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Tech layoffs: 89% IT professionals in US worried about job loss in 2024, finds study

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The spate of layoffs continues in the tech industry in the US. From big tech corporations to start-ups, enterprises at all levels seem to be swept away by the way of rampant layoffs adding to the woes of millions of employees.

In the first two months of 2024, we have seen about 193 companies laying off nearly 50,000 of their staff. Incidentally, in March so far seven companies have laid off close to 500 employees. Considering the rapid pace at which companies are resizing and undergoing an organisational overhaul, it seems there’s more to worry about for millions of tech professionals.

A new report by Authority Hacker claims that as many as 54.58 per cent of workers are increasingly worried about the possibility of job loss, and the tech sector is visibly distressed the most. The report states that professionals working in IT-Services and Data (89.66 per cent) and Software Development (74.42%) are experiencing the highest levels of anxiety related to job security.

AI impact on jobs

The rapid rise of Artificial Intelligence (AI) technology is also a major concern for employees. As many as 72.42 per cent of workers surveyed admitted that they are feeling uneasy about the impact of AI on their jobs over the next five years. Alarmingly among the respondents, almost half (48.28 per cent) fully agreed that AI will impact their job security. Among those expressing the most apprehension are C-level executives (85 per cent) and Directors (78.83 per cent).

Based on the size, the report highlighted that employees in companies as large as 500-1000 employees (74.33 per cent) particularly feel they are vulnerable as they perceive a higher risk of job loss. Meanwhile, sectors that rely heavily on computers such as Software (67.44 per cent), finance (67.75 per cent), and Human Resources (64.29 per cent) expressed high levels of concern about job loss. On the other hand, sectors that involve human interpersonal interactions such as education (43.04 per cent) and real estate (44.68 per cent), seem to be least concerned about the impact of AI on their jobs. The survey by Authority Hacker was conducted on 1,200 full-time employees across the US.

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The way forward

Based on popular trends and the efficacy of AI models witnessed, one should understand that AI will not solely lead to job displacements, it may even create new kinds of opportunities. In fact a recent report by the World Economic Forum forecasted that AI could likely create as many as 97 million new roles by 2025. Equipping oneself with AI skills will be imperative.

We believe that incorporating AI tools into daily operations, nurturing interpersonal skills such as communication and empathy, cultivating professional networks, and fostering specialised expertise and personal branding will be key to withstand the AI wave. Popular studies indicated that a vast majority of executives anticipate AI to augment rather than replace job roles, reinforcing the importance of AI upskilling in mitigating unemployment risks.

The publisher of the report, Authority Hacker, is a company co-founded by Mark Webster. The company is focussed on online marketing education. Since its establishment, Authority Hacker has guided over 13,000 students on building high-authority websites, offering courses, podcasts, and blog posts with insights from real-world experience.


 

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