In 2024, the tech sector has been hit with widespread layoffs, totaling approximately 150,000 job cuts across major companies. Industry giants like Tesla, Intel, Cisco, and Microsoft are reducing their workforces as part of cost-cutting efforts, organizational reshaping, and adjustments to challenging market conditions. Once known for its rapid expansion, the tech industry is now grappling with a more difficult economic landscape, forcing companies to make tough staffing decisions.
Intel, facing significant losses, announced plans to cut 15,000 jobs, which constitutes over 15% of its workforce. The company aims to save $10 billion by 2025 through reductions in R&D, marketing, and capital expenditures. Similarly, Tesla has made two rounds of layoffs, potentially reaching 20,000 employees or 20% of its workforce. Cisco, in response to shifting demand, reduced its workforce by 10,000 employees through two rounds of layoffs.
Other companies like SAP, Uber, and Dell have also downsized. SAP’s restructuring plan affected 8,000 employees, while Uber cut 6,700 jobs, primarily due to declines in ridesharing business. Dell reduced 6,000 jobs, citing weak demand for personal computers. Telecom company Bell laid off nearly 5,000 employees, carrying out virtual terminations through 10-minute video calls.
Xerox and PayPal also followed suit, cutting thousands of jobs to streamline operations and remain competitive in an evolving market. Even Byju’s, an ed-tech company, trimmed 2,500 positions amid financial struggles.
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