Mumbai, October 1: The tech industry has been facing several challenges since the beginning of 2024. Despite these challenges, the industry has managed to offer new opportunities to employees and freshers. The tech layoffs in 2024 have significantly impacted thousands of employees who lost their jobs and cannot find new ones as the industry has slow demand, is adopting AI, is restructuring, and is facing global competition. 

This year's biggest IT layoffs were announced by tech giants like Intel, Dell, Cisco, Samsung, IBM, Microsoft, Apple, and several other leaders in the industry. The tech giants have continued laying off employees from sales and marketing, programming, AR departments, and projects that no longer were needed. According to a layoff tracking website, Layoffs, 451 tech companies laid off around 1,39,206 employees in 2024. Tech Layoffs 2024: Salesforce-Backed Security Compliance Automation Firm Drata Cuts 9% of Workforce To Enhance Operational Efficiency

Recently, tech startups like Salesforce-backed Drata laid off several workers despite reporting positive growth. Luminar also laid off around 30% of its jobs this year to save costs and restructure its business. Tech giants, including IBM, Qualcomm, and Cisco, followed the trend of workforce reduction exercises. IBM, aka Big Blue, silently cut 1,000 jobs, chip developer Qualcomm cut 226 jobs, and Cisco reduced 5,600 headcounts from the workforce. 

Following this, there were other companies like Swedish EV battery maker Northvolt, Aakash by BYJU's, Udemy Bending Spoons, Dozee, Dunzo, Five9, GoPro, and more. Companies like Amazon and TCS have terminated the work-from-home model, which was adopted during the COVID-19 pandemic for safety reasons. The gaming industry also suffered from layoffs as companies like Microsoft-backed Activision Blizzard cut hundreds of jobs. Activision Blizzard Layoffs: Video Game Company To Lay Off Around 400 Employees in Irvine, Santa Monica Next Month After Microsoft Merger.

Over 1 lakh people lost their jobs in 2024, and more will be laid off in the coming month before the year ends. Some companies have adopted silent layoffs and asked the employees not to speak about their job loss. While others have reduced the workforce due to financial difficulties and are unable to pay the severance. 

(The above story first appeared on LatestLY on Oct 01, 2024 12:15 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).