Worldwide, 23,154 workers laid off this year; 5.82 lakh people lost jobs during 2022-24
New Delhi| Layoffs continue in tech companies around the world. These companies have laid off 23,154 workers so far this year. The main reason…Earnings incidence, large-scale cost reductions and rapid adoption of Artificial Intelligence (AI). Layoffs began this year on Jan. 6, when Israeli company SolarEdge laid off 400 workers, according to Layoffs. FYI, a company that monitors layoffs around the world. Ola Electric pushes 1,000 workers out in India. Meta has laid off the most people so far this year, at 3,600.
The adoption of AI has led to increased pressure on employees to perform better. Meta CEO Mark Zuckerberg said in an internal note sent to employees, they want to increase the level of performance management. Low performers will be rapidly evacuated and replaced by new staff. At the same time, Hewlett Packard Enterprise (HPE) said, this layoff is being done as part of a plan to reduce costs. This would save the company $35 million.
Morgan Stanley could cut close to 2,000 jobs later this month. This will be the first round of layoffs led by the company’s CEO Ted Pick. According to Bloomberg, along with reducing costs, the company is focusing on AI and automation. However, this will not affect the job of the 15,000 financial advisers. Amazon has also announced the firing of 14,000 managers earlier this year. This would save the company $2.1 billion to $3.6 billion each year.
