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Due to fears of recession and cost reduction this year, 422 IT companies laid off 1.36 lakh people
Jobs Crisis: According to the data, Intel, which is facing the biggest challenge so far, has shown the maximum number of 15,000 employees the way out in August. This layoff is part of the plan to cut expenses by $ 10 billion for 2025. The company's annual revenue has declined by $ 24 billion between 2020 and 2023.
With the fear of recession, jobs once again are in jeopardy. To cut costs, 422 IT companies in the world have sacked 1.36 lakh people so far this year. As many as 40 IT companies like IBM, Intel, and Cisco Systems laid off more than 27,000 people in August this year. Small startups are also on the list of those who have laid off.
Intel laid off 15,000 employees in August if the challenge it is facing is anything to go by. This comes as part of a plan to slice expenses by $10 billion for 2025. Annual revenue tumbled by $24 billion between 2020 and 2023, while in the same period, the number of employees went up by 10 percent.
Cisco Systems has also announced the layoff of 6,000 or seven percent of the total employees. This is the second major layoff of the company this year. It is restructuring to take advantage of technology along with artificial intelligence AI and cybersecurity. Cisco will invest one billion dollars in AI startups.
