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.
IBM said it will lay off 1,000 people from its research and development department in China. Chinese media said the company has taken this decision after a decline in demand for IT hardware and difficulties in expanding within the Chinese market.
German chip maker Infineon will lay off 1,400 employees. These employees will be sent to countries where the cost is low. Go Pro will lay off 140 people. Apple has also laid off 100 people. Dell Technology is rumored to have laid off 12,500. Reshamandi has laid off all employees. ShareChat has also laid off 30-40 people.
E-commerce platform Meesho said it has created 8.5 lakh seasonal jobs within the seller and logistics network ahead of the festive season. This is 70 per cent more than last year. The company said its sellers have hired five lakh people for the festive season. Logistics vertical Walmo has employed about 3.5 lakh people through third parties including Delhivery, Ecom Express and Expressbees.
According to Indeed, seasonal hiring has increased by 20 per cent this year even in small towns. Mumbai, Bangalore, Chennai, Delhi and Kolkata have seen a growth of 18-20 per cent compared to last year. Recruitment has increased by 25 per cent in cities like Jaipur, Lucknow, Gurgaon, Chandigarh, Indore, Surat, Bhubaneswar and Bhopal.
