As we know, the tech industry is experiencing a significant wave of job cuts, almost 1 lac employees got laid off from over 330 companies globally in the first half of 2024, according to the Layoffs.fyi.
Here Layoffs.fyi is a platform monitoring tech layoffs has recently reported that 98,834 employees have been affected with this wave.
It is noteworthy here that the prominent companies including Apple, Google, Microsoft, and Meta are among the 333 companies implementing these job cuts.
While all this is happening, the economic uncertainties continue to impact the tech sector in the meantime.
A total of 39 companies laid off a total of 9,742 employees in May alone, as layoffs.fyi reported at the start of June.
A Layoff Spree In Tech Industry
American technology behemoth Google let go of nearly 200 employees from its core teams during May.
This has primarily affected the engineering positions in Sunnyvale, California.
This seems to be a part of Alphabet’s broader downsizing plan, which was announced last year, aiming to reduce its workforce by about 6 per cent, according to the company.
The other technology giant, Microsoft, also made significant cuts earlier in June.
The IT service provider has laid off over 1,000 employees across various divisions, including the Azure cloud and mixed reality units.
Further, most of these layoffs were within the Strategic Missions and Technologies organization.
These units mainly focus on selling cloud software and server rentals to specialized businesses like telecom firms and space companies.
Besides this, the IT company has also eliminated 1,900 jobs from its gaming division following the acquisition of Activision Blizzard.
It won’t be an exaggeration to say that Microsoft has seen several executive departures as it restructures during this time.
The other players like Job-search platform Indeed also joined the trend by laying off approximately 8 percent of its workforce in May 2024.
These layoffs have primarily affected the employees in the United States.
Notably, this marks the second round of layoffs in the company impacting research and development units.
These were among other teams responsible for delivering products to customers.
In the meantime, the Japanese technology giant Toshiba announced its plans to cut 4,000 domestic jobs.
Again this is a part of its restructuring efforts, amounting to 6 percent of its local workforce.
There are speculations that Toshiba has plans to move some office functions from central Tokyo to Kawasaki, a city west of the capital.
How Does It Affect The Indian Technology Industry?
Indian technology companies are not much behind as the Fintech firm One97 Communications, the parent company of Paytm, confirmed the layoff of an undisclosed number of employees on June 10.
Nearly 3,500 employees were handed pink slips, bringing the total headcount to 36,521 by the end of the March 2024 quarter, as per the media report
Next is ReshaMandi, which is a B2B marketplace specializing in silk products.
It had laid off 80 percent of its employees after failing to secure Series B funding.
The other retail and food delivery giants such as eBay, Flipkart, and Swiggy have also made job cuts to realign their priorities.
