The tech industry, initially rocked by mass layoffs at the start of 2023, has continued to face periodic job cuts as companies undergo restructuring throughout 2024. Reports indicate that over 130,000 IT professionals have lost their jobs this year alone. The trend of layoffs persists, reflecting ongoing economic challenges, competitive pressures, and the need to adapt to evolving market realities.
Key Layoffs in Major Tech Companies
Cisco:
Recent data from Layoffs.fyi reveals that 130,482 employees across 397 companies have been laid off in 2024. Cisco is preparing for another significant round of job cuts, potentially exceeding the 4,000 positions it eliminated earlier in the year. This move is part of Cisco’s strategy to focus on high-growth areas like cybersecurity and artificial intelligence (AI), despite current struggles with slow demand and supply chain issues in its core networking business.
Intel:
In July, Intel announced a major workforce reduction plan, targeting over 15,000 layoffs, which represents more than 15 percent of its total workforce. These job cuts are part of a broader $10 billion cost-reduction strategy aimed at achieving financial stability by 2025. Intel CEO Pat Gelsinger cited disappointing revenue growth and challenges in capitalizing on emerging AI trends as reasons for these layoffs.
Microsoft:
Microsoft has also quietly reduced its workforce by approximately 1,000 employees over the past two months, mainly within its mixed reality and Azure ‘moonshots’ divisions. Although not officially confirmed, affected employees have reported these cuts on social media, with many layoffs occurring in product and product management roles.
Layoffs in Other Sectors
UKG:
Software firm UKG has announced the layoff of 2,200 employees, accounting for 14 percent of its total workforce. This decision is aimed at focusing on key growth areas to support the company’s long-term strategic objectives.
Dyson:
Dyson, an appliance manufacturer, is planning to cut 1,000 positions, impacting more than 25 percent of its domestic staff in the UK. This reduction is driven by intense competition and rapid technological advancements affecting the company’s operations.
Kaspersky:
Russian cybersecurity firm Kaspersky has decided to terminate its US operations, resulting in layoffs of fewer than 50 employees.
Layoffs in Indian Companies
Indian companies are also experiencing workforce reductions. Unacademy has announced 250 job cuts, while WayCool is laying off 200 employees. Similarly, Reliance Industries in India is reducing its workforce by 42,000 as part of a cost efficiency drive. This significant reduction has decreased Reliance’s total employee count from 389,000 in FY 2022-23 to 347,000 in FY 2023-24.
The widespread layoffs across various industries highlight a broader trend of workforce reductions driven by economic pressures, technological shifts, and strategic realignments.
