Not a day goes by without a tech company announcing major job cuts. Today Paypal and Block (both payment service providers) have announced a total of 3500 job cuts, and recently Salesforce, Microsoft, SAP, Google, Ebay etc. have also done so. According to
https://layoffs.fyi, 25,000 documented tech jobs have already been cut this year.
What do you think? Is it just a shrinkage and normalization after the strong build-up of the workforce during Corona or a long-term trend that will accelerate through the use of AI?
Poor sales by those companies which is due to drop in purchasing power of their customers prompted the downsizing of their workforce, I don't think AI influence was responsible for their decision to lay off, of course when the global economy pick up majority of those companies would start another round of recruitment into various positions, meanwhile Tech jobs are one of the most sought after profession presently so I believe in no distant future all the lay off staff would definitely get a new job offer as I am aware that there many Tech start up springing out globally this would also provide job opportunities for the sacked workers.