Errol van Engelen TechBusinessDeveloper’s Post

I see so many posts on layoffs and it is really sad. I found this insightful video on YouTube: CNBC explores challenges currently facing U.S. tech workers, including mass layoffs, widespread cuts in company budgets, and threats of deportation for H-1B visa holders. How a lot of these companies lack leadership, lack future planning, only working for stock prices and investors, cutting older higher paid workforce, etc. It is quite ugly, but at least CNBC is covering the side of the laid off worker vs promoting the big tech company in this video. I also love how they call out Elon Musk for really paving the way. Hope you enjoy this video as much as I did. https://lnkd.in/ghfk34Rk #laidoff #tech #cnbc

Tech (AI) disruptions and displacements are such a distressed reality for workers that it's not just recasting traditional jobs, but also trims down the very tech jobs that originated and fueled today's renaissance. And there's much more displacements ahead! This CNBC report exhibits layoffs, higher stock returns, and low unemployment numbers, but more of us should watch the underemployed and the United Way's ALICE houshold numbers. This may trigger some justifiable concerns for tomorrow's economies.😮💨

🌐 Where Are #Laid-Off #Tech #Workers Heading? With #mass layoffs impacting the tech #sector, displaced #employees are finding new #paths in emerging #fields. Many are pivoting to #industries such as #AI, #fintech, and #healthcare, or leveraging #freelance and #startup #opportunities. A focus on #upskilling and #adaptability is crucial as #professionals explore #roles #outside #traditional tech giants. Some also encounter #challenges like #visa complications, particularly those on #H-1B visas, driving #urgency in #job #hunting. 📢 #Discover more #insights: Where Are Laid Off Tech Employees #Going? https://lnkd.in/dxAckqjR

👇 Where Are Laid Off Tech Employees Going? | CNBC Marathon👇 Professor Jeff Shulman from the University of Washington's Foster School of Business highlights a significant shift in the tech industry with the surge of tech sector layoffs in 2024 surpassing those of 2023. He suggests that this trend could be the "New Normal." As India progresses in developing technology for local and global needs, there's a crucial need to nurture both intrapreneurship and entrepreneurship. The focus should be on cultivating a workforce geared towards innovation and market transformation, rather than just job-seeking. Contrary to popular belief, these tech layoffs are not a consequence of Applied AI but rather poor leadership practices that has persisted for decades. This pattern emerges whenever there is even a perceived minor disruption in the marketplace. The Solution: 1. Indian Technologists MUST master Design Learning. 2. Create Solutions before Applications. 3. You must adapt to Digital and Create IP. Not just Code. Giggr - The Future of Work is working towards accelerating the pursuit of excellence for Individuals, Industry and Institutions. This is not a moment for Learn & Act over Think & Process. Dr. Ekroop Caur Sridhar Babu Duddilla Jayesh Ranjan Sai Krishna Dr. TRB Rajaa Rathan Kelkar Watch the insightful discussion here: https://lnkd.in/g8mbz9-y

There's a lot to unpack in this video. Are we losing the best and the brightest in tech and other industry sectors to Canada and AI? A whopping 28% of layoffs are happening in HR and talent acquisition due this overall downward trend in the job market. Will there's be a bull whip effect in the lowering of interest rates to spark job growth? Just remember AI and unemployed folks don't buy products and services nor do they pay taxes. The economy isn't just for shareholders and the stock market.

This year, we’ve witnessed ongoing tech layoffs nearly every month. CNBC’s recent article highlights the massive layoffs, budget cuts, and the added pressure faced by visa holders in the US and Canada who are now at risk of deportation. As an immigrant in the UK 🇬🇧, the anxiety around job security is very real. Even if you’re sponsored for 3-5 years, there’s no guarantee you’ll remain employed for the full term due to layoffs. In the event of job loss, you’re given 60 days to secure a new role with sponsorship or face having to leave. Mind you most of sponsored workers have also already been living in the US or UK on a student visa for 3-5years. Moving abroad is a huge privilege. However, many do it for the prospects of their professional development and career aspirations. In the US, the anxiety is compounded by the H1B visa lottery system, where thousands of immigrants rely on chance to continue working. I highly recommend watching this piece to better understand the significant impact layoffs have on millions of workers and what it means for the future of tech.

CNBC explores challenges currently facing U.S. tech workers, including mass layoffs, widespread cuts in company budgets, and threats of deportation for H-1B visa holders. "The layoffs to the start of 2024 signal a dramatic shift in the tech industry," said Jeff Shulman, professor at the University of Washington's Foster School of Business. The number of tech sector layoffs in 2024 has been outpacing the number of terminations in 2023. So far, about 42,324 tech employees were let go in 2024, according to Layoffs.fyi, which tracks layoffs in the tech industry. While layoffs have put stress on the workforce, a booming artificial intelligence market is giving the industry a renewed sense of optimism. Generative AI startup deals announced or finalized in the first quarter of this year totaled more than $12 billion compared to about $4.5 billion invested in the space last year, according to PitchBook. On July 16, 2023, Canada opened visa applications for a pilot program that would allow up to 10,000 H-1B visa holders in the United States to apply for a three-year open-work permit in Canada. H-1B holders are highly educated and specialized foreign workers that work in fields such as tech. After massive layoffs in the tech industry, this was a lifeline for H-1B holders who needed to find a new job or face deportation.

From CNBC The tech industry is facing significant challenges in 2024, with mass layoffs and budget cuts impacting thousands of workers. In contrast, the booming AI sector, especially generative AI, is sparking renewed optimism. With over $12 billion invested in AI startups in Q1 alone, the future of tech seems to be shifting towards innovation in artificial intelligence. The wave of tech layoffs in the U.S. isn't an isolated event—Brazil is feeling similar effects as global economic shifts and industry disruptions impact both regions. While different factors play a role, the growing influence of AI across markets could help pave the way for new opportunities amid the challenges. https://lnkd.in/dmEhDzxu #TechIndustry #AI #Innovation #Layoffs #H1BVisa #FutureOfTech #ArtificialIntelligence #GenerativeAI #GlobalTech #Layoffs #Brazil #TechTrends #EconomicShifts

🚀 The Truth About Giant Tech Companies: A Recruiter’s Perspective Kind of sad 😢 to see this video. It’s unfortunate that this is how Giant Tech companies run their business. But is not surprising. They are not always who we think they are. This should open people’s eyes about their aspirations in working for one of these companies. Glorifying these companies and putting them on this pedestal of excellence only will lead to disappointment. As a recruiter, I believe that smaller tech companies offer a more fulfilling and rewarding work experience. It’s interesting to note that for the most part it’s every tech startups dream to go public and be a Google or Amazon or Apple. It makes sense, but I am a firm believer in sustainability. If you maintain your operating costs lean from the beginning and provide tremendous value to your customers/clients, and learn to be resourceful, you won’t have to resort to mass layoff when times are rough and your growth is more organic and it’s sustainable. But who can say no to piles of money being thrown at you in the form of investor money, venture debt, low interest rate loans? Who can resist that? This is a lesson to all the #softwareengineers #softwaredevelopers #accountexecutives out there, before you jump at the opportunity to work for a giant tech company, consider what truly matters to you in a job and make sure those leading the company share your values. This cycle will continue to repeat itself until a massive paradigm shift happens.

Where Are Laid Off Tech Employees Going? | CNBC Video AI is driving layoffs—here’s what you need to know about job displacement in 2024. The age of AI is here, and it's reshaping the job market with significant layoffs across industries. Here are 4 key points about how this trend is unfolding: Mass Layoffs in Tech: Over 386,000 jobs were lost in the tech sector during 2022-2023. Companies like Twitter reduced their workforce by 80%, yet their operations continue seamlessly thanks to AI and automation. Rise of AI Automation: AI is accelerating job displacement by automating repetitive tasks and boosting operational efficiency. Generative AI is projected to replace millions of jobs in the coming years, forcing industries to rely less on human labor. Global Impact on Workers: Layoffs have disproportionately impacted women, who make up over half of the job cuts. Additionally, 50,000 H-1B visa holders lost their employment status, creating widespread ripple effects across the tech workforce. Stock Prices Surge: Despite layoffs, companies are seeing their stock prices rise. Meta’s stock surged by 194% in 2023, as investors favor leaner, more profitable operations. Here’s a breakdown of companies with recent layoffs: Meta: 11,000+ layoffs Google: 12,000 layoffs Amazon: 27,000 layoffs Microsoft: 10,000 layoffs Salesforce: 7,000 layoffs Qualcomm: 1,200 layoffs Snap: 1,300 layoffs Twitter: 80% workforce reduction (~6,000 employees) LinkedIn: 700 layoffs Zoom: 1,300 layoffs Prediction: AI will continue to displace jobs, especially in roles where automation can replace human workers. This shift is likely to keep driving up stock prices as companies focus on efficiency and cost-cutting. Example: Twitter, which let go of 80% of its workforce, is still fully operational, demonstrating how AI can help companies function with fewer employees. To stay competitive in this evolving landscape, employees need to future-proof their careers by embracing new skills and understanding AI technologies. #careerdevelopment #CareerGrowth #yusufwilson #PAworkforcedevelopment #DEworkforcedevelopment #AZworkforcedevelopment #FLworkforcedevelopment #NJworkforcedevelopment #VAworkforcedevelopment #workforcedevelopment