The start of 2024 has seen a continuation of the layoffs in the tech and retail sectors.
Unlike the sweeping layoffs of the previous year, major tech players have recently been making smaller, more targeted cuts.
This shift is part of a strategy to focus on a limited number of projects, mainly developing artificial intelligence capabilities.
The underlying principle is to maximize efficiency with fewer resources.
The Technology Sector Underwent Major Changes
According to Layoffs.fyi, the tech industry shed over 260,000 jobs in 2023 across more than 1,000 companies.
This pattern is seen in the first month of 2024, with about 25,000 layoffs in approximately 100 tech companies.
Heavyweights like Google, Amazon, and Microsoft have had to make difficult decisions in the tech sector.
Google initiated layoffs across its hardware and engineering teams, reallocating resources toward AI development.
Similarly, Microsoft announced cuts in its gaming division, signifying challenging times in the technology sector.
The industry, which had rapidly expanded during the pandemic, found itself overstaffed amid shifting economic conditions.
Startups have also downsized their workforce to stay afloat.
The retail sector experienced similar trends.
Companies like eBay and Macy’s announced job cuts, responding to the evolving economic climate and the increasing shift towards online commerce.
Other sectors, including media and finance, have also seen major companies implementing layoffs.
The beginning of 2024 has set a precedent for the rest of the year, with the job market appearing volatile and unpredictable.
The possibility of further hiring freezes or layoffs looms, highlighting a period of transition and adaptation for industries worldwide.
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Here’s who’s firing in January 2024
- Xerox To Cut Workforce By 15 Percent
- Alibaba Subsidiary Lazada Lays Off Employees In Southeast Asia
- Unity Software Cuts 1,600 Jobs In Latest Tech Layoffs
- Barclays Confirms 5,000 Global Job Cuts
- Cybersecurity Giant Trend Micro Cuts 150 Staff
- Google Announces Hundreds Of Layoffs As It Focuses On AI
- Duolingo Lays Off Workers As It Relies On AI For Lesson Creation
- Discord Axes 170 Jobs After Massive Hiring Spree
- Citigroup To Cut 20,000 Jobs
- Amazon Slashes Five Percent Of Jobs In Audible Division
- YouTube Announces 100 LayoffsÂ
- Macy’s To Slash Over 2,300 Corporate And Store Roles
- Wayfair Cuts 1,650 Global Staff In Restructuring
- Tencent’s Riot Games Lays Off 530 Employees
- EBay To Cut 1,000 Full-Time Employees
- SAP To Offer Buyouts And Job Changes For 8,000 Employees
- Los Angeles Times To Lay Off Roughly 115 Newsroom Staff
- TikTok Cuts 60 Jobs In Sales And Advertising
- Flexport To Cut 500 Jobs As Shipping Demand Slows
- Microsoft To Cut 1,900 Jobs In Gaming Division
- Levi Strauss To Cut Corporate Workforce By 15 Percent
- John Lewis To Cut Up To 11,000 Jobs Over Five Years
- Lloyds To Cut Another 1,600 Jobs
- Channel 4 Plans To Cut 250 Jobs
- Paramount Chief Announces Layoffs Amid Cost-Cutting Measures
- Business Insider Axes 8 Percent Of Staff
- IRobot Cuts 31 Percent Staff After Amazon Merger Collapses
- UPS Announces 12,000 Job Cuts In A Drive For Profitability
- PayPal To Cut 2,500 More Jobs In Latest Tech Layoffs
- Sky Confirms 1,000 Job Losses As Customer Preferences Shift
