2024 might be nearing its end with December kicking in, but the wave of layoffs in big tech companies seems unstoppable.
The trend of layoffs, which started in 2022, continued heavily in 2023 in the name of company restructuring and is showing no signs of slowing down even in 2024. Big tech giants like Tesla, Microsoft, Google, etc., were the first to start this trend, and smaller companies quickly followed suit.
Also Read :1st Major Layoffs at Tesla in 3 years: Tesla announces 14000 job cuts.
In 2024 alone, over 500 companies had announced plans for major restructuring, and to be precise, till now, 519 companies did major restructuring, forcing over 149,000 employees to lose their jobs.
In the last month only, i.e., November 2024, big tech companies like Ola Electric, AMD, Chegg, and 23andMe did some major layoffs. Several other companies followed suit, resulting in a total of 7,505 job cuts in just one month.
TRENDING
All Layoffs in November 2024
AMD: AMD laid off nearly 1,040 employees on Nov 13.
WofSpeed: This Durham-based company announced the layoff of 20% of the task force on Nov 6.
Freshworks: Announced layoff of 660 employees on Nov 6.
Emphase Energy: Laid off 17% of the workforce.
Ola: Laid off 500 employees on November 22.
23andMe: Laid off 200 employees on November 11, thus reducing its workforce by 40%.
Chegg: Announced the layoff of over 319 employees, citing reduced revenue as students are moving towards AI for learning.
Additionally, nearly 53 companies announced layoffs affecting 3,805 employees.
Join Our WhatsApp Community
Analyzing the trend of layoffs in 2024
According to the data obtained from TrueUp, the layoffs have decreased over time. In January, the layoff numbers were as high as 45,067, with September marking the least layoff month with nearly 6,724 layoffs.
Conclusion
With approx 234,441 people laid off in 2024 ,this wave of layoffs in the tech sector, reflects broader economic challenges and ongoing restructuring. Companies are adjusting to the rapid pace of technological change, particularly the rise of AI, which is reshaping industries. For instance, Chegg cited the shift towards AI-driven platforms like ChatGPT as a key factor in its layoffs, as students increasingly turned to these tools for learning. In addition to cost-cutting measures, companies are adapting to automation, AI integration, and changing market dynamics, contributing to widespread workforce reductions. As these trends continue, the tech sector will likely face more restructuring in the near future.
