Over one lakh employees laid off by tech firms worldwide in July 2024 alone: Report

The layoff 'season' among the top tech companies around the globe has been going on for a few years now.

The year 2024 has seen multiple employee layoffs with over 8,000 professionals being laid off from about 34 tech companies

According to a report by The Indian Express, as of July 30, 2024, about 1,90,049 people have been laid off from 380 firms worldwide.

Google CEO Sundar Pichai had also indicated that the tech giant will continue to cut off on its workforce to 'improve velocity'.

Intel's mass layoff - The Silicon Valley chipmaker Intel has announced a major layoff of more than 15,000 employees, representing 15 per cent of the company's workforce.

Intel's job slashing is an aid to a turnaround plan as the company announced other restructuring moves and a reduction in capital spending by cutting costs by Rs 83,820 crore ($10 billion) in 2025.

In a letter to his employees, CEO Patrick Gelsingern said, "This is painful news for me to share. I know it will be even more difficult for you to read. This is an incredibly hard day for Intel as we are making some of the most consequential changes in our company’s history."

In his letter to employees, Gelsinger said revenue had not grown as expected, and the company had yet to fully benefit from major trends like AI. Intel posted about $24 billion less revenue last year than it did in 2020, yet its workforce is 10 per cent larger, he wrote.

Tesla layoff - Tesla CEO Elon Musk, the world's richest person, said earlier in June that he had a 'super bad feeling' about the economy and that Tesla needed to cut staff by about 10 per cent.

More than 20 people identifying themselves as Tesla employees said they were laid off, let go or had positions terminated in June.

The former Tesla employees have filed a lawsuit against the US company alleging its decision to carry out a 'mass layoff' violated federal law as the company did not provide advance notice of the job cuts.

The lawsuit was filed in Texas by two workers who said they were terminated from Tesla's gigafactory plant in Sparks, Nevada, in June and, according to the suit, more than 500 employees were terminated at the Nevada factory.

Microsoft lays off 1,000 staff - According to a report by The Times of India, Microsoft in June laid off 1,000 employees. Several former employees of the company shared on social media that they were let go, saying that the job cuts would affect roles regarding product and product management.

UKG cuts off 2,200 jobs - Software company UKG cut 14 per cent of its workforce by laying off 2,200 employees. Reasoning the layoff, the company said that it needs to focus on growth areas to bolster its long-term strategies.

Intuit lays off 1,800 employees - California-based financial management software firm Intuit Inc. announced plans to eliminate 1,800 jobs, representing about 10% of its staff. The company says it will hire approximately 1,800 new people primarily in engineering, product, and customer-facing roles such as sales, customer success, and marketing. This marks one of the largest layoff events in the tech sector for July.

Dyson cuts off 1,000 jobs - British company Dyson announced that it would be cutting off 1,000 jobs in United Kingdom. Citing fierce competition and innovation as reasons for the layoff, Dyson CEO Hanno Kirner did promise support for its affected employees, according to TOI.

Kaspersky lays off all employees in US after ban - A Russian cyber security firm, Kaspersky decided to lay off all of its employees in the US after a ban was imposed by the government on its software. The firm acknowledged its US operations are 'no longer viable' as the ban is set to take effect on July 20, 2024.

Reshamandi cuts off 80 per cent jobs - According to TOI, a Bengaluru based startup, Reshamandi laid off 80 per cent of its workforce, after it failed to secure Series B funding.