Tech Layoffs Continue Worldwide In July, See How Many Indians Felt The Impact

This atmosphere of job cuts in the IT sector can be attributed to the economic uncertainty seen across the world in the aftermath of the COVID-19 pandemic

In the month overall, nearly 600 Indians felt the pinch of layoffs in the tech industry. (Image source: Pexels)

Source : Pexels

The tech industry has been going through a wave of layoffs and the reduction in workforce has continued in July as well. In the month so far, 34 firms in the technology sector have let off 8,383 employees, data from layoffs.fyi revealed. The website helps keep track of firings from across the globe in real time. 

The data showed that in the year so far, as of July 30, 2024, about 1,90,049 people were let go of from about 380 companies across the world, reported The Indian Express. July began with US-based software firm, UKG, cutting down its workforce by 14 per cent or nearly 2,200 employees. Further, another company based out of the States, Intuit Inc, in the month beginning announced that it is reducing 10 per cent or about 1,800 jobs from its overall staff. 

Domestic Impact

This trend of workforce reduction was followed in the domestic tech industry as well. Indian edtech firm, Unacademy, laid off about 250 employees in the month, as part of a restructuring exercise. Based out of Chennai, WayCool, cut down its workforce by 200 individuals and this marked the third lay off wave for the company in 12 months.

Microblogging site, Koo, also announced that it is shutting shop after it failed to conclude an acquisition deal by Dailyhunt. The company was considered an Indian competition to social media platform X.

Similarly, PocketFM, based out of Bengaluru, announced a job cut for nearly 200 writes from its employees. In the month overall, nearly 600 Indians felt the pinch of layoffs in the industry.

Explaining The Layoffs

This atmosphere of job cuts in the IT sector can be attributed to the economic uncertainty seen across the world in the aftermath of the COVID-19 pandemic, the report noted. The pandemic also witnessed major over-hiring and ever since, the business priorities in the world have shifted as AI and cloud computing have forced employers to change their outlook. This has in turn impacted the stability of employees majorly in the tech industry.