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Tech Layoffs Keep Coming. Why Is Head Count Barely Budging?

Livemint

Livemint · 1y ago

Tech Layoffs Keep Coming. Why Is Head Count Barely Budging?

Despite announcing layoffs, several major U.S. tech companies including Microsoft, Alphabet, Netflix, Meta Platforms, and Amazon have actually increased their workforce since the pandemic began. Microsoft and Alphabet each employed 50% more people compared to pre-pandemic levels, while Amazon has nearly doubled its workforce. Although job cuts have been announced, continued hiring and past recruitment efforts have more than offset these reductions. The companies' revenue per employee has also increased, indicating improved productivity.

Related News

Tech layoffs are way down from last year. Why does it feel so grim?

Business Insider

Business Insider · 1y ago

Tech layoffs are way down from last year. Why does it feel so grim?

Tech industry layoffs in 2024 are smaller compared to the massive layoffs in early 2023 by tech giants like Amazon, Google, and Meta. While job cuts this year are smaller and more focused, there is a continuous flow of bad news with startup closures becoming more common. The tech industry still feels grim due to small, continual job cuttings and the fear that the layoffs may not be over. This environment creates discomfort for employees despite software job postings showing some growth.

1K Kirana Collapse: Bankruptcy, Distress Sale Loom for Info Edge-Backed Kirana Tech Startup

Inc42 · 1y ago

1K Kirana Collapse: Bankruptcy, Distress Sale Loom for Info Edge-Backed Kirana Tech Startup

Kirana tech startup, 1K Kirana, is facing financial crisis and possible bankruptcy. Despite raising significant funding in 2022, the company experienced rapid growth but struggled to sustain it without further capital. As a result, the business had to scale back operations, leading to layoffs and reduced valuation. With only a fraction of its previous employee count, 1K Kirana is reportedly in talks with other kirana tech startups, including ShopKirana, for a potential acquisition. The startup has halted supply chain operations to cut costs but claims to be exploring all options to avoid bankruptcy.

Why constant job cuts could be the new normal for Big Tech

Business Insider

Business Insider · 1y ago

Why constant job cuts could be the new normal for Big Tech

Google is undergoing a wave of layoffs, following major cuts last year. Google CEO Sundar Pichai has stated that the cuts are being made to free up resources for new investments and to simplify execution. This trend of job cuts is not unique to Google, as other Big Tech companies like Amazon and Meta have also made significant cuts in recent times. This could become the new normal due to investors' increasing focus on profits rather than growth in the post-zero-interest-rate-policy era. Additionally, as Big Tech companies age, it becomes harder for them to generate new growth stories, making periodic layoffs more common.

Cisco to lay off thousands of employees to focus on high growth areas

Economic Times

Economic Times · 1y ago

Cisco to lay off thousands of employees to focus on high growth areas

Cisco is reportedly planning a business restructuring that will involve laying off a significant number of employees to focus on high-growth areas. The company's total employee count is currently around 84,900. The exact number of employees affected by the layoffs is yet to be determined, with an announcement expected as early as next week. This move comes as various tech companies have undertaken cost-cutting measures, including job cuts, due to slowing demand and supply chain challenges. Cisco's recent focus has been on software offerings such as cybersecurity.

Mark Zuckerberg explains why so many tech companies are doing layoffs right now

Business Insider

Business Insider · 1y ago

Mark Zuckerberg explains why so many tech companies are doing layoffs right now

According to Mark Zuckerberg, the CEO of Meta, the recent wave of tech layoffs is not solely due to the AI boom, but rather companies realizing the benefits of being leaner. During the pandemic, companies overhired due to the surge in e-commerce, but as the economy adjusted, they had to make major cuts. While it was a tough decision, becoming leaner has made companies more effective. This trend of efficiency-focused thinking and restructuring is still ongoing in the tech industry.

TomTom to cut 300 jobs amid AI shift

Economic Times

Economic Times · 1m ago

TomTom to cut 300 jobs amid AI shift

Dutch tech firm TomTom is cutting 300 jobs, approximately 10% of its workforce, to shift towards a product-led strategy that incorporates artificial intelligence. The layoffs will impact the application layer, sales, and support functions. This move aims to address financial losses as the company adjusts to changes in market demand, where standalone car navigation devices are less used. TomTom anticipates decreased sales in the coming years but remains confident in its long-term prospects.

Working for Google used to be 'sexy and exciting,' with a strong sense of security. Now, not so much.

Business Insider

Business Insider · 1y ago

Working for Google used to be 'sexy and exciting,' with a strong sense of security. Now, not so much.

Google has recently announced fresh job cuts, following a 6% reduction in staff last year. The tech giant has already laid off over 1,000 employees this month, with CEO Sundar Pichai indicating further layoffs in the coming year. Google expects to pay around $700 million in severance costs this quarter, as stated in Alphabet's latest results. These cuts have been met with resistance from remaining employees, who are criticizing the company's leadership and the changing workplace culture. The layoffs may have long-term consequences for retention and recruitment, impacting the company's reputation as an attractive employer.

IBM announces job cuts in marketing and communications division, says report

Livemint

Livemint · 1y ago

IBM announces job cuts in marketing and communications division, says report

IBM has reportedly announced layoffs in its marketing and communications division, according to CNBC. No specific numbers have been provided yet. This follows IBM CEO Arvind Krishna's previous statement that the company plans to halt hiring for roles that could be replaced by AI in the coming years. IBM is joining the growing list of tech companies that have announced job cuts this year, with a total of 204 companies impacting almost 50,000 employees. In 2020, IBM reduced its workforce by about 3,900 jobs.

Marriott to open tech accelerator in Hyderabad next year

Economic Times

Economic Times · 10m ago

Marriott to open tech accelerator in Hyderabad next year

- Marriott International is establishing a new tech accelerator in Hyderabad, its first overseas global capability centre (GCC). - The move is aimed at leveraging the city's technology talent and drive innovation, next-gen solutions, and security capabilities across the company's global enterprise. - The GCC will focus on software engineering, infrastructure and operations, and cybersecurity. - The accelerator will be staffed with a range of skill sets, from analysts to high-end skilled workers. - Marriott's expansion plans in India include increasing its room count to over 42,000 in the coming years, from the current 29,000 rooms across 17 brands. - The company sees India as a natural fit for a GCC due to its strong brand presence and established relationships in the country.

A comprehensive list of 2023 & 2024 tech layoffs

TechCrunch · 1y ago

A comprehensive list of 2023 & 2024 tech layoffs

In the tech industry, there have been significant layoffs in 2023 and 2024. Companies like Google, Amazon, Microsoft, and TikTok have all announced job cuts. The layoffs are a reflection of the challenges faced by tech companies, with many facing tough market conditions and needing to focus on efficiency rather than growth. The layoffs also highlight the impact on innovation and the human aspect of job cuts. The total number of layoffs in 2023 was 262,735, which is 59% higher than the previous year. The tech sector continues to face challenges, and it remains to be seen how the job market will evolve.

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