In an official statement, the company revealed its plans to cut about 4% of its workforce. ET reported citing the Boston Business Journal that Pega expects to cut some jobs in the state of Massachusetts.
“These will be go-to-market roles to simplify our client engagement approach and better support our business strategy. The job cuts are part of the company’s goal to improve the company’s go-to-market operating model,” the company read in the filing. As quoted by ET.
Notably, this is the second job cut at PegaSystems this year as the company also laid off roughly 4% of its workforce.
According to Jefferies and TrueUp, there have been 342,671 layoffs in the tech industry so far this year, up from 243,075 last year. Data from layoffs.fyi shows a similar trend, Bloomberg reported.
Despite increased interest in artificial intelligence, tech companies are not increasing hiring after massive layoffs over the past year, despite the need for workers with specialized skills.
Still, job cuts in the tech industry slowed in June and July and are on track to slow further this month, according to an analysis by research firm Jefferies, according to a Bloomberg report, citing proprietary data from job marketplace TrueUp.
The number of open jobs in the tech industry remains low, the data show, reflecting trends in the broader economy that suggest some softening in labor demand.
US job openings fell to their lowest level since April 2021, according to a government report earlier this month. Layoffs also fell to the lowest since the end of last year, suggesting that employers are reluctant to let go of workers.
