In 2023, Tech Giants Cut 104,000 Jobs Due to Economic Uncertainties
104,000
Tech companies, including Amazon, Meta, Google, and others, collectively laid off over 104,000 employees last year amid economic uncertainties. Significant layoffs include Amazon cutting 27,000 jobs, Meta eliminating 21,000, Google laying off 12,000, and Microsoft reducing 10,000 positions. These layoffs reflect a trend in the tech industry grappling with slowing growth, higher interest rates, and fears of a possible recession.
40%
The IMF warns that AI could disrupt nearly 40% of global employment, potentially worsening overall inequality. In advanced economies, up to 60% of jobs could be influenced by AI, with both positive and negative impacts. In emerging markets and low-income nations, 40% and 26% of jobs, respectively, are expected to be affected. The IMF chief urges governments to establish social safety nets and retraining programs to address the impact of AI on the workforce.
10%
As of December 2023, remote jobs constituted less than 10% of LinkedIn job postings, down from 20.6% in March 2022, reflecting increased competition for remote work. Atlassian's co-founder, Scott Farquhar, predicts the major change in 2024 will be companies imposing stricter, more permanent guidelines on remote or hybrid work arrangements, emphasizing the need for clear policies amid mixed messages about returning to the office.
1650
Wayfair is cutting 1,650 jobs, 13% of its workforce, aiming to save $280 million in its third restructuring. CEO Niraj Shah, noting a 10% share surge, emphasizes proactive realignment with business demand, planning to rebuild lower-ranking roles throughout the year. The move follows Shah's directive for employees to "work longer hours" in response to the company's deviation from core principles during a period of rapid growth, with annualized sales doubling from $9 billion to $18 billion.
65%
LinkedIn's research indicates a 25% shift in job skills over eight years, projected to reach 65% by 2030, with AI expediting the change. The 10 fastest-growing roles for 2024 include Chief Growth Officers, Government Program Analysts, and Artificial Intelligence Engineers, offering valuable insights for career planning amid evolving workforce demands.