Bacco Luciano’s Post

How will AI impact jobs? In the article "AI plays role as tech layoffs surpass 100,000 in 2024", Seeking Alpha provides a brief on the current state. The rise of artificial intelligence (AI) is a key factor in recent tech industry layoffs, with job cuts exceeding 100,000 so far this year. Intuit, the company behind Credit Karma, QuickBooks, and TurboTax, is laying off 1,800 employees to focus on AI-driven processes. However, Intuit plans to hire the same number of new employees with AI expertise for roles in product, engineering, and customer-facing positions. According to the 2024 Economic Report of the President, up to 20% of the U.S. workforce is at high risk of AI-related job displacement. Other tech companies also announced layoffs recently: UiPath is cutting 420 positions (10% of its workforce) to focus more on generative AI. Word of advice: Even though not about tech industry, the impact will be similar on ours. It's moving a lot faster than you can imagine. Start playing with it and adopting it. https://lnkd.in/eaQjp6iH

Tech layoffs surge past 100K, but what's the real game-changer? 📉 Amidst a wave of over 100,000 tech layoffs this year, AI has emerged as a pivotal force reshaping the industry. Intuit, famous for TurboTax and QuickBooks, recently let go of 1,800 employees. Yet, they're not substituting humans with AI bots. Instead, they're recruiting equal numbers of AI experts! This trend isn't isolated. UiPath and OpenText are also cutting jobs while hiring new roles focused on AI. It's a complex narrative—the displacement vs. creation of jobs around AI. 🤔 Despite the setbacks, there's a silver lining. AI carries the potential to drastically enhance workplace productivity and transform job roles, as noted by Cisco's Javed Khan. The tech isn't just a disruptor; it's a catalyst for innovation and efficiency. How do you see AI affecting your workplace? Share your thoughts below! 💬 Link to Article https://lnkd.in/eTrqTzXR #TechLayoffs #AI #ArtificialIntelligence #WorkplaceTransformation #TechJobs #Innovation #FutureOfWork #Cisco #Intuit #UiPath #OpenText #Citi #JobMarket #Productivity #Collaboration #TechIndustry

AI plays role as tech layoffs surpass 100,000 in 2024 https://ift.tt/npsK3Ca wildpixel/iStock via Getty Images The rise of artificial intelligence has become a recurring theme behind recent layoffs in the tech industry. Job cuts in the sector have exceeded 100,000 so far this year, to 106,630 as of July 12, according to the tracker. Layoffs.fyi. more Recently Mass layoffs In the technology industry, Intuit participates in (NASDAQ:INTU), the parent company behind Credit Karma, QuickBooks, and TurboTax. The company has been revealed to be planning to lay off 1,800 employees as it focuses on AI and redesigning its products from traditional workflows to AI-native processes. However, Intuit isn’t replacing these workers with AI robots, it’s replacing them with employees who have a better understanding of working with AI. Intuit expects to hire about 1,800 new employees with core skills in product, engineering, and customer-facing areas such as customer success, marketing, and sales. According to the President’s Economic Report 2024Up to 20% of the US workforce is at high risk of job losses due to AI. Intuit wasn’t the only tech company to announce a massive layoff last week. On July 8, UiPath (New York Stock Exchange: BathApple’s board of directors has approved a plan to reduce its global workforce by about 10%, or 420 jobs. UiPath is also transforming its business to focus more on generative AI. On July 3, OpenText (NASDAQ:OTEX) revealed its plan to cut about 1,200 jobs. Again, OpenText is currently restructuring its business to focus more on AI. The company eventually plans to hire about 800 new jobs in sales, professional services, and engineering. These latest layoffs come on the heels of major job cuts last month by ByteDance (BDNCE), Microsoft (MSFT), Apple (AAPL), and Meta (META). More about Intuit, Open Text, etc. The post AI plays role as tech layoffs surpass 100,000 in 2024 first appeared on Investorempires.com. via Investorempires.com https://ift.tt/IJ05AbN July 14, 2024 at 09:08AM

To my former UiPath colleagues...I saw that they recently did another mass layoff of 10% of their workforce this Friday. As someone who was a part of another layoff cut there this Spring, it can be a terrifying time of uncertainty in your career. Remember it wasn't YOU, it is the responsibility of leadership. Mass layoffs multiple times in a year is not your fault. It is a reflection of inefficiencies in hiring and a lack of congruence with leaders. We all learn from moments like this. The state of tech is transitioning in the workforce right now, and all transitions come with a set of hiccups. Things will get better from here! My advice: 1. Apply for jobs early in the morning, directly on the website (not LinkedIn) and don't bother applying if they already have 24 hours of applicants. 2. Reach out to recruiters directly/your network and ask for referrals as soon as possible. Humility will help you in this job market. 3. Utilize a service to help with resume enhancements & interview coaching. Times and the market are different. 3. Stay positive & don't lose faith in your search, the right opportunity will come. 4. All rejections are redirections and protection! It's time to get excited about a new role & chance to shine doing something new. 5. Your network is your best friend. Use it! If you need me to share to mine, I will. If you need a recommendation, I've got your back! We're all here for each other. 6. Finally, enjoy the rest you do get right now. Work hard to find your next role and play hard too. We deserve to breathe and recenter ourselves as humans. Your family time will be a focus again. Take advantage of the time off while you can. #uipath #layoffs #workforcereduction #hiring #jobmarket #advice #recruiting #techlayoffs #economy

Recent layoff announcements: - Salesforce cuts 300 roles (TODAY) - SolarEdge cuts 8.5% of workforce (TODAY) - Intuit cuts 10% of workforce (LAST WEEK) - Dyson cuts 1,000 roles (LAST WEEK) - UiPath cuts 10% of workforce (LAST WEEK) - UKG cuts 14% of workforce (2 WEEKS AGO) - OpenText cuts 1,200 roles (2 WEEKS AGO) - Microsoft lays off hundreds in Azure division (LAST MONTH) - ByteDance (TikTok) cuts 450 roles (LAST MONTH) - Fisker files for bankruptcy (LAST MONTH) In 2024, tech companies have laid off over 106,630 employees. Is this because of AI or the economy?

Intriguing. Given the continued waves of layoffs - Salesforce, Microsoft, REI, Google - and the rare exceptions - SAP, Apple - this news from Deloitte could be a welcome bright spot in the ongoing (and, for many, anxious) conversation about AI and the workforce. #AIApplications #AIAndBusiness #AIAndTheWorkforce #WorkforceManagement #Layoffs

2024 Tech Layoffs: A Comprehensive Overview Total Impact: Over 60,000 jobs cut across 254 companies (as of July 23, 2024) Monthly Breakdown: • January: 19,350 employees • February: 15,589 employees • March: 7,403 employees • April: 22,153 employees • May: 9,882 employees • June: 10,083 employees • July: Ongoing (specific total not provided) Major Companies Affected: • Tesla : Cut "more than 10%" of global workforce • Amazon : Layoffs in healthcare businesses, gaming division • Google : Cuts across various teams including Cloud, hardware • Microsoft : 1,900 employees in gaming divisions • TikTok : Cuts in global operations and marketing teams • Snap Inc. : 10% workforce reduction (about 500 employees) Notable July 2024 Layoffs: • Salesforce : 300 employees • Intuit : 1,800 employees (10% of workforce) • UiPath : 420 jobs (10% of workforce) • UKG : 2,200 employees (14% of workforce) • OpenText : 1,200 jobs (2% of workforce) Key Trends: 1. Widespread impact across tech sectors, from major corporations to startups 2. Increased focus on AI and automation, potentially affecting traditionally secure roles 3. Ongoing restructuring efforts to streamline operations and reduce costs 4. Shift in focus for some companies, leading to departmental cuts 5. Continued effects from market challenges and changing consumer behaviors Industry Insights: • Layoffs span various tech sectors including social media, e-commerce, cloud computing, and hardware • Some companies cite the need for "leaner" operations or shifts towards profitability • AI integration is both a driver of layoffs and a focus area for future growth This wave of layoffs in 2024 continues to reshape the tech industry landscape, impacting workforce dynamics and potentially influencing future innovation trends. (Data sourced from TechCrunch article dated July 23, 2024..)

🗣️If you’ve been affected by recent layoffs, please feel free to connect with me and send a message. Having experienced layoffs twice in the past three years, I understand how tough it can be. Despite the challenges, there are still companies hiring, and I’d be happy to help connect you with them. LinkedIn is all about networking and leveraging connections to ensure everyone thrives in their professional environments. Let's support each other! #hiring #letsconnect #resumeservices #activelyrecruiting #laidoff #layoffs

𝗧𝗵𝗲 𝗔𝗜 𝗟𝗮𝘆𝗼𝗳𝗳 𝗡𝗮𝗿𝗿𝗮𝘁𝗶𝘃𝗲: 𝗔 𝗡𝘂𝗮𝗻𝗰𝗲𝗱 𝗣𝗲𝗿𝘀𝗽𝗲𝗰𝘁𝗶𝘃𝗲 Recent headlines have been dominated by news of layoffs in major tech companies, often alongside announcements of significant investments in AI. While it's tempting to draw a direct link between the two, the reality is more complex. 🔍 𝗖𝗼𝗿𝗿𝗲𝗹𝗮𝘁𝗶𝗼𝗻 𝘃𝘀. 𝗖𝗮𝘂𝘀𝗮𝘁𝗶𝗼𝗻 While major tech companies have announced layoffs alongside AI investments, it's crucial to distinguish correlation from causation. Economic factors, market adjustments, and company-specific strategies also play significant roles in employment decisions. 🎓 𝗥𝗲𝘀𝗸𝗶𝗹𝗹𝗶𝗻𝗴 𝗮𝗻𝗱 𝗥𝗲𝗱𝗲𝗽𝗹𝗼𝘆𝗺𝗲𝗻𝘁 Many companies like Infosys, Deloitte, Tech Mahindra, etc., are investing in reskilling their workforce to adapt to AI-driven changes. Layoffs may be part of a broader restructuring to focus on areas where human expertise remains essential. 📈 𝗟𝗼𝗻𝗴-𝗧𝗲𝗿𝗺 𝗚𝗿𝗼𝘄𝘁𝗵 𝗣𝗼𝘁𝗲𝗻𝘁𝗶𝗮𝗹 The integration of AI can lead to new business opportunities and increased efficiency in the long run, potentially creating more jobs than it displaces. The narrative of AI-driven layoffs is not as clear-cut as it may seem. What are your thoughts on the impact of AI on employment? 👇 #AI #Layoffs #TechIndustry #Reskilling #LongTermGrowth