The year 2024 has been a turbulent period for the IT and Tech sector, with nearly 100,000 employees losing their jobs globally.
According to Layoffs.fyi, 337 tech companies have laid off 98,834 employees in this year 2024.
This significant reduction in the workforce highlights the ongoing challenges faced by the industry amidst economic uncertainties and shifting market dynamics.
The loss of 98,834 IT/Tech jobs in 2024 shows the volatility of the current economic environment and the rapid pace of technological change.
While the situation poses substantial challenges, it also presents opportunities for growth and adaptation. By embracing new skills and fostering a culture of resilience, the IT sector can navigate this turbulent period and emerge stronger in the future.
According to the data shared by Layoffs.fyi, in the year 2023, 1,191 tech companies sacked 263,180 people. However, in 2022, 1064 165,269 employees lost their jobs.
Additionally, In addition to the visible layoffs, there is a growing concern over the phenomenon of “silent layoffs.” Unlike traditional layoffs where employees are formally terminated, silent layoffs involve reducing staff hours, cutting benefits, or reassigning roles in ways that encourage voluntary resignation.
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Economic Pressures and Market Shifts are one of the causes of the layoffs. There have been leading companies like Google, Microsoft, Salesforce, Paytm have sacked employees in 2024.
In response to these challenges, many IT professionals are investing in upskilling and reskilling initiatives. Online courses, certifications, and training programs focusing on emerging technologies are in high demand as workers strive to remain relevant in an evolving job market.
However, the path to recovery will require concerted efforts from both employers and employees to adapt to the changing landscape and mitigate the impact of these significant job losses.
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