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Tech Layoffs to Persist in Near Future, Reveals GlobalData

Tech Layoffs to Persist in Near Future, Reveals GlobalData

Reflecting the dynamic landscape of the global workforce, the month of January 2024 witnessed a notable surge in conversations revolving around “layoffs” across diverse industries on “X” platform. The influencers’ discussions suggest a prevailing sentiment that indicates the likelihood of the layoff wave continuing, particularly in the tech sector. They also shed light on crucial topics, including the underlying reasons for the recent layoffs, the ramifications of technological advancements, and the diverse strategies to navigate workforce transformations, reveals the Social Media Analytics Platform of GlobalData, a leading data and analytics company.

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Shreyasee Majumder, Social Media Analyst at GlobalData, comments: “Influencers express concerns over job security as the tech industry faces a significant wave of layoffs compared to the other industries in 2024, impacting major players like Google, Amazon, and Meta. The job cuts, exceeding thousands, are viewed as a response to an industry-wide drive for efficiency and a strategic shift towards adopting artificial intelligence (AI). While these companies experienced aggressive hiring during the pandemic, economic challenges and global events also prompted layoffs to manage overstaffing.”

“The whiplash that’s happened in big tech is companies went from avoiding hard conversations like is there enough ROI on this project and are there too many people working on this product to layoffs with no in-between. Being unafraid of being ROI focused would have reduced pain.”

The rapid decline in inflation has been a boon for consumers but is squeezing many industries. It’s led to hiring freezes, reduced workweeks, and in some cases modest layoffs as companies seek to control costs:”

“Tech employees face brutal start to 2024 as layoffs continue. Just weeks into the new year, the tech industry is already casting a dark shadow over its employees. A total of 10,963 employees have been let go by 63 tech companies…”

Furthermore, the Influencers are of the opinion that the current wave of layoffs may continue in the coming months, as they view layoffs as part of a broader strategy for companies to adapt to market dynamics and technological changes. There is an expectation that strategic decision-making, including job cuts, will continue to be a common approach for organizations navigating evolving landscapes. Conversely, others voice concerns and skepticism about the potential impacts on job security and the broader economy.

 

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