About 80,000 workers were fired in 4 months due to AI, report

Science & Tech 15:55 02.05.2024

As the world grapples with the ongoing repercussions of the pandemic, the tech sector remains at the forefront of workforce reductions, driven by a dual imperative to streamline operations and mitigate financial pressures.

Citing sources from sozcu.com, Ednews reports that despite escalating interest rates amidst soaring inflation rates, companies navigating a landscape of economic unpredictability persist in implementing cost-cutting measures.

Heightened geopolitical tensions, notably the Russia-Ukraine conflict and Israel's military actions in Gaza, exacerbate the atmosphere of uncertainty, prompting companies to reassess their strategic priorities.

In a bid to enhance efficiency, many companies are increasingly turning to artificial intelligence and automation, resulting in ongoing layoffs across various sectors, particularly in the technology industry.

Following a trend that emerged in 2023, dubbed by many tech firms as a "year of productivity," layoffs persist into the current year, with both established players and emerging companies announcing downsizing initiatives, particularly in regions such as the US and Europe.

According to data from Challenger, Gray & Christmas, a consultancy specializing in tracking workforce trends, March witnessed a significant surge in layoffs by US-based employers, marking the highest level since January 2023. The number of individuals affected by job cuts reached 90,309 in March, reflecting a 7 percent increase compared to the previous month.

Moreover, the first quarter of 2024 saw a notable uptick in layoffs, soaring by 120 percent compared to the final quarter of the previous year. However, this figure represents a 7 percent decline compared to the same period in 2023, totaling 257,254 job cuts.

Amidst evolving economic dynamics and geopolitical uncertainties, the tech sector's continued layoffs underscore the challenges facing companies as they navigate a rapidly changing global landscape.

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