IT Layoffs 2024: Leading IT Companies Cuts Off Majority Employees JobSophia Loren (Author) Published Date : Feb 06, 2024 17:58 IST
Due to the economic downturn and increasing competition, many companies are struggling to maintain profitability. In an effort to cut costs and increase profits, several companies have begun laying off employees in 2024. These layoffs have affected various sectors, including IT, finance, and marketing.
The IT industry has already experienced a wave of layoffs in 2022, and unfortunately, this trend has continued into 2024. IT employees, who were once the backbone of the industry, have been hit particularly hard. The layoffs have not only resulted in job losses but also in increased workloads for those who remain employed.
Despite the devastating impact of these layoffs, some companies argue that they are necessary to ensure their survival. However, others criticize these actions as short-sighted and detrimental to both employees and the economy.
India's leading IT services firm, Wipro, plans to lay off mid-level executives from its overseas workforce to improve its margins. TCS has linked ratings for promotions, raises and variable pay based on how many employees come to the office following the company's work-from-home announcement.
The social media industry, Snapchat, has announced that it will lay off around 10% of its employees. As a result, around 500 employees will face layoffs. SNAP INC faced a major impact by laying off approximately 20 per cent of its employees in 2022. After this, 10 per cent of the employees were fired and shocked.
Mobile phone maker Nokia's India chief Sanjay Malik has resigned amid plans to cut 11,000 to 14,000 jobs. PayPal has announced plans to lay off 2,500 people. As a result, around 9 per cent of PayPal employees will face layoffs.
Flipkart, the e-commerce giant in India owned by Walmart, has recently announced that it will lay off around 1,000 employees as part of its annual performance review process. The layoff represents approximately 5% of the company's total workforce, currently around 22,000 employees.
Several top tech companies, including Google, Amazon, Meta and others, have recently announced workforce reductions as part of their restructuring and cost-cutting measures. This has led to a wave of layoffs in famous companies worldwide.