InformationWeek’s Post

Seeking Alpha AI plays role as tech layoffs surpass 100,000 in 2024 The tech industry has witnessed a surge in job layoffs attributed to the rise of artificial intelligence (AI), with over 100,000 job cuts recorded so far this year. Companies like Intuit, UiPath, and OpenText have made significant layoffs to shift towards AI-centric processes and recruit new employees with AI skills

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..)

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🚨 🗞️ On Monday, Salesforce announced layoffs that will impact 300 employees amid an ongoing restructuring effort to streamline operations. Dive into this story and more in our tech layoff tracker: https://lnkd.in/eiUMQD8k #techlayoffs #2024techtrends #salesforce

On Tech Layoffs: TLDR: The tech prospects are strong and companies who put customers first will win. Companies who can do cross departmental movements because of strong leadership at the top and democratization in the ranks for automation/integration/ai projects which don't happen in silos will win. What we're seeing with tech layoffs is a shift in tech power not a recession. The labor market is clear, we are near full employment. I'm not an economist but since this impacts me and so many of my friends, my brain has been sort of ruminating on it. I have been disappointed by the lack of thoughtful analysis on it from the NYT, but that is another story. If you break down the layoffs, there are lots of different reasons. Docusign - well, they're tied to the real estate market which has stalled. I think there are factual stories for layoff reasons from covid-19 over hiring (maybe zoom), real estate impacted, to restructuring (google), to companies needing to figure out an AI strategy. There is also the cases of startups who never really were profitable or had a strong value proposition, fail with customers and investors got tired of rewarding that when interest rates and bank failures were happening. And there are cases where short sided leaders do layoffs just to make it from quarter to quarter which is the oldest trick in the book but we all know that doesn't win with customers as layoffs like that for that reason cause disruption in customer service and customer expectations-> delivery. Microsoft and ServiceNow reported something like 50% to 70% improvement in organizational productivity. (will post source in comments) "Our own research, as well as external studies, show as much as a 70% improvement in productivity using generative AI for specific work tasks. And, overall, early Copilot for Microsoft 365 users were 29% faster in a series of tasks like searching, writing, and summarizing." - from Microsoft earnings call (will post link in comments). I know from being in technical sales for AI, that the value of AI is through automation and integration. AI is not a small project that one leader of a department can choose to try out alone. The real value is in following the entire process through the company. When I was doing technical sales for customer service heads of department they would get overwhelmed when they learned that AI would require this level of project management, cross departmental joint effort and security and IT buy-in. I think that is why a company like ServiceNow is positioned so well in the market. They remove that complexity. The bottom line is that we're experiencing a sort of short-term labor flood, but soon that will be over. It is like a massive tech worker readjustment is happening, and I think it is actually a really good thing for tech. I think it will be rewarding for companies with strong top leadership, companies that have strong cross-department cooperation, and ones that embrace the Automation Mindset.

Navigating the Changing Landscape of Talent Acquisition Recently, an intriguing spike: 51K Machine Learning-related job listings on LinkedIn, with nearly half added in the past week. As companies begin to pull forward headcount for 2024, it becomes compelling to identify which roles are surging to the forefront. While layoffs have undoubtedly impacted many talented individuals, there seems to be an emerging pattern. If #Salesforce's recent announcement serves as an indication, layoffs over the past year might not just represent job losses but also potential talent realignments towards business units and functions ripe for innovation and growth. How can we position ourselves to add value to those growth areas? #recruiting #hiring #techhiring #TalentShift

You can't prevent layoffs. But you can soften the blow. HOW? Have a Career Planner and Journal ready on deck. It's not your typical journal—more than just documenting thoughts, there's a specific framework to track milestones and goals effectively. And yes, we've got a game-changing template for it. Want access to DOWNLOAD this FREE TOOL to equip yourself against the unexpected? Comment "Journal" and let's set you up for success. 💪 This is just one of the many valuable FREE RESOURCES waiting for you at Talent Stacker! 💎 #HappyFreebieFriday #Growth #CareerDevelopment #JobSearch #Salesforce #TrailblazerCommunity

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/eg47-U8e #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

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?