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Roughly 27,000 jobs were cut across 44 technology companies throughout August 2024, sparking an upwards trend in layoffs within the sector around the globe.
In July 2024, roughly 9,051 jobs were cut from 39 different tech firms, according to Analytics Insight. By August, a further 27,000 layoffs were reported throughout the U.S, China and Canada, with companies such as Intel and Cisco leading the trend, MADaily reported. “Earlier this month, Reuters reported that Cisco was planning a second round of layoffs this year, after letting go of around 4,000 workers in February. Cisco confirmed last week in a SEC filing that it is cutting 7% of its workforce,” Tech Crunch reported in mid-August. (TAKE A POLL: Labor Day – Are You Satisfied With Your Work Life Balance?)
Impact On Workers
“This has become the most toxic environment I’ve ever worked in, and the mood as evidenced by comments on internal platforms is as dark as I’ve ever seen it. I’m only waiting until my next big [Restricted Stock Unit] vest to leave, and I know others are too,” one Cisco employee told Tech Crunch. “Two layoffs of this magnitude in the same calendar year is beyond the pale.”
Cisco CEO Chuck Robbins appears to be one of the only people not being hit by the life-changing situation at his firm, Tech Crunch noted. “Robbins made $31.8 million in total executive compensation during 2023, the company’s filings show.” (TAKE A POLL: Do You Think the Current Voting System is Fair?)
It’s unclear how tech companies expect to continue growth if they keep hurting their target demographic: humans. If Americans can’t afford to invest in technology, we can do with out it, as we have for our entire existence until around 15 to 20 years ago. If we can’t afford it, because our jobs are gone and the economy is collapsed, then we just won’t have to use it. And what happens to tech companies then, when no one can buy their stuff?
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