Major Layoffs: Layoffs in several sectors are intensifying daily, fueled by economic downturns, company restructuring, mergers, acquisitions, or shifts in business strategies. These layoffs impacted employees across different roles and levels. Tech layoffs garner significant attention due to the industry's rapid growth, innovation, and prominence in the global economy. During this year, there has been a notable increase in layoffs among leading companies across multiple sectors, resulting in a considerable number of employees being let go from their positions.
In May 2024, several significant layoffs affected thousands of employees across the globe. From Google to Tesla, almost every technology company and companies from other sectors announced layoffs this month.
Tesla Layoffs:
In a surprising turn of events, Tesla, led by Elon Musk, laid off its entire charging team as part of a recent round of layoffs this month. Despite securing partnerships with major automakers like Ford and General Motors to utilise its connectors, Tesla's Supercharger network has been affected by these layoffs, which are in addition to the previous layoffs the EV company has made.
Google Layoffs:
Google has recently fired nearly 200 employees from its "core team" and relocated certain roles overseas as part of efforts to reduce costs. About 50 positions were cut from the engineering team based at its California headquarters. A report indicates that the company intends to hire replacement workers for these positions in India and Mexico.
Microsoft Layoffs:
Microsoft's Xbox division also revealed plans to close several gaming studios, including Arkane Austin. This strategic decision, attributed to a mix of financial underperformance and a pivot towards more lucrative projects, aligns Microsoft with other tech companies engaged in significant restructuring endeavours. This step led to the layoffs of several employees in the division.
Walmart Layoffs:
American multinational retail brand Walmart announced plans to lay off hundreds of employees from its corporate headquarters. Additionally, the majority of its remote workforce in the US and Canada will be relocated to three main offices. This decision signifies a strategic pivot following the initial support for virtual work during the pandemic.
Also Read: Major Layoffs In 2024: Tesla, Apple, McKinsey, Google, Amazon And Many More
Indeed Layoffs:
Indeed said it has laid off approximately 1,000 employees, roughly 8 per cent of its workforce. This initiative forms a key aspect of the company's overarching strategy to simplify and optimise its organisational framework. Through this reduction in staff, Indeed seeks to bolster operational efficiency and ensure a more precise alignment of resources with present business objectives.
Toshiba Layoffs:
Japan's electronics giant Toshiba revealed its intention to fire more than 4,000 domestic employees this month as a pivotal component of its heightened restructuring initiatives following a change in ownership. Delisted in December, Toshiba underwent a $13 billion acquisition orchestrated by a consortium led by private equity firm Japan Industrial Partners (JIP).
TikTok Layoffs:
TikTok said that it is planning to terminate up to 1,000 employees globally. According to reports, this announcement signals a shift from the company's customary phased crisis management approach, emphasising immediate cost-cutting measures instead. The layoffs coincide with mounting difficulties for ByteDance, TikTok's parent company, in the wake of recent US legislation.