Tech Sector Layoffs 2024: A Look at Companies Cutting Jobs in Bulk

In 2024, the global tech industry witnessed significant workforce reductions, with 529 major companies laying off a total of 149,870 employees. Among the prominent firms implementing layoffs were Tesla, Intel, Cisco, and Microsoft, reflecting the widespread nature of the downsizing trend.

The scale of layoffs in 2024 follows a pattern observed in previous years. In 2022, a total of 1,064 companies cut 165,269 jobs, while in 2023, the number of companies involved increased to 1,193, leading to 264,220 layoffs. By August 2024 alone, close to 60,000 employees had been laid off, highlighting the accelerating pace of job cuts in the sector. The data has been compiled by Layoffs.fyi, a platform that tracks employment reductions across industries.

Certain sectors have been more affected than others, with hardware, transportation, and finance experiencing the most substantial impact. These industries have faced economic pressures and shifting market demands, leading to cost-cutting measures and workforce adjustments.

On a country-by-country basis, the United States has recorded the highest number of layoffs, with 106,128 employees losing their jobs. Germany follows with 10,919 job cuts, while India ranks third, accounting for 8,895 layoffs. The United Kingdom and Japan have also seen notable job reductions, with 5,461 and 4,000 employees affected, respectively.

India’s tech sector has not been immune to the global layoff wave. Well-known companies such as WhiteHat Jr., Bytedance, Reliance JioMart, Ola, Unacademy, Swiggy, Curefit, and Uber have all taken measures to reduce their workforce. The move reflects broader challenges faced by the sector, including economic uncertainties and the need for operational efficiency.

As the industry continues to navigate an unpredictable economic landscape, job security remains a growing concern for tech employees worldwide. The ongoing trend of workforce reductions signals a period of adjustment for both companies and workers, with many looking ahead to potential stabilization in the coming years.

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