In recent times, company layoffs have been drastically increasing. Many companies like Tesla, Google, Meta, Dell, Amazon, etc.
- Cost Cutting for the company
- Rise of Automation
- Shifting Business Needs
- Economic Uncertainty
- Over-Hiring Employees
Explanation for Reasons for layoff
- Cost Cutting for the company - Companies facing financial strain and a decline in their profit might look down on reducing their expenses. Layoffs are how the company can reduce its expenses.
- Rise of Automation - Technological advancements can replace manual work. Automations eliminate the need for manual labour jobs. The company layoff employees whose jobs can automated with artificial intelligence.
- Shifting Business Needs - As the company's goals and target evolve, the company changes its skillsets requirement. The company layoff the existing employees in order to bring in new employees with the skill set the company wanted.
- Economic Uncertainty - When the economy is down, the company might anticipate a slowdown in business and the company might choose to layoff its employees.
- Over-Hiring Employees - During the company boom times, the company might over-hire employees for continued growth. if this growth doesn't materialise, the company layoff the over-hired employees.
This data is taken from layoff.fyi website and if you want more details, you can visit this website layoffs.fyi. These values provided below are just an estimation and may not be completely accurate.
Total layoffs in 2022 - 1,65,269 Employees
Total layoffs in 2023 - 2,63,180 Employees
Total layoffs in 2024 - 80,628 Employees
Top 5 Companies and its total layoff:
- Google - 13,315 Employees
- Meta - 21,000 Employees
- Tesla - 14,500 Employees
- Amazon - 27,840 Employees
- Dell - 12,650 Employees
In recent times, company layoffs have been drastically increasing, one major reason for this is the growth of artificial intelligence. Most of the company use Artificial intelligence for automating tasks that require manual labour, eliminating the need for manual labour. It has been predicted that there will be more job opportunities in the Artificial intelligence sector. So everyone needs to know about Artificial intelligence, the job opportunities in the sector and how to use AI for our everyday tasks. To know more about artificial intelligence, visit Artificial Intelligence