Tech Sector Layoffs Continue into 2024, Impacting Major Companies

Key Takeaway

Tech sector layoffs continue into 2024, with Amazon, Twitch, Xerox, Unity Software, DocuSign, Okta, eBay, and Snap Inc. cutting jobs.
LinkedIn communities like The Tech League and Tech Layoff Resources are aiding displaced workers by sharing job opportunities.
Despite layoffs impacting women and people of color more in HR and DEI roles, demand grows for machine-learning engineers.

The technology sector is experiencing a continuation of layoffs into 2024, affecting a wide range of companies from large corporations to smaller entities. Amazon.com Inc. has announced the reduction of several hundred positions within its Prime Video and MGM Studios organization, while its subsidiary Twitch is set to cut over 500 jobs. Other notable companies undergoing workforce reductions include Xerox Holdings Corp., Unity Software Inc., DocuSign Inc., Okta Inc., and eBay Inc. Additionally, Snap Inc., the parent company of Snapchat, has disclosed plans to reduce its staff by approximately 10%.

In response to these layoffs, various support initiatives have emerged on LinkedIn, aimed at assisting displaced workers in finding new employment opportunities. One such group, The Tech League, has garnered over 1,200 members since its inception in January 2023. It serves as a platform for individuals from competing companies to network and share job opportunities, emphasizing roles in HR, compliance, ethical positions related to Artificial Intelligence (AI), marketing, data center infrastructure, consulting, and sales within the tech industry.

The layoffs have had a significant impact on regions such as the West Coast of the U.S., Australia, and New Zealand, with technology sectors focusing on disability, ethics, and defense firms being notably affected. According to Layoffs.fyi, a total of 33,874 employees from 135 tech companies have been laid off so far this year, following a year where 1,186 companies made 262,682 job cuts.

Another LinkedIn group, Tech Layoff Resources, Job Opportunities and Candidates, was established to consolidate job leads and resources for those affected by layoffs. It has attracted more than 1,300 members since late 2022. Similarly, the Indiana Tech Layoffs group focuses on supporting tech workers in Indiana, highlighting the presence of major companies like Salesforce Inc., Infosys Ltd., and Genesys in the state.

The layoffs have disproportionately impacted women and people of color, particularly in HR and Diversity Equity and Inclusion (DEI) roles. However, opportunities remain in sectors that heavily rely on technology, such as Walmart Inc. and Eli Lilly & Co. in Indiana. The state is also home to other major companies like Raytheon, Rolls-Royce, Roche Diagnostics, and Zimmer Biomet Holdings Inc.

Amidst these challenges, there is a growing demand for machine-learning engineers, with an estimated 150,000 professionals worldwide. This presents an opportunity for laid-off tech workers to reskill and pivot their careers towards AI and machine learning.

Furthermore, various job listings and opportunities have been shared across social media platforms, highlighting the tech industry's efforts to support its workforce during this period of transition.