According to various media reports, an American multinational corporation and technology company, Intel is laying off 235 employees.
The company spokesperson said, “Intel is working to accelerate its strategy while reducing costs through multiple initiatives, including some business and function-specific workplace reductions across the company.”
Currently, in California Intel has 13,000 employees. As per reports, the layoffs will impact employees in the research and development (R&D) at Folsom, in Sacramento County.
This is the fifth round of job cuts by the company this year and there may be more job losses at the company.
In 2023, On the other hand, IT majors like; Snap, Microsoft, Twitter, TikTok, and Google have either laid off employees or frozen new hiring.
IT companies are already experiencing margin pressure due to inflation and impending recession in markets like the US and Europe, the biggest markets for the sector.
Either layoff or hiring slowdown comes due to slow global economic growth caused by higher interest rates, and rising inflation.
As per Trueup so far in 2023, So far in 2023, there have been 1,979 layoffs at tech companies with 426,670 people impacted (1,205 people per day).
However, the companies are taking various steps to avoid layoffs. Recently, Deloitte is now turning to AI to avoid Mass Layoffs in the Future.
The company has now explored the use of generative artificial intelligence to automate repetitive and time-consuming tasks previously handled by junior staff members.
The company is allowing its employees to work on tasks that include activities like preparing documents for internal meetings and collecting extensive data for client pitches.
Intel India is Intel’s largest design and engineering center outside the US, with state-of-the-art design facilities in Bengaluru and Hyderabad.
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