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Tech Layoffs Signal a Broader Decline of ‘Thinking’ Jobs, Expert Says

Feb 14, 2024 - techtimes.com
The tech industry is experiencing a wave of layoffs, with over 260,000 job cuts in 2023 and continuing into 2024, signaling a potential shift in the nature of employment. Despite a healthy job market in non-tech sectors, the ongoing job cuts in tech companies raise concerns about the future of "thinking" jobs, which involve high levels of cognitive engagement, problem-solving, analysis, and decision-making. According to Roland Rust, a professor at the University of Maryland, this downsizing in tech firms foreshadows a larger decline in "thinking" jobs within the broader labor market, forcing people to look for more "feeling" jobs.

Rust argues that as AI continues to evolve, it increasingly takes over tasks traditionally performed by humans, necessitating a shift in the labor force towards skills that complement rather than compete with AI. He emphasizes the importance of attributes like intuition, empathy, creativity, and interpersonal skills in this transition. Rust also advocates for a reevaluation of educational priorities, suggesting a shift away from STEM towards the development of "people skills." He terms this shift as the rise of the "feeling economy," where individuals need to adapt to evolving job requirements and cultivate skills that are less susceptible to automation.

Key takeaways:

  • The wave of layoffs in the tech industry, surpassing 260,000 in 2023 and continuing into 2024, signals a broader trend that could reshape the nature of employment, with a decline in 'thinking' jobs.
  • Professor Roland Rust argues that the downsizing in tech firms foreshadows a larger decline in 'thinking' jobs within the broader labor market, forcing people to look for more 'feeling' jobs.
  • As AI continues to evolve, it increasingly assumes tasks traditionally performed by humans, necessitating a shift in the labor force towards skills that complement rather than compete with artificial intelligence, such as intuition, empathy, creativity, and interpersonal skills.
  • Rust advocates for a reevaluation of educational priorities, suggesting a shift away from STEM (Science, Technology, Engineering, and Mathematics) towards the development of 'people skills.'
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