Suhana Khan turns BFF Ananya Panday’s cheerleader for CTRL screening: ‘I'm sure this will…’
Who is Padmini Pillai, Indian-American appointed as White House fellow?
Weather update: Delhi-NCR wakes up to rainy morning, IMD warns of extremely heavy rains in...
Navratri 2024 Day 3: Who is Maa Chandraghanta? Check puja vidhi, mantras and significance
Viral video: Adorable belly dance by little girl wins hearts online, watch
This man began his business at 60, then faced Rs 15 crore loss, his company's now worth Rs...
Mumbai Metro 3 launch today: Check timings, fares and daily schedule for Aarey to BKC Aqua Line
Meet man who couldn't afford to buy slippers once, later built company worth Rs 3000 crore
Haryana Election 2024: When and where to watch exit polls?
Haryana Assembly Elections 2024: Voting on 90 seats begins today, check key candidates
Mukesh Ambani loses Rs 132000 crore in 4 days amid market sell-off
IND vs NZ, Women’s T20 World Cup 2024: New Zealand beat India by 58 runs in controversy-marred match
Rohit Sharma: The True Epitome of Leadership in the Cricket World
Chef Vikas Khanna sends a special video to Rachana Shah and Rhythm Wagholikar
Watch: West Indies spinner Zaida James gets hit on face during Women's T20 World Cup 2024 match
Ticking Clock: Israel's Response To Iran's Missile Attack
Anil Ambani's Reliance Power shares plunge by 5% a day after company announces...
Donald Trump vs Kamala Harris: Who is ahead in the race of US Presidential Election 2024?
Amid divorce rumours with Abhishek Bachchan, Aishwarya Rai's old diary page goes viral, it reads...
Security fortified for India vs Bangladesh T20I match in Gwalior, what's the threat
Israel removes controversial map of India after social media outcry over J-K depiction
Meet former IPS officer, who once led NIA for 4 years, now appointed new chief of BCCI's...
Chhattisgarh: 28 naxals killed in encounter with police along Dantewada border
CBI arrests NIA officer for demanding Rs 2.5 crore bribe, here's what happened
SC rejects petitions seeking review of judgement allowing sub-classification of Scheduled Castes
Former cricketer and actor Salil Ankola's mother found dead in Pune flat
PCOS and PCOD: What's the difference? Symptoms, causes, treatment, prevention
Meet richest man of Kanpur with whopping net worth of Rs 14000 crore, he is the mastermind behind...
'Rs 25 charge per toilet seat..': Himachal Pradesh govt clarifies on sewerage charges
Who is Gia 'Goyal', related to Zomato CEO Deepinder Goyal, with net worth of Rs 142850150000
Meet actress who speaks 9 languages, was abused on TV, opted out of Ajay Devgn film, she is...
Meet woman who begged in childhood, became doctor after 20 years of struggle, now she is...
IndiGo's Rakesh Gangwal makes HUGE investment in US Airline, buys 3600000 shares worth Rs....
What is pleasure marriage? Why Indonesian women are getting married to tourists?
Meet tuition teacher who became CEO of Rs 29787 crore company, resigned due to...
'Rules changed because…': Ex-cricketer's BIG CLAIM on MS Dhoni's IPL career
EAM S Jaishankar to travel to Pakistan for SCO Summit 2024 on...
Vistara-Air India merger: How to transition flights, handle baggage, access lounges from Nov 12
After Pathaan, Salman Khan set to make an impressive cameo in Atlee's film starring THIS actor
'Virat Kohli one of the greatest, Babar Azam yet to...': Ex-Pakistan cricketer denies any comparison
Maharashtra Deputy Speaker, NCP leaders jump from building, know why
'Kar diya 2024 mein murder...' Delhi teen shares SHOCKING social media post after killing doctor
Indian designer Anita Dongre launches first Diwali barbie in Rajasthan-inspired lehenga
Meet man, who left govt job as Assistant Excise Officer, used to get Rs 50000000, now works as...
India 5th country to operate hydrogen train, will run from…, know distance, route, other details
Anil Ambani's this move brings Reliance Power shares in focus, know details here
This engineer lands Google job, gets record-breaking offer, not from IIT, NIT
War in Middle East and silence of Arab world
Govinda discharged from hospital after surviving bullet injury, greets fans with flying kisses
Good news for iPhone users, more Apple stores coming to THESE Indian cities soon
When Anushka Sharma opened up on ‘catfight’ with Deepika Padukone: ‘We have a history, so…’
'Usne aag lagayi team mei…': Ex-cricketer makes big claim on Virat Kohli's captaincy days
Maldives President Mohamed Muizzu likely to visit India next week, here's what we know so far
Dengue fever: Amid rising cases, this Ayurvedic drink can be preventive hack
This Indian train offers free food to passengers throughout its journey, it runs from...
How Anil Ambani's sons, Jai Anmol Ambani and Jai Anshul Ambani, are changing Reliance Power's fate?
Tirupati Laddu Row: Supreme Court orders probe by SIT under CBI supervision
Mark Zuckerberg has become world's second-richest person, earned Rs 639600 crore in just...
People of this unique village live in two countries, some have kitchen in India and bedroom in...
BUSINESS
Layoffs continue in the tech sector into the second half of 2024, with companies like IBM, Cisco, Microsoft, and Qualcomm cutting jobs to manage costs amid economic challenges.
TRENDING NOW
Layoffs in the tech sector have persisted into the second half of 2024, with numerous high-profile companies implementing job cuts as part of their restructuring efforts. One of the notable companies affected is IBM, which recently began a second round of layoffs. This round primarily targets senior programmers, sales staff, and support personnel as part of its "workforce rebalancing" strategy. IBM aims to reduce a small percentage of its global workforce but has stated that it expects to maintain approximately the same number of employees by the end of the year as it had at the beginning.
These layoffs are indicative of broader trends affecting the technology industry, where both large and small companies are struggling to maintain profitability in a challenging economic landscape. Healthtech startup Dozee, which has operations across India, recently laid off around 40 employees to manage its losses. Similarly, WeTransfer, which was recently acquired by Bending Spoons, made drastic cuts by reducing its workforce by 75% as part of a profitability strategy. These changes highlight the difficulties companies face in sustaining operations amid economic uncertainties.
Cisco, a major player in the tech industry, announced another round of layoffs in August 2024, which will affect approximately 5,600 employees, translating to a 7% workforce reduction. This announcement follows an earlier layoff round in February, which resulted in 4,000 job losses. Employees, particularly those from Cisco's Talos Security division, expressed frustration over the delayed notification about the layoffs. Some described the work environment as "toxic" during this uncertain time. Cisco defended its decision, explaining that these layoffs are crucial for investing in growth opportunities and maintaining competitiveness in a rapidly evolving tech landscape.
Microsoft has also joined the ranks of companies making layoffs, with its Xbox division cutting 650 employees, mainly from corporate and support roles. This decision aligns with Microsoft's efforts to restructure the team after acquiring Activision Blizzard. Despite these layoffs, Microsoft reassured the public that no games or studio closures would result from the cuts, emphasizing its ongoing commitment to growing its gaming portfolio.
Other significant tech companies, including Qualcomm and Dell, have also announced layoffs. Qualcomm is laying off 226 employees in San Diego, following a previous reduction of over 1,250 workers. This move is part of Qualcomm's strategy to navigate ongoing financial challenges. Meanwhile, Dell Technologies has indicated it will continue reducing its workforce in 2024, focusing on managing costs amid slow recovery in PC demand. The company is also looking to expand its AI server business, aiming to capture the growing demand in the artificial intelligence sector, although profitability remains a challenge due to high chip costs.
In a contrasting trend, the IT services sector is projected to see a significant rebound in fresh hiring during the fiscal year 2025. Experts estimate that entry-level hires will nearly double, reaching over 150,000 new positions compared to the previous year. This anticipated increase follows a period of low hiring, with FY24 recording the lowest intake since 2000. The positive outlook is attributed to strong deal wins, global expansion by Indian IT companies, and rising demand in sectors like banking and financial services. Aditya Narayan Mishra, MD & CEO of staffing firm CIEL HR, noted that fresher hiring demand is expected to rise by 10-15% in the second half of FY25 compared to the same period last year.
Overall, while layoffs have dominated headlines in the tech industry, the projected increase in fresh hiring in the IT services sector indicates a potential rebound. The ability of the industry to adapt and respond to changing economic conditions remains a testament to its resilience.
The DNA app is now available for download on the Google Play Store. Please download the app and share your feedback with us.