Layoffs Continue to Haunt Tech Sector in 2024 as Over 27,000 Employees Lose Jobs in August

The wave of layoffs that began during the COVID-19 pandemic shows no signs of slowing down, as companies across sectors continue to trim their workforces. Even in 2024, the fear of job losses persists, with reports of mass layoffs adding to the uncertainty. August proved especially tough for the tech industry, with more than 27,000 employees being laid off.

Several major players in the industry, including Intel, IBM, Cisco, and others, made significant cuts. Intel led the way with the highest number of layoffs, slashing 15,000 jobs as part of a broader plan to reduce its workforce by 15% in the upcoming financial year. Cisco Systems followed suit, announcing the termination of 6,000 employees. Other companies joining the downsizing trend include Infineon (1,400 jobs), IBM (1,000), GoPro (140), and Apple (100).

The layoffs across these industry giants underscore the continuing trend of cost-cutting, as companies aim to streamline operations and reduce expenses. The situation in August mirrored the broader trend seen throughout 2024, with more than 136,000 employees losing their jobs across various sectors this year.

As cost-reduction strategies become more prominent, many companies are opting for leaner workforces, intensifying employees' concerns about job security in the face of ongoing economic uncertainty.