The US tech sector is still experiencing a wave of layoffs. Enterprises of all sizes, from start-ups to large tech companies, appear to be carried away by the wave of widespread layoffs that compound the misery of millions of workers.

Almost 50,000 employees have been let go by 193 organizations in the first two months of 2024. Interestingly, about 500 employees have been let go by seven organizations in March alone. Millions of computer workers appear to have additional concerns in light of the speed at which businesses are restructuring and downsizing.

According to a recent AuthorityHacker survey, up to 54.58% of workers are becoming more concerned about the potential of losing their jobs, with the tech industry displaying the greatest amount of anguish. According to the research, professionals in the fields of software development (74.42%) and IT-Services and Data (89.66%) are most anxious about their job security.

Globally, tech companies have been laying off employees, yet the majority of these layoffs appear to have the same causes.

The US tech sector is still experiencing a wave of layoffs. Enterprises of all sizes, from start-ups to large tech companies, appear to be carried away by the wave of widespread layoffs that compound the misery of millions of workers. 

Almost 50,000 employees have been let go by 193 organizations in the first two months of 2024. Interestingly, about 500 employees have been let go by seven organizations in March alone. Millions of computer workers appear to have additional concerns in light of the speed at which businesses are restructuring and downsizing.

According to a recent AuthorityHacker survey, up to 54.58% of workers are becoming more concerned about the potential of losing their jobs, with the tech industry displaying the greatest amount of anguish. According to the research, professionals in the IT-Services and Data (89.66%) and Software Development (74.42%) sectors are most anxious about their job security. 

AI's Effects on Employment

One of the biggest worries for workers is the quick development of artificial intelligence (AI) technologies. Up to 72.42% of employees who responded to the study said that they are concerned about how artificial intelligence (AI) may affect their careers over the next five years. Unbelievably, 48.28% of the respondents fully believed that AI will affect their ability to keep their jobs. Directors (78.83 percent) and C-level executives (85%) are among those who are most anxious.

The study found that, according to size, workers in organizations with 500–1000 employees (74.33%) feel especially insecure since they believe their chances of losing their jobs are higher. In the meantime, industries that depend significantly on computers, such software (67.44%), banking (67.75%), and human resources (64.29%), showed significant levels of anxiety regarding job losses. However, industries like education (43.04%) and real estate (44.68%) that depend on interpersonal relationships between people appear to be the least worried about how AI will affect their careers. Authority Hacker polled 1,200 full-time workers in the US for their survey. 

The Path Ahead

Drawing from prevailing practices and the effectiveness of AI models seen, it is important to recognize that AI will not only result in employment losses but could also open up new avenues for growth. In fact, according to a recent World Economic Forum report, artificial intelligence (AI) is expected to provide up to 97 million new jobs by 2025. It will be essential to arm oneself with AI knowledge.

To survive the AI wave, we think it will be essential to integrate AI technologies into everyday operations, develop professional networks, nurture interpersonal skills like empathy and communication, and promote specialized knowledge and personal branding. According to widely circulated research, the majority of CEOs believe AI will enhance rather than replace job responsibilities, which emphasizes the need of AI upskilling in reducing the danger of unemployment.