US-based tech company Pegasystems to lay off 240 employees: Report

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The Economic Times. In an official statement, the company revealed its plan to cut around 4% of its workforce. It said that Pega expects some of the job cuts in the state of Massachusetts, ET reported, citing Boston Business Journal. "These will be go-to-market roles in order to simplify our client engagement approach and better support our business strategy.

The workforce reductions are part of the company's goal to improve its go-to-market operating model," the company filing read as quoted by ET. Notably, this is the second job cut at Pegasystems this year as the company also sacked approximately 4% of its strong workforce. So far this year, there have been 342,671 layoffs in the tech industry, according to Jefferies and TrueUp, well ahead of the 243,075 for all of last year.

Data from layoffs.fyi shows a similar trend, Bloomberg reported. Tech companies aren’t yet ramping up hiring after massive layoffs over the past year, despite a surge in interest in artificial intelligence, requiring workers with special skills. Still, job cuts in the tech industry appeared to slow in June and July and are on track to be even lower this month, according to an analysis by research firm Jefferies, citing proprietary data as well as that from job marketplace TrueUp, as per Bloomberg reports.

The number of open jobs in the tech industry remains tepid, the data show, mirroring trends in the broader economy that suggest some softening in demand for workers. US job openings fell in June to the lowest level since April 2021, according to a government report earlier this month. Layoffs also declined to the lowest since the end of last year, suggesting employers are reticent to let go of staff.