Intel is set to lay off 1,300 employees in Oregon as part of cost-cutting strategies. The layoffs will occur at four offices and will begin on November 15, lasting two weeks. Affected employees will not have the opportunity to transfer roles internally, as reported by TOI.
This move is part of a broader trend of layoffs in the tech industry in 2024, affecting major companies like Microsoft, Google, Apple, and Meta. Economic uncertainty, rising interest rates, AI's evolution, and over-hiring during the pandemic are factors contributing to these job cuts.
Microsoft laid off over 3,000 employees in various divisions such as gaming, Azure cloud, and HoloLens throughout the year. Google’s parent company, Alphabet, cut 630 jobs, focusing on hardware teams and advertising sales. Apple laid off 614 workers in California, following the closure of its electric vehicle project. Meta has also seen significant layoffs over the past year.
Tech companies are facing multiple issues leading to these layoffs. An uncertain economic climate and fears of a potential recession have led to companies scaling back investments and reducing headcount. AI’s rise is causing job displacement, with companies like IBM freezing hiring for some roles. Over-hiring during the pandemic has created a surplus of employees, prompting companies to cut back.
Geopolitical tensions and global instability, including conflicts in Ukraine and the Middle East, have also contributed to economic uncertainty, leading to tighter budgets and downsizing.
Sundar Pichai, CEO of Alphabet, stated, “simplify execution and drive velocity” as the reason behind their workforce reduction.
The tech industry is expected to undergo further restructuring due to these economic and technological challenges. Employees and job seekers should adapt to these changes and develop new skills to meet the evolving demands of the industry.
This move is part of a broader trend of layoffs in the tech industry in 2024, affecting major companies like Microsoft, Google, Apple, and Meta. Economic uncertainty, rising interest rates, AI's evolution, and over-hiring during the pandemic are factors contributing to these job cuts.
Microsoft laid off over 3,000 employees in various divisions such as gaming, Azure cloud, and HoloLens throughout the year. Google’s parent company, Alphabet, cut 630 jobs, focusing on hardware teams and advertising sales. Apple laid off 614 workers in California, following the closure of its electric vehicle project. Meta has also seen significant layoffs over the past year.
Tech companies are facing multiple issues leading to these layoffs. An uncertain economic climate and fears of a potential recession have led to companies scaling back investments and reducing headcount. AI’s rise is causing job displacement, with companies like IBM freezing hiring for some roles. Over-hiring during the pandemic has created a surplus of employees, prompting companies to cut back.
Geopolitical tensions and global instability, including conflicts in Ukraine and the Middle East, have also contributed to economic uncertainty, leading to tighter budgets and downsizing.
Sundar Pichai, CEO of Alphabet, stated, “simplify execution and drive velocity” as the reason behind their workforce reduction.
The tech industry is expected to undergo further restructuring due to these economic and technological challenges. Employees and job seekers should adapt to these changes and develop new skills to meet the evolving demands of the industry.
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