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## Tech Layoffs Continue to Roil Industry With 32,000 Jobs Cut

The tech industry has kicked off 2024 with another wave of job cuts, further reducing its workforce following widespread layoffs last year. As of now, approximately 32,000 tech workers have been laid off in 2024, as reported by Layoffs.fyi, a startup that has been diligently tracking job cuts in the industry since the pandemic.

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Snap Inc. is the latest example of a company reducing its workforce, announcing a reduction of about 10%, affecting approximately 540 employees. Similarly, software company Okta Inc. disclosed its plans to eliminate 7% of its staff, impacting around 400 employees. Other industry giants like Amazon.com Inc., Salesforce Inc., and Meta Platforms Inc. have also contributed to the staggering number of job cuts.

According to Layoffs.fyi founder Roger Lee, tech companies are still trying to rectify their over-hiring during the pandemic surge, as the high interest-rate environment and tech downturn have endured longer than expected. Lee highlighted two main waves of job cuts in recent years, the “early Covid” spike from the first to second quarters of 2020, and the “interest rate hike” effect ongoing since the second quarter of 2022. He also noted that this year’s layoffs are typically smaller and more targeted than those a year ago.

Despite economic factors being the primary reason for tech layoffs, many companies have cited the race for artificial intelligence as a contributing factor, as they shift resources to focus on AI talent. Job postings in “artificial intelligence or requiring AI skill” have seen a significant increase, reaching approximately 17,479, according to an analysis by CompTIA, which tracks employment trends in the tech industry.

While the industry is shedding jobs, it is also aggressively hiring in other areas, with 33,727 active job postings in January, marking the largest month-over-month increase in 12 months, according to CompTIA. However, Bert Bean, the chief executive officer of staffing company Insight Global, remains cautiously optimistic, expecting the market to remain uncertain for the next two quarters until the Federal Reserve intervenes and begins to cut interest rates.

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