New Delhi: As we wrap up the first month of 2024, it’s evident that the year hasn’t been easy for job security. Several companies are making tough decisions, leading to layoffs and creating uncertainty for workers across various industries. The biggest question that comes here is what is the reason for the massive job cuts.
Why The Layoffs?
In both retail and tech, some companies are trimming their workforce after a period of increased hiring during the Covid-19 pandemic. (Also Read: Now You Can Choose Any Hospital For Treatment; Know All About Game-Changing Rule For Health Insurance)
The surge in online activities during lockdowns prompted many companies to hire more people. Now, faced with the need to cut costs and strengthen their financial positions, layoffs are becoming a common strategy. (Also Read: Foxconn’s CEO Young Liu Awarded Prestigious Padma Bhushan Award: Check A-Z About Him)
Tech Layoffs In Numbers
According to Layoffs.fyi, a platform tracking job cuts, 35 tech companies have already laid off 5,586 employees in 2024.
Companies Making Cuts
Let’s take a closer look at some tech and retail giants that have recently implemented layoffs:
Microsoft
Microsoft is letting go of around 1,900 employees in its gaming division, accounting for about 8 percent of the gaming workforce.
TikTok
TikTok, the popular social media platform, is cutting 60 jobs in its advertising and sales unit. The reasons behind these layoffs have not been officially disclosed by the Beijing-based owner, ByteDance.
eBay
Online retailer eBay Inc. plans to cut around 1,000 jobs, approximately 9 percent of its full-time workforce.
Wayfair
Wayfair, an online furniture seller, is reducing its global workforce by about 1,650 jobs, which equates to 13 percent of its employees.
Google
Google is laying off hundreds of employees from its hardware, voice assistance, and engineering teams. This move follows commitments from Google and parent company Alphabet to cut costs, with a prior announcement of 12,000 job cuts (around 6 percent of its workforce) a year ago.
Amazon’s Twitch
Twitch, owned by Amazon, is trimming more than 500 jobs to enhance efficiency and reduce costs.
