Over 1,30,000 IT workers set to lose their jobs by 2024 as tech layoffs continue
The tech industry may face massive layoffs in 2024, with over 1,30,000 IT workers having lost their jobs so far.
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The tech industry, rocked by massive layoffs in early 2023, continues to experience rounds of smaller layoffs as part of restructuring efforts in 2024. So far, more than 130,000 IT professionals have reportedly lost their jobs this year. However, the trend of job cuts shows no signs of slowing down, as the industry continues to face economic challenges, competitive pressures, and the need to adapt to new market realities.
According to data from Layoffs.fyi, 130,482 employees have been laid off across 397 companies so far this year. Recently, Cisco is reportedly preparing for another round of significant job cuts. According to Reuters, the company may announce layoffs beyond the 4,000 positions eliminated earlier this year. The move is seen as part of Cisco’s strategy to focus on high-growth areas such as cybersecurity and artificial intelligence (AI), even as it grapples with slowing demand and supply chain issues in its core networking equipment business.
In early July, Intel also announced plans to significantly reduce its workforce. The chipmaker is reportedly planning to layoff more than 15,000 employees, which is more than 15 percent of its total workforce. The job cuts at Intel are reportedly part of a $10 billion cost reduction strategy aimed at achieving financial stability by 2025. Intel CEO Pat Gelsinger attributed these layoffs to disappointing revenue growth and challenges in capitalizing on emerging trends in AI.
Last month, Microsoft also cut its workforce by about 1,000 over the past two months, primarily in its Mixed Reality and Azure ‘Moonshots’ divisions. These layoffs have not been officially confirmed by Microsoft but have been reported on social media by affected employees, with many of the cuts targeting product and product management roles.
Similarly, software firm UKG announced that it will lay off 2,200 employees, representing 14 percent of its total workforce. The decision is part of an effort to focus on key growth areas to support the company’s long-term strategic goals.
Even appliance manufacturer Dyson has announced plans to cut its workforce by 1,000, a move that will affect more than 25 percent of its domestic staff in the U.K. The decision has reportedly been taken due to intense competition and rapid technological advancements, which have put pressure on the company’s operations.
Russian cybersecurity firm Kaspersky also announced the end of its US operations, resulting in the layoff of fewer than 50 employees.
Meanwhile, Indian companies like Unacademy and WayCool have also been forced to downsize, with Unacademy cutting 250 jobs and WayCool laying off 200 employees. While layoffs have rocked the IT industry, job cuts are becoming a trend in other industries as well. For instance, Reliance Industries in India announced 42,000 job cuts to increase cost efficiency. With this major staff reduction, RIL’s total employee count is set to come down from 3.89 lakh in FY2022-23 to 3.47 lakh in FY2023-24.
