Mumbai, July 1: Tech layoffs in 2024 have been concerning as multiple domestic and international companies have begun cutting thousands of jobs amid restructuring, cost-cutting and adopting automation. Companies such as Paytm, BYJU's, Meta, Apple, Tesla, Google, Microsoft and other tech companies across India and the world highlighted the layoffs in tech sectors. 

From January to June 2024, over 1,00,000 employees globally lost their jobs due to tech layoffs, contributing to the wave of layoffs in India and globally. Companies have been reducing their workforce since the beginning of 2024, with 41,000 people losing their jobs in June alone, as reported by Times Now News. Global IndiaAI Summit To Be Hosted by India This Week, Check Dates and Other Details.

The report mentioned that significant job cuts contributed to the wave of global tech layoffs in 2024, leading to thousands of people losing their jobs. Recently, companies like Google, Microsoft Ola Electric, YES Bank, Simpl, Chegg, and others announced layoffs. 

Recently, Google laid off 100 employees working in the company's cloud unit. The cloud has been the fastest-growing sector, said the report. Microsoft, in June 2024, cut around 1,500 jobs, mostly from the mixed reality team that developed HoloLens 2. Over 10,000 employees were laid off by the tech giant before this June layoffs.

Moreover, Ola Electric let go around 400 to 500 employees from various divisions to reduce its operational costs before the IPO release. The company was reportedly planning to hire new employees at lower costs as replacements. YES Bank recently announced layoffs, which resulted in around 500 employees leaving their positions due to the reorganisation process. Planet Labs Layoffs: Earth Imaging and Monitoring Company Lays Off 17% of Its Workforce, Around 180 People as Part of Cost-Cutting Measures.

Besides, the BNPL startup Simpl also let go of around 30 employees a month after laying off 160 people.  The Simpl layoffs were implemented across various departments as a part of operational adjustment.  Chegg, a US-based fintech company, also laid off around 23% of its global workforce to focus on efficiency within the company due to restructuring. As a part of the restructuring process, Mark Zuckeberg-run Meta also resorted to layoffs, leading to thousands of employees this year. The report said that the layoffs by Meta affected 20,000 employees.

(The above story first appeared on LatestLY on Jul 01, 2024 11:40 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).