Tech Layoffs 2024: About 89% Professionals in IT-Services and Data and 74% in Software Development in US Worried About Job Security, Says Report
In the US, nearly 89% working IT professionals fear about losing their jobs amid these ongoing layoffs in the tech sector due to restructuring, AI and economic slowdown.
Mumbai, March 8: In 2024, many tech companies have laid off thousands of employees due to slow demand, restructuring, and plans or adoption of automation. In January and February, many companies, including Cisco, Snap, Amazon, Mozilla, Expedia, Sony, Bumble, and Grammarly, along with tech giants like Microsoft and Google, announced layoffs.
According to a report by Indian Express, amid these tech layoffs, 89% of IT professionals in the US worry about losing their jobs in 2024. The report said that the continuous tech layoffs spate in the US has added woes to millions of employees. The report noted that about 193 companies laid off nearly 50,000 employees; in March 2024, seven companies cut 500 jobs. Elon Musk’s X Is Hiring Engineers To Help Integrate xAI’s Models Into Social Media Platform.
The report said that the rapid resizing and ongoing organisational overhaul had added more worry for millions of IT professionals. The report by Indian Express also highlighted that artificial intelligence has also impacted the sector's employees. It said that the rapid increase of AI technology has raised major employee concerns. According to the report, AuthorityHackers claimed that about 89.66% of working tech professionals in services and Data and 74.42% experienced the highest level of anxiety related to their job security.
According to the report, 72.42% of workers admitted in a survey that they feel uneasy about the "Impact of AI on jobs" in the next five years. Out of all the respondents in the survey, 42.28% fully agreed that artificial intelligence will impact job security. Besides, 85% of C-level executives and 78.83% of Directors also reportedly expressed their worry about the impact of AI on jobs. Indian Women Capable of Learning AI Skills and Play Far Better Role, Says Arundhati Bhattacharya, CEO of Salesforce India.
Further, the Indian Express reported that 74.33% of large company employees, with about 500 to 1000 employees, feel vulnerable due to the high risk of job loss. The sectors that relied on computers, such as software, finance and human resources, also expressed high concern about job loss. The sectors with more human involvement, such as real estate and education, also reportedly showed concerns about the impact of AI on their jobs. The report also said that AI will not only lead to job losses but may also create more opportunities, and individuals need to equip themselves with AI skills and learn AI tools.
(The above story first appeared on LatestLY on Mar 08, 2024 01:10 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).