Tech Companies Lay Off Over 7000 Employees Within First Month of 2024
The big tech layoff season is probably starting sooner than many of us expected, but it’s already happening. In fact, according to the data platform, more than 7,000 employees have been laid off by technology companies in just two weeks since the beginning of 2024.
Layoff.fyi, which claims to have tracked tech layoffs since COVID-19, has crunched those numbers. What’s interesting to note is that the platform has data for layoffs in 2022, 2023, and 2024, and the latest data clearly points to some major tech sector that should have everyone worried. A total of 48 tech companies have laid off 7,528 employees in 2024, which is only 2 weeks old.
These layoffs are not limited to the United States, but are even affecting small businesses, which have proliferated in recent years. The data collected by the platform is quite detailed and even tells if companies that have laid off people have raised new funds at the same time.
The list even looks at companies like Zest Money and Flipkart from India, so you can clearly see the impact of global business changes on other markets. Google, Netflix, and Spotify have already issued Pink Flags to hundreds of employees in recent weeks, and most of them seem to be planning a life with AI in their operations, which is likely to make many redundant at these companies.
In fact, Google CEO Sundar Pichai recently spoke about the impact of AI on industry and how it is forcing companies to make some serious and uncomfortable decisions.
And if that wasn’t enough, the IMF has openly expressed its concerns about the labor market and its future with the coming AI revolution. IMF Director Kristalina Georgieva told AFP that artificial intelligence is a risk to job security in general. He believes that AI will affect 60% of jobs in developed economies and about 40% of jobs in developing countries.
The IMF also stated separately that about half of all jobs will be negatively affected, while the rest will be strengthened by the increase in productivity brought by artificial intelligence. Furthermore, AI is unlikely to benefit labor markets in emerging economies.
