124000 jobs went to IT this year, uncertainty in the economy globally anticipates recession

New Delhi| Uncertainty in the economy at the global level and tension between countries is having a negative impact on the information technology i.e. IT sector. The result is that 384 companies globally have laid off a total of 1.24 lakh this year. What is worrying is that companies are now preparing for the second phase of layoffs in the second half.

According to statistics, global big tech companies are increasingly laying off high-paid people. In their place, new youth are being recruited at low salaries. IBM has launched a second round of layoffs, primarily of senior programmers, sales and support staff. Even though the company is laying off employees, the number of employees at the end of the year will be almost the same as it was at the beginning. HealthTech startup Doji has laid off 40 employees in India to reduce losses. WeTransfer cuts headcount by 75%. Price Water House Coopers, or PwC, has laid off about 1,800 employees. This is the largest reduction since 2009.

Smartphone chip maker Qualcomm will lay off 226 personnel in San Diego later in the year. In the first phase, more than 1,250 employees were laid off. Dell Technologies said, will continue to reduce the workforce through 2024 with a particular focus on cost management amid a slow recovery in demand for PCs.

Microsoft is laying off 650 employees from the Xbox gaming department. Job cuts mainly affected corporate and support roles. 1,900 workers were laid off in the first round. Cisco has continued the series of layoffs. 7% layoffs were announced in August. This affected some 5,600 workers. The first round of layoffs in February cost 4,000 workers their jobs. These employees were informed of the layoffs on September 16. A significant surge in new hires in the IT services sector is expected during FY 2024-25. Entry-level appointments could nearly double from the previous fiscal year to 150,000.