The technology company reduction in force, or layoff, trend continues as we advance through Q2 of 2024. Following significant workforce reductions in 2022 and 2023, this year we have already seen 84,060 job reductions across 293 companies, according to independent layoffs tracker, Layoffs.fyi. Well-known companies like Tesla, Amazon, Google, and IBM have conducted sizable layoffs in the first few months of 2024.

With these companies employing large numbers of people, small percentages and division cuts, turn into thousands of people losing their job. Companies are using words like cost-cutting, commercialization and AI in their messaging. What does that mean to organizations that use the solutions offered by these companies or partner with them? In some cases, we know the service suffers or a vast amount of industry expertise / knowledge is lost. The true impact is yet to be fully known but we are doing what we can to support organizations we work with and those people affected by the job losses.

We have put together just a few names you may know and the current reductions in force that have been announced. We will continue to review these trends and how they may spread into other industries: 

Peloton

Is laying off 15% of its workforce, affecting about 400 people, as part of a cost-cutting effort. The company’s CEO Barry McCarthy is also stepping down.

Tesla

Has eliminated most, if not all, its charging team in a new round of layoffs, CEO Elon Musk announced in an overnight email to executives.

Google

Is laying off workers as part of continued cost cutting measures. The number of employees affected was at the time unknown.

Agility Robotics

Has laid off a “small number” of employees as part of a company-wide focus on commercialization efforts

AWS

Will cut hundreds of jobs across Sales, Marketing, Global Services and its Physical Stores Technology team.

Dell

Reduced its global workforce by about 6,000 jobs, according to a 10-K SEC filing. The filing reveals the company reduced 13,000 jobs in the last year.

IBM

Is reportedly eliminating much of its marketing and communications staff. The company previously announced a strategy to replace upwards of 8,000 jobs with AI.

*Affiliate links included for more information