Jan-Feb saw tech industry grapple with a wave of layoffs

In the first two months of 2024, the technology industry has grappled with a wave of layoffs as companies prioritize efficiency over growth in response to challenging market conditions. The job cuts, which began in 2023 with over 250,000 positions eliminated, have continued into the new year. Till March the industry saw around 50,000 roles eliminated across significant tech giants, according to tracking site Layoffs.

Fyi. Here are the biggest layoffs in the month of March this year.

IBM cut jobs across teams
IBM’s Chief Communications Officer, Jonathan Adashek, announced job cuts in the company’s marketing and communications divisions during a brief seven-minute meeting.

Dell laid off 6,000 employees
Dell has cut jobs for the second time in two years. In a recent filing, the company revealed that it has reduced its workforce by about 6,000 employees. The personal computer division faced sluggish demand, resulting in an 11% drop in revenue last year. Dell expects net revenue to grow, but warns of near-term challenges and rising input costs.

Vodafone cuts 2,000 jobs at its Germany offices
Vodafone Germany is laying off 2,000 employees in an effort to save €400m over the next two years. The new two-year plan aims to reduce costs while increasing investments in areas that can improve the customer experience. The CEO, Philippe Rogge, is also leaving the company on April 1 as part of a broader executive reshuffle within the group.

Ericsson laying off 1,200 employees in Sweden
Ericsson announced last month that they will be cutting 1,200 jobs in Sweden due to the decrease in demand for 5G network equipment. The company is preparing for a challenging mobile networks market this year and the layoffs are part of their cost-saving measures for 2024.

Canadian telecom giant Bell laid off almost 5,000 workers
Canada-based telecommunications company Bell laid off over 400 workers in 10-minute virtual video calls, according to Unifor, the largest private-sector union in the country. In February, Bell announced plans to eliminate 4,800 positions, approximately 9% of its workforce.

Unifor claims the layoffs prioritised shareholder payouts over employees, and has launched a “Shame on Bell” campaign in response. Bell maintains the layoffs are part of a necessary restructuring to simplify the organization and transform the business.

The company has introduced a new return-to-office policy that leaves many employees feeling frustrated. The policy classifies workers as “hybrid” or “remote” and is set to take effect in May. Remote workers won’t be eligible for promotions or role changes.

Over two dozen employees laid off at Facebook Messenger
Facebook’s Messenger app underwent a round of layoffs last month, affecting around 50 employees. The cuts were part of a reorganization of Messenger and its operations.

Bengaluru-based Airmeet cuts 20% of its workforce
Airmeet, a virtual events platform, has reportedly laid off about 20% of its workforce in a recent restructuring exercise. This marks the second time the company has undergone such a restructuring in the past year. Sources have revealed that the layoffs have affected various departments, with the tech team being hit the hardest. ToI