Crypto News – In an effort to better position themselves for investments in generative AI to fuel their next phase of growth, IT businesses have eliminated over 34,250 jobs since the year’s beginning.
AI Layoffs: 34.250 People Out of Work as Technology Advances
The job cuts started in January with cybersecurity firm Proofpoint, which axed 6% of its workforce, affecting 280 employees. The company cited the decision as essential for maintaining sustained success and operational excellence as a top-tier business operating at maximum capacity. That same month, other tech companies such as eBay, Microsoft, Google, Amazon, Salesforce, Cisco, PayPal, and Block laid off thousands of staff to pivot to AI.
141 Companies Have Decided to Lay Off Workers Since the Beginning of the Year
As part of its attempts to slash expenses and boost its underperforming stock performance, DocuSign announced plans to eliminate 400 roles and reduce its staff by roughly 6% in February. DocuSign’s decision follows that of Snap Inc., the parent firm of the well-known social media site Snapchat, which made a similar cut of 10% in order to focus on growth-oriented investments.
Furthermore, Okta, a provider of identity software, announced layoffs last week that will affect 400 workers or around 7% of its whole workforce. Likewise, Zoom said on February 1 that it would be laying off 150 workers, or roughly 2% of its total workforce. In the midst of the ongoing economic crisis, employees are being sent home as a result of these job cuts, which are estimated to number in the thousands. According to Layoffs.fyi, a website that tracks employee attrition in the technology industry, 141 technology companies have started layoffs since the year’s commencement.
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