As economic uncertainties continue to loom over the global technology industry, several major tech companies had to part ways with thousands of employees in March 2024 through rounds of layoffs and job cuts. While slowing demand, rising costs and other market headwinds compelled these firms to reduce workforce, the ongoing threat of automation via artificial intelligence also looms large over tech jobs.
Swedish telecom player Ericsson announced cutting around 1200 roles from its home country as the 5G equipment market saw lower volumes. The company attributed its decision to expectations of a “difficult mobile networks market” this year. PC giant Dell also confirmed trimming an unspecified number of roles as part of cost optimisation efforts. It had earlier seen client solutions revenue, including from PCs, decline in the last quarter.
Tech titans Apple shut down its costly microLED display unit and laid off dozens of associated staff. The elaborate research project to develop advanced screens for future wearables ultimately did not meet the firm's innovation standards. IBM too laid off a portion of employees engaged in marketing and communications functions amid broader workforce “rebalancing”.
AI plagiarism checking startup Turnitin also had to part ways with approximately 15 people in line with organizational changes being carried out by the company's leadership. The layoffs come despite the CEO's previous remarks around AI enabling lower headcount needs at the firm.
Summing up, global tech industry's troubled phase is likely to persist in coming months with more companies reviewing workforce and cutting redundant jobs. Both economic headwinds and technological disruption pose challenges for tech employees going forward.
