The tech industry, which faced a significant shake-up with mass layoffs at the start of 2023, has continued to witness rounds of smaller but impactful layoffs throughout 2024. These job cuts reflect ongoing restructuring efforts as companies adapt to new market realities.
According to layoffs.fyi, so far, over 130,482 IT professionals have reportedly lost their jobs this year, and the trend shows no signs of abating as economic challenges, competitive pressures, and technological shifts persist.
Cisco – Strategic Realignment
Among the major tech companies facing layoffs, Cisco is reportedly preparing for another significant round of job cuts. According to Reuters, this could surpass the 4,000 positions it eliminated earlier this year.
The layoffs are part of Cisco’s strategy to pivot towards high-growth areas such as cybersecurity and artificial intelligence (AI), even as the company struggles with slow demand and supply chain challenges in its core networking equipment business.
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This move shows the broader industry trend of reallocating resources to emerging sectors while trimming roles in less profitable areas.
Intel – Cost-Reduction Strategy
In July, Intel announced plans to reduce its workforce significantly as part of a broader $10 billion cost-reduction initiative. The chipmaker is expected to lay off more than 15,000 employees, representing over 15 percent of its total workforce.
Intel CEO Pat Gelsinger attributed these layoffs to disappointing revenue growth and the company’s difficulties in capitalizing on emerging AI trends.
The cuts are seen as a necessary step for Intel to achieve financial stability by 2025, reflecting the intense pressures faced by companies to remain competitive in a rapidly evolving technological landscape.
Workforce Reductions at Microsoft and UKG
Microsoft has also quietly reduced its workforce by around 1,000 employees over the past two months, focusing primarily on its mixed reality and Azure ‘moonshots’ divisions.
Although not officially confirmed, these layoffs have been reported by affected employees on social media, with product and product management roles being the most impacted.
Similarly, software firm UKG announced layoffs of 2,200 employees, representing 14 percent of its total workforce, as part of its effort to concentrate on key growth areas that align with its long-term strategic goals.
Broader Impact Across Industries
The trend of layoffs is not confined to the tech industry alone. For instance, appliance maker Dyson announced a reduction of 1,000 positions, affecting over 25 percent of its domestic staff in the UK, driven by intense competition and rapid technological advancements.
In Russia, cybersecurity firm Kaspersky terminated its US operations, leading to layoffs of fewer than 50 employees.
In India, companies like Unacademy and WayCool have also downsized, cutting 250 and 200 jobs, respectively. Even outside the tech sector, Reliance Industries in India announced 42,000 job cuts to enhance cost efficiency, reducing its total workforce from 3.89 lakh in FY 2022-23 to 3.47 lakh in FY 2023-24.
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