November 2024 has been a challenging month for employees across industries as a wave of significant layoffs swept through some of the world’s most renowned companies. From technology giants to automotive leaders and even financial firms, many organisations have been forced to make difficult decisions to navigate economic headwinds and realign their business strategies.
The global economy’s shifting dynamics, characterised by reduced consumer demand, inflationary pressures, and the need for operational efficiency, have left companies grappling with cost-cutting measures to sustain profitability.
1% Club
Even emerging businesses have not been immune to the economic pressures of 2024. The 1% Club, a personal finance platform co-founded by Sharan Hegde and Raghav Gupta, announced a 15% workforce reduction. Backed by Nikhil Kamath, the platform cited the adoption of AI and the need to streamline operations as key drivers of the decision. This move reflects how startups are grappling with balancing innovation and cost efficiency in a competitive environment.
Freshworks
Nasdaq-listed SaaS firm Freshworks also faced significant cuts this month. CEO Dennis Woodside announced a 13% reduction in the company’s workforce, resulting in approximately 660 job losses. The decision was part of Freshworks’ broader strategy to improve operational efficiency and streamline team processes, showcasing the pressures on technology firms to stay agile and efficient.
AMD
Advanced Micro Devices (AMD), a leader in semiconductor manufacturing, revealed plans to cut its global workforce by 4%, amounting to roughly 1,000 employees. This decision highlights the challenges faced by tech firms as they adapt to a challenging economic landscape marked by fluctuating demand and rising operational costs.
Schaeffler
Schaeffler, the German manufacturer specialising in automotive and industrial components, announced a significant workforce reduction this month. The company plans to cut 4,700 jobs across Europe in response to ongoing challenges in the automotive sector. The decision follows a tough third quarter, during which Schaeffler experienced a nearly 50% decline in operating profit. This massive job cut reflects the company’s efforts to streamline operations amidst increasing competition and declining demand in the automotive market.
Ola Electric
Indian electric vehicle manufacturer Ola Electric also announced layoffs, affecting over 500 employees across various departments. CEO Bhavish Aggarwal described the restructuring as an effort to improve profit margins. Ola Electric’s challenges reflect the difficulties in scaling operations while maintaining profitability, even as the company reported a revenue increase of 38.5% in Q2 FY25.
Ford
Ford Motor Company has also undertaken significant layoffs this year. The automaker plans to eliminate nearly 4,000 jobs across Europe by the end of 2027, accounting for about 14% of its regional workforce. The decision comes amidst declining demand for electric vehicles (EVs) and increased competition from Chinese manufacturers, reflecting the complexities of navigating the EV market transition.
Professional networking giant LinkedIn has let go of approximately 200 employees, representing about 1% of its workforce. The layoffs affected engineering and customer support teams as part of the company’s efforts to adapt to economic uncertainties and align with shifting market demands. Owned by Microsoft, LinkedIn has been navigating the complexities of integrating advanced technologies like generative AI while managing operational costs.
Oracle Layoffs
Oracle Corporation initiated another round of layoffs, particularly targeting its Oracle Cloud Infrastructure (OCI) division. While the exact number of affected employees remains undisclosed, reports suggest the cuts were significant. The layoffs align with Oracle’s strategy to optimise its cloud operations and adapt to shifting business priorities. These measures come as part of a larger effort to maintain its position in the competitive technology sector.
KPMG
KPMG, one of the “Big Four” accounting firms, reduced its US audit team by around 330 employees, representing less than 4% of its nearly 9,000 audit professionals. According to reports, the decision was driven by historically low employee turnover, which created imbalances in staffing levels. This reduction highlights the challenges even major professional services firms face in adjusting to evolving market demands.
Bosch
German automotive components giant Bosch has also joined the list of companies implementing workforce reductions. The firm announced plans to lay off 7,000 employees as it struggles to meet its financial targets for 2024. Bosch CEO Stefan Hartung noted that the cuts were necessary to address the company’s ongoing challenges, adding that further layoffs could not be ruled out.
Adjust
AppLovin-owned Adjust, a mobile app measurement and marketing company, also announced layoffs this month. While the exact number of affected employees remains unclear, reports suggest widespread redundancies across departments. The layoffs were part of the company’s broader strategy to address financial challenges and improve operational efficiency.
Nissan
Nissan Motor Company announced plans to lay off or relocate approximately 1,000 employees in Thailand by 2025. This decision is part of a larger restructuring effort aimed at managing declining profits. The Japanese automaker is exploring various cost-cutting measures to improve its financial performance in a competitive global market.
Ford
Ford Motor Company has also undertaken significant layoffs this year. The automaker plans to eliminate nearly 4,000 jobs across Europe by the end of 2027, accounting for about 14% of its regional workforce. The decision comes amidst declining demand for electric vehicles (EVs) and increased competition from Chinese manufacturers, reflecting the complexities of navigating the EV market transition.
HSBC
HSBC Holdings, one of the world’s largest banking institutions, has asked hundreds of managers to reapply for positions in its newly formed corporate and institutional banking division. This restructuring is part of CEO Georges Elhedery’s broader strategy to streamline operations and enhance efficiency across the bank’s global operations.
The layoffs announced in November 2024 reflect the widespread challenges businesses face in a volatile economic environment. Whether it is established giants like Oracle and Bosch or newer players like the 1% Club, companies across industries are struggling to strike a balance between innovation, cost management, and profitability.
