It was reported that more than 80,000 employees in the technology sector lost their jobs in the first four months of 2024, and layoffs are continuing to haunt the overall startup ecosystem across the world.
Latest figures from layoff.fyi, a portal that tracks tech sector job cuts, 279 tech companies have sacked 80,230 employees to date (till May 3).
In 2022 and 2023, tech companies worldwide laid off more than 425,000 employees, as a global slowdown hit the IT/Tech and the startup ecosystem.
In the latest job cut, US customer experience management platform Sprinklr sacked about 116 employees.
Exercise equipment and fitness company Peloton this week announced to lay off 15 per cent of its workforce (about 400 employees).
Google also laid off about 200 employees from its core teams in a reorganisation move, according to reports.
In fresh job cuts, Elon Musk-run Tesla laid off hundreds of employees, weeks after reducing 10 per cent (or 14,000 people) from its global workforce. Musk reportedly disbanded the company's charging team in a recent round of layoffs, and the move surprised many. Despite onboarding top automakers such as Ford and General Motors to use its connectors, Tesla's Supercharger network, known for its North American Charging Standard (NACS) technology, saw its team dissolved. In an email to senior staff, Musk instructed them to further reduce the workforce by removing employees who did not meet the criteria of excellence, necessity, and trustworthiness, or face resignation.
The tech billionaire disbanded the entire Tesla charging team in the new layoff round.
In India, ride-hailing platform Ola Cabs has started a restructuring process that will impact at least 10 per cent of its workforce.
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Google also announced a significant restructuring initiative that could result in employee layoffs in April 2024. The company's chief financial officer, Ruth Porat, announced this decision to employees with the help of a memo, as reported by CNBC. In the memo, Porat highlighted the evolving landscape of the tech sector, especially with the rise of Artificial Intelligence (AI), and underscored the opportunity to create more user-friendly products and expedite customer solutions. However, she also acknowledged the need for difficult choices, including potential adjustments in work locations to better align with priority areas.
Inputs from IANS
