It is rumored to be, there have been increasing job cuts in the tech industry since 2023, with the trend continuing into 2024. The year 2023 saw more than 240,000 jobs lost, marking a 50% increase over the previous year. This troubling trend has continued into January 2024, with several high-profile companies announcing significant layoffs.
Frontdesk, a US-based prop technology company, made headlines when CEO Jesse DePinto laid off all 200 employees during a two-minute Google Meet call. The company is reportedly resorting to state receivership instead of declaring bankruptcy. This move has sparked outrage and raised questions about ethical treatment of employees during layoffs.
Alphabet’s Google also announced layoffs across various divisions including digital assistant, hardware and engineering teams. The company spokesperson revealed that organizational changes are ongoing globally and more roles will be affected by this year’s layoffs. In an internal memo to employees, CEO Sundar Pichai mentioned that these measures aim to simplify execution and boost speed in some areas.
Microsoft is cutting 1,900 jobs from Activision Blizzard, Xbox and ZeniMax as part of a sustainable cost structure plan to support its growing business. Amazon’s various divisions are also reducing their workforce significantly – Audible plans to lay off 5% of its employees while Amazon Prime Video and Twitch are also cutting hundreds of jobs.
Xerox announced a reduction of about 15% of its workforce (equivalent to approximately 3,000 employees) as part of introducing a new organizational structure and operating model. Unity Software is cutting about 25% of its workforce (roughly 1,800 jobs) in an effort to focus on core business areas for long-term success.
Messaging platform Discord is laying off around 17% of its workforce affecting approximately170 employees while eBay is reducing its workforce by about9%, eliminating roughly1,000 jobs due to rising expenses outpacing business growth.
The Indian e-commerce giant Flipkart has announced it will lay off around5% or1,000employees as part of its annual performance review exercise which represents standard downsizing process the company goes through each year. Swiggy,a foodtech giant,is reportedly laying off400employees in a restructuring move affecting7%of their workforce mainly in technology,customer service,and corporate teams.Riot Games,the developer behind popular games like “League of Legends” and “Valorant,” will cut11%ofits staff orabout530jobs after costs spiraled out control due aggressive expansion.Salesforce will lay off700workers representingabout1%ofits global workforce which amounts70k.This comes after announcement last January that they would layoff10%.
These job cuts reflect the difficult market conditions faced by many tech companies as they shift their focus from growth towards efficiency.In response,this trend raises concerns about employee welfare,social responsibility,and ethical practices within the tech industry.It remains crucial for both companies and policymakers to address these issues effectively moving forward.It is rumored to be