Tech Layoffs - Samsung, X, Mozilla, Freshworks and more
Tech industry is loosing its charm due to recent announcement of layoffs. Companies like Samsung, X, Google, Microsoft, Amazon, Mozilla, Freshworks, Tesla cut down their workforce in the name of restructuring. According to layoffs.fyi a layoff tracking site, 495 companies laid off 144,156 employees in 2024.
Samsung in the month of September reduced 30% of its workforce from Southeast Asia, Americas, Europe, Australia and New Zealand. According to Reuters, this is a routine from the company to periodically reduce their global workforce.
The recent layoff announcement came from Mozilla and Freshworks.
Mozilla reduces 30% of its workforce. Mozilla is made up of several organizations, one of which is the Mozilla Corporation, which develops Firefox and other technologies, and another is its nonprofit and tax-exempt Foundation, which oversees Mozilla’s corporate governance structure and sets the browser maker’s policies. According to the email announcement sent by Brandon Borrman, Mozilla Foundation’s communications chief to its employees, Mozilla is doing restructuring and shutting down advocacy and global programs.
Freshworks, a Chennai and US based company recently cut down 13% of its workforce. Freshworks went to public in 2021 and they rewarded their employees with stock options and few employees became millionaire. Their recent announcement of reducing the workforce is a shocking news. Freshworks want to invest in new technologies by reducing the workforce.
Most of the employees who got laid off are mid level to senior level executives. Their pay package might be more and their age range is from 35 to 50. Companies should consider upskill its employees rather than kicking them out. These news creates more stress to the employees. In the beginning of this year, Narayana Murthy founder of Infosys mentioned about working 70 hour a week sparked a big debate in social media. In the month of September, an EY employee died to due to workplace stress.
Layoffs and stress working environment is creating health issues in young people and the trust between employee and employer is also reducing. Without trust, companies cannot innovate.
Companies work for their profit. CEO's work for their investors. Employees should learn new skills and keep themselves updated and motivated. Employees should not get emotionally attached to a company.
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