Joining the ongoing trend of job cuts, UK-based home appliance manufacturer Dyson has announced plans to cut its UK workforce by around 1,000, roughly a third of its current UK staff. The layoffs are reportedly part of the company’s wider restructuring plans aimed at adapting to changing market conditions and preparing for future growth.

Employees were informed of the job cuts on Tuesday, the Financial Times reports. Despite the layoffs, Dyson plans to maintain its research and development center in the U.K. to ensure that innovation remains the backbone of its operations. Engineers and researchers at the campus play a key role in developing next-generation technologies that advance Dyson’s product lineup. The company employs 3,500 people in the U.K. and its global workforce numbered about 14,000 as of the end of last year.

“We have grown rapidly and, like all companies, we periodically review our global structures to prepare for the future,” said Chief Executive Officer Hanno Kirner, who took over earlier this year. “As such, we are proposing changes to our organization that may result in layoffs.”

According to the report, Dyson’s last presented accounts filed in October last year showed a slight decline in pre-tax annual profit for 2022, down from 10.2 million pounds in the previous year to 9.6 million pounds. The reason for this decline is a reduction in the number of items sold. The current restructuring and job cuts are part of an effort to streamline operations and boost profitability in an increasingly competitive market.

“Dyson operates in increasingly competitive global markets where the pace of innovation and change is only accelerating. We are proposing changes to our organization, which may result in layoffs, to ensure we remain competitive and a leader in innovation,” CEO Hanno Kirner said in a statement.

Meanwhile, Dyson has joined the list of large companies cutting their workforce as part of restructuring. So far, 360 tech companies have laid off 104,410 employees in 2024. These include companies like Google, Microsoft, Apple, as economic uncertainties are affecting the employees of the tech sector.

In May, Google laid off about 200 employees from its core engineering teams in Sunnyvale, California, part of Alphabet’s broader downsizing plan announced last year, which aimed to reduce its workforce by 6 percent. In June, Microsoft cut more than 1,000 jobs across various divisions, including its Azure cloud and mixed reality units, primarily within the strategic mission and technology organization. Additionally, following its acquisition of Activision Blizzard, Microsoft eliminated 1,900 positions from its gaming division and experienced several executive departures during its restructuring efforts. Notably in India, companies such as Flipkart, Paytm, and Swiggy also announced job cuts as part of restructuring.