Despite the layoffs, there is a silver lining as tech talent can transition to other industries in need of AI expertise, such as the public sector and tech-heavy agriculture sectors. The layoffs may also be driving a surge in new business applications, particularly in the West, a tech-heavy region. This suggests that those laid off may have more resources to invest in new businesses compared to those from blue-collar jobs.
Key takeaways:
- More than 7,500 layoffs have occurred in the tech industry in the first 17 days of 2024, with companies like Google, Meta, and Microsoft no longer seen as the gold star employers they once were.
- Tech layoffs are happening in part due to companies shifting their priorities, with many focusing on generative AI, leading to a shakeout in the workforce.
- A timeline of 2024 tech layoffs includes companies like Frontdesk, Lazada Group, Cue, NanoString, InVision, Flipkart, Unity, Humane, Rent the Runway, Uber Freight, Nevro, Branch, Twitch, Duolingo, Amazon, Audible, Discord, InMobi, Pixar, Veeam, Apple, and Google.
- Despite the layoffs, tech talent can move to other industries in need of AI expertise, such as the public sector or tech-heavy agriculture sectors. The layoffs may also be fueling a surge in applications for new businesses, particularly in the West, a tech-heavy region.