After two years of massive layoffs at IT companies, 2024 was expected to be seen as a year of recovery for the IT industry. While there are early signs of recovery in the industry with global IT spending expected to increase 8% to cross $5.1 trillion in 2024, as per Gartner estimates, jobs continue to be impacted in the sector. Some of the layoffs being seen this year are an extension of the job cuts announced in 2023.
Last year, tech giants including Amazon, Cisco, Facebook parent company Meta, Microsoft, Google, IBM, SAP, and Salesforce — as well as many smaller companies — announced sweeping job cuts.
The problem: Big Tech went on a hiring binge during the pandemic when lockdowns sparked a tech buying spree to support remote work and an uptick in e-commerce, and now they face revenue declines.
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