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?
Job cuts like that are very unfortunate, but maybe it just means that we'll see more decentralization (tech giants getting smaller, and smaller companies getting bigger), I don't know. According to the
World Economic Forum report on the future of jobs, IT jobs are actually expected to grow, and some positions are among the fastest-growing across the job market (big data analytics, encryption, cybersecurity, AI and machine learning specialists, information security analysts). Perhaps lay-offs are in tech companies, but they're firing people who are doing mundane jobs?