Despite expectations for a respite, 2024 has seen major tech firms like Google and Amazon initiate layoffs, shattering hopes for post-2023 employment stability.
The start of the year has become synonymous with job cuts, signaling a continuation of the previous year's workforce challenges. Economic uncertainty appears to outweigh initial optimism, leaving employees in a precarious position.
Alphabet-backed Google implemented significant layoffs within the last two weeks. The cutbacks affected several employees across crucial divisions, including the Voice Assistant and hardware departments. On the C-suit level, Fitbit co-founders James Park and Eric Friedman were among those who departed from the company. This restructuring marks a shift in Google's organizational strategy, particularly in digital assistants, hardware development, and engineering.
Audible, the online audiobook and podcast service backed by Amazon, is set to undergo a workforce reductions as well. In a memo to staff, Audible CEO Bob Carrigan acknowledged the company's overall health but highlighted the 'increasingly challenging landscape' that prompted the decision. Meanwhile, Amazon had earlier implemented job cuts within its Prime Video and MGM Studios divisions. Paytm had also positioned itself at the forefront of corporate changes by announcing the layoff of around 1,000 employees, equivalent to 10 per cent of its workforce.
Flipkart is also considering a performance-based downsizing of its workforce, ranging from 5-7 per cent, as part of a cost-control strategy, as reported by The Economic Times. Other companies such as Discord, Twitch, and Duolingo have followed suit, mirroring the trend of layoffs.