Big name companies like Intel, IBM, and Cisco Systems have laid off their employees. Let’s find out which companies have laid off how many people last month. More than 40 companies in the tech sector have announced layoffs in August.

1.30 lakh people have lost their jobs so far this year

Let us tell you, so far in the year 2024, more than 1.36 lakh tech professionals have been fired. In August, Intel, one of the world’s largest chip manufacturing companies, laid off 15 percent of its total workforce i.e. 15 thousand employees. The company has taken this step to reduce costs by $ 10 billion by 2025.

Intel has been forced to take such difficult decisions to cut costs and make major changes in its strategy. After this, Cisco Systems, a big name in the world of networking, has also announced the layoff of 7 percent of its workforce i.e. 6000 employees.

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The company’s focus is now on Artificial Intelligence (AI) and Cyber ​​Security sectors. Apart from this, among the big companies that have announced layoffs, IBM has shut down its R&D operations in China and laid off more than 1000 employees.

Layoffs in Apple company

iPhone maker Apple has laid off 100 employees from its services group. Dell has also decided to cut its global workforce by 10 percent, which may affect 12,500 employees.

GoPro has also eliminated 15 percent of its workforce i.e. 140 jobs. This phase of layoffs in the technology sector is likely to continue in the future as well. This number may increase. In such a situation, the increasing number of unemployed people can become a cause of big trouble.

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The post Tech layoffs 2024: Tech companies lay off over 27,000 employees in August, Most people were fired from these companies first appeared on Rightsofemployees.com.

The IT sector, which provides the maximum number of jobs in the country, is currently facing many challenges. For the past one year, companies in the IT sector have adopted various strategies regarding retrenchment and recruitment. Its effect is likely to be visible in the future as well. It has been said in a report that IT companies have reduced hiring significantly in the current financial year and there is a possibility of a similar environment in the future.

It has been said in the report that the crisis on the country’s $ 245 billion (about Rs 20 lakh crore) IT industry has increased so much that there is a plan to give about 40 percent fewer jobs than last year. According to the Economic Times report, Bangalore-based data company Xpheno has told that companies have reduced hiring in the first quarter itself.

Scissors on 22 thousand jobs

The report states that companies like TCS, Infosys, HCL Tech, Wipro and Tech Mahindra (TCS, Infosys, HCL Tech, Wipro and Tech Mahindra) have reduced hiring in the first quarter of 2023-24. In the first quarter, these companies have cut 21,838 vacancies. Last year, the total hiring of these companies was 2.50 lakh people, while in the current financial year there is a preparation to give jobs to only 50 thousand to 1 lakh people.

TCS gave jobs to only 500

It has been clearly stated in the report that the country’s largest IT company TCS has given jobs to only 500 people in the first quarter of the financial year. Not only this, global IT companies Accenture, Capgemini and Cognizant have reduced hiring by 5,000 in the first quarter. In such a situation, the financial year is going to be very difficult in terms of IT services. Sunil C, CEO of TeamLease Digital, says that companies are finding it difficult to get new projects. This is the reason why there is such a big impact on hiring.

Hiring halved till August

IT companies may reduce their hiring by up to 40 per cent this year as they reorient their strategy to utilize their workforce. The intention of the companies is to make minimum use of the employees and instead they are giving more emphasis on technology. If we look at the August figures, then the companies have done 50 percent less hiring than last year. Not only Indian companies, but world’s leading tech companies such as Meta, Apple, Amazon, Microsoft, Netflix and Alphabet have hired only 1,400 people till July 2023.

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The round of retrenchment is going on at the global level including India. There has been more layoffs in the year 2023 as compared to last year . From January to April, many big companies have fired employees and now the name of another company has been added to this list.

America’s big company Cognizant has now decided to lay off 3,500 employees. Earlier, many IT companies including Facebook, Microsoft and Amazon have shown the way out to more than 1.5 lakh employees. It has also affected the employees of India.

Why are you laying off

Ognizant’s revenue has registered a year-on-year decline of 0.3 percent and the revenue has reached $ 4.81 billion. The profit of the company has increased year after year, which has registered an increase of about 3 percent. The company’s bookings for the quarter stood at $25.6 billion on a trailing twelve month basis, up from $24.1 billion in Q4FY22. The company has decided to lay off to manage its expenses.

how many employees are there now

Presently there are 3 lakh 55 thousand 300 employees in Cognizant. The layoffs at Cognizant followed Accenture, which announced it would lay off 19,000 people. Cognizant has given the responsibility of this decision to the NextGen program, under which the company has said that it wants to simplify its operating model.

IBM will replace with AI

EBM has decided that it will no longer be hiring employees. Rather, he will recruit AI instead. About 7800 employees will be replaced by AI. At the same time, Disney has recently announced that it will lay off 4 thousand employees. Earlier he had asked to withdraw 7000.

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