Due to uncertainty in the global economy leading to fear of recession 124000 jobs were lost in IT this year
Phase of layoffs: According to the data, big tech companies globally are rapidly retrenching high-paid employees. In their place, new youngsters are being recruited at lower salaries. IBM has started the second round of layoffs, mainly of senior programmers, sales and support staff.
There has been an adverse effect on the IT sector due to uncertainty in the global economy and tensions between countries. Resulting, 384 companies globally have laid off a total of 1.24 lakh people this year. What is worrying is that companies are now preparing for the second round of layoffs in the second half.
As per the data shared by Amar Ujala, large technology corporations all over the world are laying off well-paid employees very fast. Instead, they hire young newcomers for low wages. IBM started a second round of layoffs, mainly senior programmers and sales and support staff. Even though the company laid off staff, the number of employees is almost the same as at the beginning of the year. Health-tech startup Dozee lays off 40 employees in India to cut losses. WeTransfer cuts workforce by 75%. Price Water House Coopers i.e. PwC lays off around 1,800 employees. This is the biggest cut since 2009.
Qualcomm, the maker of smartphone chips, will lay off 226 employees in San Diego by the end of the year. The first phase resulted in the firing of over 1,250 employees.
Dell Technologies stated that it will continue to reduce its workforce through 2024, with a particular emphasis on cost management in the face of a slow recovery in PC demand.
Microsoft is laying off 650 people from the Xbox gaming division. Job cuts primarily affected corporate and support positions. The first round resulted in the layoff of 1,900 employees.
Cisco has continued its layoff process. Layoffs totaling 7% were announced in August. Approximately 5,600 employees were affected by this. 4,000 employees lost their jobs during the initial round of layoffs in February. These employees were notified of the layoffs on September 16.
New appointments in the IT services sector are expected to jump significantly during FY 2024-25. Entry-level appointments may almost double to 150,000 compared to the previous fiscal.
