Date:
August 31, 2024
August has resulted in the maximum number of job cuts this year, laying off over 27k professionals and impacting the US, China, and Canadian markets.
Mass layoffs have been the biggest risk factor for the private sector, especially in the tech landscape, for over three years now. Entering the 44th month of layoff continuation in August 2024, the tech industry witnessed over 27000 layoffs. This is a steep rise in the job cut trend, with Intel and Cisco leading the numbers.
The markets most affected by the layoffs are the USA, China, and Canada. After a hard peak in January with 34107 job cuts across 122 companies, August has ranked second in the most job cuts in any month of this year. In August, 44 companies executed mass layoffs.
Intel has let off 15,000 professionals from its workforce. “We plan to deliver $10 billion in cost savings in 2025, including reducing our headcount by roughly 15,000 roles, or 15% of our workforce. The majority of these actions will be completed by the end of this year,” said Intel CEO Pat Gelsinger in a note sent to his employees. Intel aims to become a leaner, simpler, and more agile company.
Cisco followed Intel, with 5900 professionals removed from their respective positions. Infineon axed over 1400 jobs from its global organization branches. IBM removed over 1000 members from its team as part of its resource restructuring effort. An online food ordering platform, Skip The Dishes, has laid off 800 people from its company.
According to reports, Cisco was reported to be preparing for its second layoff round to remove around 7% of its employees. This news comes in contrast to the growing efforts of the company in the AI and cybersecurity space. In February, Cisco slashed over 4000 employees from its global teams to optimize resource budgets.
“We are restructuring our business and reducing the size of our workforce. This move affects approximately 100 Canadian market employees, along with 700 operations employees servicing the global Just Eat Takeaway.com organization based out of Canada,” said the CEO of SkipTheDishes, Paul Burns, in a post on his LinkedIn handle.
With a new rise in layoff trends, every tech industry professional must prepare for the worst-case scenario, hoping the best happens to them. This means they should keep their resume updated and explore the latest hiring trends on the best job search apps to catch up whenever needed.
