Layoffs have become increasingly prevalent across various sectors as companies grapple with economic uncertainties, shifting consumer demands, and operational challenges exacerbated by the ongoing global situation. This month, several companies have made significant staff reductions, contributing to a wave of layoffs that is affecting thousands of employees worldwide.
Ola Electric reduced its workforce by approximately 400 to 500 employees across various divisions. This decision aims to reduce operational costs ahead of its planned initial public offering (IPO). Reports suggest that while some affected employees may be replaced with new hires at a significantly lower cost, an overall workforce reduction is anticipated.
Simpl Layoffs
Simpl, a Buy Now Pay Later (BNPL) startup, laid off around 30 employees following a more extensive layoff of 160 individuals less than a month ago. These recent layoffs have impacted employees across multiple departments, reflecting ongoing operational adjustments.
Chegg, the American education technology company, announced it would lay off approximately 441 employees, constituting 23% of its global workforce. This restructuring initiative aims to enhance focus and efficiency within the company.
YES Bank launched a reorganisation process, which resulted in the layoff of about 500 employees, with the risk of further layoffs in the coming months. The recent job losses have had a significant impact on several departments within YES Bank, particularly its wholesale and retail activities, as well as the branch banking segment.
Meta reduced its number of vice presidents within the company as part of its restructuring efforts. CEO Mark Zuckerberg has framed this year as one marked by efficiency, which included a significant reduction of over 20,000 employees. This ongoing focus on performance and restructuring is leading to gradual downsizing in various teams, affecting executives and other staff members.
In June 2024, Microsoft laid off approximately 1,500 employees, significantly impacting divisions such as the mixed reality team responsible for HoloLens 2. This move follows an earlier round of layoffs where Microsoft let go of over 10,000 employees, underscoring continuous restructuring efforts within the company. The Azure for Operators and Mission Engineering teams were also considerably downsized, affecting hundreds of employees.
Alphabet, Google’s parent company, recently laid off employees across various teams within Google’s cloud division, one of its fastest-growing sectors. According to internal communications reviewed by CNBC, these reductions impacted positions in sales, consulting, “go-to-market” strategy, operations, and engineering. Sources familiar with the matter revealed that at least 100 positions were affected by these job cuts.
These layoffs across various sectors highlight the ongoing challenges companies face in adapting to the current economic landscape. The focus on restructuring and cost reduction measures continues to impact employees worldwide, reflecting a broader trend of workforce downsizing amid economic uncertainties. Stay tuned to Times Now Tech for continuous updates on layoffs in the global tech industry.
