2023 was a bad year for the global workforce with leading tech giants including Google, Amazon, Mircosoft, and others laying off their employees at an unprecedented rate. Many hoped that the situation would revive in 2024 but that isn’t the case.
As per the latest reports, the layoff trend is continuing in 2024 as well. The IT companies in the USA have resumed their layoff process this year, much like in 2023.
In 2023, the IT companies in the USA fired 2,30,000 employees. Now, in just a month since the start of 2024, companies have fired over 32,000 employees which means that 2024 has started on a very disappointing note for the global workforce.
Just the other day, Snap Inc. fired 10% of its workforce as 540 employees were given the pink slip. Microsoft has started laying off employees in its gaming division, and Amazon is firing a part of its workforce in the Amazon Prime Video division. Salesforce has announced that the company is firing 10% of its global workforce.
Reportedly, the majority of companies are laying off their employees over the alternatives in the AI market, and also in a move to improve their profits through a reduced workforce.
Even in India, the situation is hitting the rock bottom. Swiggy has fired 7%(400) of its workforce. Valorant Games is firing 500 employees.
As it appears, the job market is only getting worse even in 2024. Experts comment that the only way employees can survive in the challenging market is by enhancing their skillset and learning new and advanced technologies in their stream.
