Manuel del Val, Managing Director at Green Mowers (Civil Engineer)

Burgos, August 6, 2024.- When will tech layoffs stop? Randstad RiseSmart’s Global Severance report suggests the global employment landscape is undergoing a significant transformation, with a staggering 96% of organizations already implementing some form of downsizing in the past year, underscoring the widespread impact of economic challenges and shifting business strategies.

Even more telling is the expectation that 92% of these employers are bracing for further headcount reductions in 2024.

Alarmingly, the survey reveals a critical gap in organizational preparedness; most of these companies appear to lack robust strategies or resources to support their employees effectively through these impending job cuts.

This situation highlights the need for more comprehensive severance and transition plans and raises questions about the long-term implications for workforce morale and the broader socio-economic fabric.

The good news is while AI is enhancing efficiency in fields like software development and IT operations, it struggles with tasks requiring human intuition and manual dexterity. Interestingly, jobs least likely to be affected by AI are those rooted in human empathy and physical skills, such as healthcare, skilled trades, education, and creative professions.

Understandably, many are beginning to ask which careers are safe and which are at risk. But as AI matures, its role should be seen as more of a collaborator than a replacement. As Businesses increasingly leverage AI to enhance efficiency and human experiences, this technological embrace brings forth the critical challenge of maintaining ethical standards.

So, companies must invest in employee training for AI-related skills, ensuring a workforce that complements AI’s capabilities. This approach safeguards jobs and propels the workforce toward a more advanced, AI-empowered future where technology and human talent synergize for greater innovation and efficiency.

The global tech sector faces a paradox: a 50% increase in tech layoffs, resulting in over 240,000 job losses worldwide in 2023, coinciding with significant investments in AI. This scenario highlighted a complex interplay between technological advancement and job insecurity, casting a shadow over the future of employment.

Despite these challenges, the US labor market showed resilience and adaptability. There is a growing need for workers skilled in generative AI, as indicated by a notable increase in job postings mentioning “GenAI.” This trend suggests a shift towards a more AI-integrated job market, requiring professionals to adapt and acquire new skills to thrive in an evolving employment landscape.

Cliff Jurkiewicz, vice president of global strategy at Phenom, an HR technology company, believes a positive side exists. The good news is there’s a tremendous opportunity for tech jobs in other industries.

“The retail and communications industries are going through massive technology upgrades. AI is driving expansion in tech. Like disruptive technologies before it, AI is creating new roles and new skill requirements for existing roles,” Jurkiewicz told Techopedia.

AI Curators work closely with expansive language data sets to train AI algorithms and ensure that their outputs align with the organization’s goals. AI Ethicists serve as ethical compasses, grappling with questions of fairness and transparency.

“Think of Jeff Goldblum’s character in Jurassic Park always pushing beyond “can something be done” and asking “but should it be done?”

AI Policy Makers and Legal Advisers scrutinize technical and societal impacts, working in tandem but distinct from AI Ethicists. AI Trainers educate the workforce and the AI itself, acting symbiotic with AI Curators.

AI Auditors are responsible for ensuring the accountability of AI systems, while AI/Tech Interpreters adopt a more strategic lens, translating the overarching impact of AI technologies within an organization.

These roles signal AI’s maturation in the enterprise and underscore the multifaceted responsibilities that come with its adoption.

“Tech professionals have an advantage. Their skill sets are highly marketable to the tremendous opportunities for tech roles in other industries. They also have the background and ability to simplify upskilling for the new AI-based roles. And these new AI roles are just the beginning, with others not far off on the horizon.”

Linda Lee, Velocity Global’s chief people and culture officer, shared job trend data from the past five years. The data shows that new employment in data-related jobs increased sixfold from 2018 to 2022.

Lee believes this will likely continue to be a focus in 2024 as data reigns king in business.

“Because borders no longer restrict one’s options for work, we expect borderless hiring to continue its upward trajectory as companies look to boost revenue streams, broaden talent pools, and retain quality talent,” Lee said to Techopedia.

As the tech industry solidifies its role as a global change agent and growth engine, understanding the job market trends for 2024 is becoming crucial for both seasoned professionals and newcomers eager to make their mark.

“The tech space catalyzes worldwide change, innovation, and growth. The job market has been challenging the past couple of years, but the industry’s potential drives those to stay in the space and new talent to enter. The industry will only grow in 2024, and according to the data, enhancing your data skills and highlighting your managerial experiences will help you break through and move up.”

As we confront the complexities and contradictions of the tech employment landscape in 2024, the onus is on us — whether as business leaders, job seekers, or industry observers — to adapt, innovate, and ethically navigate this evolving terrain.

While challenges loom large, from unexpected layoffs influenced by economic variables to the relentless drive for efficiency, the industry also holds untapped potential. The future is not just about smarter technology but a more inclusive world for everyone.

Let’s not lose sight of the human element that powers innovation and shapes its impact. Beyond the data and algorithms, our collective choices will define the tech job market and society at large.

These data and statements have been based on a synthesis of a report published in Techopedia