Tech companies are getting laid off on a large scale! Know what is going to happen next? – Layoff News: According to WEF, frontline jobs like agriculture, delivery drivers and care workers will see the highest growth, while technical roles in AI, fintech and big data will grow the fastest.
The current situation of the job market looks quite dangerous. Companies are firing people in large numbers. Google has fired 12,000 employees since 2023.
Microsoft, Amazon and Duolingo are also reducing the number of employees. Meanwhile, Meta has reduced its workforce by 5% in February. However, Mark Zuckerberg is offering a sign-on bonus of $100 million to attract top AI talent.
Meanwhile, the World Economic Forum (WEF) has predicted 170 million new jobs in this decade. But at the same time it has also said that 92 million jobs are at risk. According to the International Labor Organization and the National Research Institute of Poland, one in four jobs globally will be related to GenAI.
Which job demand will increase?
According to the WEF, frontline jobs such as agriculture, delivery drivers and care workers will see the highest growth, while technical roles in AI, fintech and big data will grow the fastest. Clerical roles such as cashiers, bank tellers and data entry clerks will see a huge decline. By 2030, 39% of skills will be outdated, which will require constant upskilling. During this time, the skills in demand will include AI, big data, cybersecurity and tech literacy as well as creative thinking.
Automation and AI will be game changers
According to Mint, layoffs of technical employees started after a lot of hiring during the pandemic. After the lockdown, many companies re-evaluated and reduced the number of employees.
According to Statista, 2,63,000 employees were fired by the end of 2022, while in the first quarter of 2023 this figure had reached 1,67,600. However, the picture is not clear about layoffs in the coming times. But automation and AI can replace many roles, which has increased the possibility of more layoffs in technical sectors.
What next?
According to the WEF, by 2030, 59% of workers will have to update their skills. Former White House strategist Steve Bannon has warned that AI will reduce jobs, especially entry-level jobs, and it will become a major political issue by 2028.
Karnataka says it will study the impact of AI to formulate a policy. Anthropic CEO Dario Amodei has proposed imposing a “token tax” on AI profits. Apart from this, companies may be forced to reconsider completely outsourcing AI agents.