How Much 2024 Layoffs Affected Tech

Find out which FAANG companies and tech roles faced layoffs in 2024

Layoffs started in late 2022 as a ripple of cost-cutting moves turned into a wave by 2024, affecting tens of thousands of skilled professionals and reshaping the job market.

For many, these layoffs came as a wake-up call, shattering the myth of job security in big tech.

With economic slowdowns, over-hiring during the pandemic, and changing business priorities, even industry giants like Meta, Amazon, and Google had to make tough choices.

But the layoffs weren’t just about numbers; they revealed deeper shifts in the industry. Economic pressures, restructuring plans, and changing business priorities forced companies to reevaluate their workforce. And this is what we will cover in this blog today.

By the end of this, you’ll not only understand how 2024 reshaped the tech world but also how to prepare yourself for a stronger future in the industry. Let’s break it down!

The Layoff Wave: By the Numbers

First off, let’s talk numbers.

In 2024 alone, over 30,000 tech professionals were let go from major companies. FAANG—Facebook (now Meta), Amazon, Apple, Netflix, and Google—didn't escape the storm.

Meta’s pivot towards the metaverse didn’t yield immediate profits, leading to a reassessment of their workforce needs. Amazon, grappling with increased competition and rising operational costs, also had to tighten its belt. Google faced similar challenges, especially in its hardware and cloud divisions.

Meta announced layoffs affecting 13,000 employees, Amazon cut around 18,000 jobs, and Google followed suit with 12,000.

These figures aren't just statistics; they represent real people navigating sudden career changes.

These weren’t just small trims—they were massive cuts affecting core teams, redefining what stability means in the tech world. The ripple effects of these layoffs stretched far beyond the numbers, creating a domino effect on startups, mid-sized companies, and even college graduates aiming for tech jobs.

But it’s not all doom and gloom.

While these layoffs are significant, they also create opportunities.

Many former FAANG employees are now bringing their expertise to startups and smaller tech firms, fostering innovation and growth in other areas of the industry.

Who’s Still Hiring?

Despite the layoffs, not all tech companies are downsizing. In fact, several firms are actively hiring to fill crucial roles.

Microsoft is expanding its cloud computing team, recognizing the growing demand for cloud services.

Salesforce is ramping up its AI and machine learning departments, while Tesla is on the lookout for software engineers to enhance their autonomous driving technology.

Moreover, startups across various niches—like fintech, healthtech, and edtech—are eager to bring in fresh talent. These companies often offer more flexible roles and the chance to work on innovative projects, making them attractive options for those affected by the layoffs.

Which Positions Were Most Affected?

The layoffs in 2024 didn’t affect every role equally. Here’s a quick rundown:

Engineering and Development: Surprisingly, software engineers were among the last to be let go. However, certain specialized roles, like those in hardware engineering or specific software platforms, saw more cuts.
Marketing and Sales: These departments faced significant reductions as companies streamlined their operations to focus more on core technological development.
Support and Operations: Customer support and operational roles were also trimmed, reflecting a shift towards automation and efficiency.

What’s Next for 2025?

Looking ahead, the tech job market is poised for some interesting changes in 2025.

Artificial Intelligence (AI) and machine learning are expected to be major growth areas. Companies are investing heavily in these technologies, leading to a surge in demand for skilled professionals in these fields.

If you’re looking to stay ahead, our Top 5 ChatGPT Prompts To Learn Python can help you master a language that's essential for AI development.

Additionally, remote work continues to be a staple in the tech industry. This opens up opportunities beyond your local job market, allowing you to work for companies around the globe without relocating.

Navigating the Job Market: Tips for You

So, how can you make the most of this shifting landscape?

Here are a few tips:

Upskill Continuously: The tech field evolves rapidly. Taking the latest well-structured courses can keep your skills sharp and relevant. Learn 5 Essential Algorithms Every Developer Should Know To Clear Coding Interviews in 2024.
Network Actively: Connect with former colleagues, attend industry events, and engage on platforms like LinkedIn. Sometimes, the right connection can lead to your next big opportunity.
Stay Informed: Keep an eye on industry trends and company announcements. Understanding where the market is headed can help you position yourself strategically.
Leverage AI Tools: Tools like ChatGPT can be invaluable for learning and problem-solving. Check out Top 3 ChatGPT Prompts To Learn Any LeetCode Coding Pattern and 5 Ways to Master ChatGPT as a Software Engineer to enhance your coding interview prep.

Final Thoughts

The 2024 tech layoffs were a significant event, shaking up the industry and challenging many professionals. However, with change comes opportunity.

By staying informed, continuously learning, and leveraging the right resources, you can turn this upheaval into a stepping stone for your career growth.

Remember, the tech world is vast and ever-evolving.

Whether you’re aiming for a role in a major corporation or a dynamic startup, there’s a place for your skills and passion. And when you need guidance along the way, DesignGurus.io is here to help you every step of the journey.

Stay resilient, keep learning, and here’s to a bright future in tech!