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MASSIVE LAYOFFS IN TECH INDUSTRY
Exhibit
|September 2024
OVER 27,000 JOBS LOST IN AUGUST 2024
In August 2024, the global technology sector experienced significant layoffs, with over 27,000 workers being let go. This event had a widespread impact on the industry and raised concerns about employment stability in the technology field. Big names like Intel, Cisco, IBM, and Apple significantly cut their staff to cope with ongoing economic difficulties. The job cuts affected various industries, from semiconductors to software, signalling a concerning pattern where even large tech companies find it challenging to maintain profitability due to inflation, decreased demand, and changes in business tactics.
WHAT’S DRIVING THESE LAYOFFS?
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