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Tech Layoffs 2024: How Many Employees Lost Their Jobs in June



Tech Layoffs 2024: How Many Employees Lost Their Jobs in June

Continuation of Trend: Despite all hopes to stabilize, lay-offs may continue as companies strive to sail through the economic downturn and adjust to the new normal. The first half of 2024 set a precedence which may carry forward wherein companies are still wary about their operational cost and size of the workforce.

Emergence of New Job Roles: The industry can already see, on the bright side, the emergence of new job roles for a workforce. Such businesses are already putting their stake in AI more and more for efficiency and innovation; therefore, new opportunities are going to come up that may offset some of the layoffs.

It’s the AI and Automation Factor: Very soon, the rise of AI itself is going to become an important factor in layoffs, replacing what people used to consider as safe jobs. The advancement in this technology also opens doors for new careers in developing AI, its maintenance, and its ethics governance.

Mergers and buyouts: In the event of a merger or buyout as companies struggle to survive the economic challenges, this may hit jobs. In other words, redundancy in roles leading to further layoffs may result; however, strong entities might weather the storm.

Outsource: With the cost-cutting goals, outsourcing could increase. What might mean more layoffs domestically could also be a global reshuffle of tech jobs.

The Human Element: The human element of these layoffs cannot be overlooked. Every cut implies an individual or household in a state of flux. The tech community stepped up to offer aid for the affected, announcing job boards, meetups for networking, and even mental health resources.
The Response of the Industry: It is a resilient and very flexible sector, and, undoubtedly, businesses will find ways to continue diversifying their revenue streams into areas of potential growth like green technology, cyber security, or even remote work solutions.

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