as Intel, IBM, DELL, Cisco, Apple, Microsoft and many startups declared layoff to employees in August 2024.
Layoff scenario :
Job cuts in major IT firms increased by 24% compared to the last year 2023. Approx 2,60,000 people lost their position from tech companies. Layoff took place because of economic challenges.
IMB reduced 1000 employees because of less demand for hardware and the need to build a strong market outside of the US to expand business.
Dell laid off 10% of their global workforce to restructure their team with AI dedication to reallocate investment in the market.
Microsoft also announced a job cut of 650 employees from their gaming division. This came after an earlier round of layoffs which affected approx 1900 employees .
Cisco laid off 4600 employees in the first round and now they are cutting their staff by 7% in August 2024. Their Talos Security division, which is focusing on threat intelligence and security research, was informed of layoffs on 16 September 2024.
Qualcomm, udemy, WeTransfer also continue to cut their jobs.
In pandemic time tech companies hired many employees by predicting the future need to manage more work after that condition. But after three to four years also, economic issues increased and their plan to generate more production decreased compared to the hiring process and production prediction .
So they are laying off employees to manage their investment and economy balance for the market investment. Now they are laying off employees but the workload is the same. So employees will get more burden and work pressure . Employees will get health issues because of this such as Mental disorder, depression, stress by working in a toxic environment. Recently in Chennai 38 year old software engineer suicide because of this who worked 15 years in the tech industry.