Tech companies have fired more than 7000 employees after one month in 2024

The season of big tech layoffs is probably starting sooner than many of us expect, but it’s already happening. In fact, according to a data platform, in just 2 weeks since the beginning of 2024, tech companies have fired more than 7000 employees.

These numbers have been underpinned by Layoff.fyi, which claims to be tracking tech layoffs since COVID-19. An interesting thing to note is that the platform has data of layoffs in 2022, 2023 and 2024 and the latest data clearly indicates some big movements in the tech sector that should concern everyone. Overall, 48 tech companies have laid off 7,528 employees in 2024 itself, which is just 2 weeks old.

These layoffs are not limited to the US and take a look at some of the smaller companies that have boomed over the past few years. The data collected by the platform is quite detailed and also tells you whether companies that have laid off people have raised any new funds at the same time.

The list also looks at companies like India’s Zest Money and Flipkart, so you can clearly see the impact of global trade changes affecting other markets. Google, Netflix, Spotify have already given out pink slips to hundreds of employees in recent weeks, and most of them are planning for life with AI in their operations, which is likely to leave many people unemployed at these companies. .

In fact, Google CEO Sundar Pichai recently talked about the impact of AI in the industry and how it will force companies to make some serious and unpleasant decisions.

And if that wasn’t enough, the IMF has openly expressed its concerns about the job market and its future with the coming AI revolution. IMF chief Kristalina Georgieva told AFP that artificial intelligence poses a threat to job security on a large scale. He believes that AI will impact 60% of jobs in advanced economies and about 40% of jobs in developing countries.

Separately, the IMF also said that about half of all jobs would be negatively impacted, while the rest would be boosted by increased productivity brought about by AI. Furthermore, AI is less likely to benefit labor markets in emerging economies.