Mass layoffs hit tech industry Over 27000 jobs cut as Intel Cisco IBM more slash workforce

The tech industry has been facing great turmoil for the last few months. The workforce is continuously being reduced in big tech companies. Some companies are doing this due to losses while some companies are thinking of reducing the expenditure on employees to invest in new AI based technology. Last month also did not prove to be auspicious for tech employees across the world when more than 27 thousand employees lost their jobs in August alone.

Within the entire month of August 2024, more than 27 thousand employees were fired from their jobs. About 40 companies were involved in this big layoff. Which also included big names like Intel, IBM, and Cisco. Along with this, many small startups have also made layoffs. If we talk about 2024, then in the last 8 months, there have been retrenchments in 422 companies during which around 1 lakh 36 thousand tech employees have been removed from their jobs. This shows that there is still a lot of volatility in the tech sector.

Intel’s layoffs first came to light in early August, in which company CEO Pat Gelsinger informed employees that the company was now going to reduce its expenses. The company announced that it will lay off 15 thousand employees. This was 15 percent of the company’s total workforce. According to reports, the company took this step to reduce its financial condition and the difficulties it is facing in Q2 2024. Although the company’s CEO said that this step was extremely difficult, but also very important.

Cisco announced its second-largest layoff in August. On August 14, news came from Cisco Systems that the company was going to reduce 7 percent of its employees. The reason behind which was given that the company will now focus more on areas like Artificial Intelligence and Cyber ​​Safety. Cisco did not disclose the number of employees to be laid off but according to reports, around 6 thousand employees have been shown the door.

Names like IBM and Infineon were also among the tech companies that made layoffs in August. German chipmaker Infineon announced the layoff of 1400 employees. At the same time, IBM announced the closure of its R&D department in China. Due to this, there is news of removal of more than 1 thousand employees from the company. Additionally, Canada’s online food delivery service SkipTheDishes decided to lay off around 1,000 employees. In this way, in August, tech companies have laid off a large number of employees across the world.