Post
Topic
Board Economics
Re: Tech Layoffs
by
Casdinyard
on 04/02/2024, 22:15:15 UTC
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?

Computer Science is receiving quite the heavy beating in the corporate world, with it being one of the most vulnerable tech careers nowadays. It's gone so worse that even my friends who were comp sci graduates regretted that they ever listened to people who said it's going to be one of the best careers in 2 years time, cause now they're stuck in a rut where they're given what's basically the art degree of the IT sector.

Also sucks that major gaming companies like Activision-Blizzard and Riot Games have started laying off a large portion of their workforce. Riot Games being the most talked about as it started to let go of 11% of its total employees, some of which are actively involved in the production of their games and some of their future titles. Future's not looking bright for the tech world unless you're from the webapp development industry in which case I don't think you should be worried as the industry's still going strong. What I would really suggest to people who were under these situations right now and are worrying about their job and financial security is to learn new skills related to IT, not because you're going to drop Comp Sci or whatever, but because it will better equip you and provide you with the tools you need to still stay afloat even when the rest of your world is burning. Makes total sense yeah?