1 lakh 25 thousand jobs lost!Most of you won't be shocked to hear that.
In July 2024 alone, the tech industry experienced significant layoffs, affecting over 8,000 professionals across 34 companies.
This has taken the tally of layoffs for the year to a staggering one lakh twenty-five thousand, spread across 384 companies worldwide.
Major firms like Intel, Microsoft, and UKG have announced job cuts, citing financial challenges and strategic shifts. Let's take a closer look at the companies that have laid off employees.
Intel tops the list, set to lay off over 15,000 employees—more than 15% of its total workforce—as part of a 10-billion-dollar cost-reduction strategy aimed at 2025.
CEO Pat Gelsinger attributes these cuts to disappointing revenue growth and difficulties in leveraging AI trends effectively.
Microsoft reduced its workforce by around 1,000 employees in the mixed reality and Azure 'moonshots' divisions in June.
UKG, a Massachusetts-based software firm, has announced significant job cuts this month, reducing its workforce by 14%—about 2,200 employees.
In June, Tesla CEO Elon Musk expressed a "super bad feeling" about the economy and announced that Tesla needed to reduce its staff by about 10%. Since then, over 20 individuals identifying themselves as Tesla employees have reported being laid off or having their positions terminated.
Intuit, a California-based financial management software company, plans to cut 1,800 positions, roughly 10% of its workforce. This represents the second-largest reduction in the tech industry for July.
Dyson, the UK-based appliance maker, will reduce its workforce by around 1,000 positions in the UK, impacting over 25% of its domestic staff. CEO Hanno Kirner cited intense competition and swift technological advancements as reasons for the decision.
Russian cybersecurity firm Kaspersky will cease operations in the US and terminate employees due to a US government prohibition on its software.
Effective July 20, 2024, the ban, attributed to security concerns related to the company's Russian base, will lead Kaspersky to wind down its activities, impacting fewer than 50 employees in the region.
In India, microblogging platform Koo has ceased operations following the collapse of acquisition negotiations with Dailyhunt. As of September 2021, the company had around 200 employees.
Indian edtech leader Unacademy has also decided to lay off about 250 employees. This restructuring will impact 100 employees in marketing, business, and product roles, and 150 in sales positions.
Chennai-based agritech company WayCool has also laid off more than 200 employees, marking its third round of layoffs in a year.
Additionally, Bengaluru-based audio series platform PocketFM, Sony-owned game development studio Bungie, and indie game publisher Humble Games have announced layoffs.
As layoffs continue to impact the tech industry, it's crucial to take proactive steps to safeguard your career. Experts advise focusing on continuous upskilling in emerging technologies like AI and cybersecurity and obtaining relevant certifications.
Showcase your value by documenting accomplishments and keeping your LinkedIn profile updated. Develop essential soft skills, including communication and leadership, and network both internally and externally.
Build a strong personal brand and actively manage your career development by setting goals and seeking mentorship.