Washington, March 18: Tech layoffs in 2024 have become most common as many companies have cut thousands of jobs due to restructuring, cost-cutting measures and adoption of AI. The emerging market of artificial intelligence demands new skills from job seekers. While AI accelerates, it may open up doors for jobs like "AI prompt writer" or "cybersecurity" but it may eliminate other roles. According to a report, the IT market in the United States will likely shrink by 20,000 to 30,000 jobs in 2024. 

According to a report by The Wall Street Journal, tech job seekers without having AI skills may get lower salaries and fewer roles will open for them. The report mentioned that the rise of artificial intelligence has affected the job seekers in tech. It said that the tech job seekers will have to face a new reality instead of expecting high paychecks and robust demand of their skills. The report highlighted that they should learn AI and not expect the same package as before. India's Gaming Sector Poised for Significant Growth, Can Create More Jobs in Country in Esports and Game Development Industry: Confederation of Indian Industry.

The report mentioned that the laid-off IT workers are not able to find new roles sooner due to the skill mismatch. The laid-off information technology workers expect to get $2,00,000 jobs, but they are unable to find the relevant roles as they do not have the necessary skills, according to the report. It further said that the jobs in telecommunication, corporate system management, and entry-level IT declined in the past few months. 

On the other hand, the report said that the tech roles for cybersecurity, data science and AI or artificial intelligence have been on the rise. The Wall Street Journal further informed that the IT worker's average total compensation has become $1,00,000, which made the position a cost-cutting target. The tech layoffs in 2024 have increased concerns among the IT workers as the tech giants like Cisco, Expedia, DocuSign and others have cut jobs in February 2024. Indian IT Service Industry Expected To Improve 2% in Nine Months in Current Fiscal Year but Remain Modest 3% to 5% Revenue Growth in FY25, Says ICRA.

As per the report, the combination of "AI skills shortage" and "differences in salary expectations" may lead to few IT job creations in 2024. The report highlighted that the US IT job market is expected to shrink by 20,000 to 30,000 jobs this year. The WSJ report said that there are signs that the jobs had been on path of replacement due to automation and artificial intelligence in operations related to data centre and entry-level IT jobs.

(The above story first appeared on LatestLY on Mar 18, 2024 05:27 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).