New Delhi, February 5: Many tech giants announced laying off employees from different departments in January. The companies that laid off employees included Google, Meta, Amazon, Paytm, BlackRock, Microsoft, Alphabet, and eBay. According to the reports, companies like Wayfair, Citigroup, Macy's, Shell, and Sports Illustrated have also cut jobs. The United Parcel Services (UPS) also reportedly planned to cut nearly 12,000 jobs and mandate "return to the office."
According to the report by India TV News, job cuts will continue in 2024 as the companies focus on streamlining operations and the "middle managers" and "remote workers" will be more vulnerable. The report further mentioned that despite mixed economic signals, artificial intelligence would cause a recession, resulting in layoffs and leading to anxiety in the tech spaces. AI Investment in India: More Than 90% Indian Chief Information Officers To Increase Spending on AI Tools in 2024, Says Report.
The report highlighted that middle managers and remote workers will be more vulnerable and laid off due to AI. As per the report, the workers who lack day-to-day interactions will be more sensitive towards layoffs. It further said that showing up at the workplace is advised with the notion that the remote work era has declined.
According to the report, commitment and active participation are deemed essential, as well as building solid relations with management and embracing change. The employees can be prepared for such layoffs by building relationships, avoiding unproductive groups and making existing commitments count.
The Indian TV News report further said there is uncertainty; however, according to the experts, it is not a tsunami. Following the economic trends, white-collar professional services will face more challenges compared to blue-collar jobs. Further, the report highlighted that the economists argued that the layoffs in 2024 are not different from previous years. Neobanking Startup Muvin Shuts Down Its Operations As per RBI’s Directive To Stop Using UPI in Co-Branding Arrangement: Report.
Additionally, the report said that December and January are the traditional months of adjusting budgets, and companies position themselves for the year. Also, layoffs are said to be significant parts of the normalising of over-hiring during the pandemic in the tech sector, and other layoffs are connected with the business climate.
(The above story first appeared on LatestLY on Feb 05, 2024 05:31 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).