As technology continues to evolve and emerge, it is not surprising that it has affected the job market. One of the latest trends in the technology industry is no-code/low-code, which helps eliminate IT skills shortage. However, even without the implementation of AI and robotics, the technology industry has already cut down 3 million jobs by 2022 alone, under various names such as downsizing, rightsizing, and mergers and acquisitions. This has created a sense of uncertainty among employees, even Google CEO Sundar Pichai when asked by their employees, as no one is reassured that their job is safe. Technology is killing jobs, and it will continue to do what it does best, which is to help free up humans from routine and manual jobs via automation.
Despite the negative impact of technology on job security, it has also led to the rise of new job competencies, particularly in the field of automation. This is the key question that employees should be asking themselves – whether they have the new job skills and competencies that are needed in the market. The value of employees lies in their ability to deliver, and those who can do so will continue to stay in demand.
However, it is important to note that the increase in job cuts has resulted in a rise in the new job creation. This means that it is dangerous to interpret any results, particularly government official reports, as they may not be entirely accurate. Those who are affected, particularly those in high-paying jobs, will need to find multiple part-time jobs to maintain their past income level.
Massive job cuts can result in an increase in revenue, which is why many publicly listed companies choose this option to maintain profitability. This has resulted in the outsourcing of jobs, as companies are less willing to hire full-time employees.
In the news, Google is launching a new performance management system that could potentially result in the termination of 10,000 workers who are unable to meet the minimum score to be kept. The new system uses generative AI to boost productivity, and 6% of employees are expected to be categorized as underperforming. This move is under the mission to recover costs and solve productivity issues, as the company aims to become at least 20% more efficient. Similarly, Amazon plans to cut over 18,000 jobs under the name of cost-cutting initiatives, while Salesforce plans to cut 10% of its workforce after hiring “too many people”.
The emergence of new products such as ChatGPT is also affecting the core business of tech giants such as Google, particularly in the search engine and advertising industries. As tech companies prioritize cost-cutting initiatives, potential downturns are always a possibility.
In conclusion, while technology has resulted in the loss of jobs, it has also led to the rise of new job competencies in the market. It is crucial for employees to keep up with the new job skills and competencies that are needed to remain in demand. As companies prioritize cost-cutting initiatives, it is important for employees to be prepared for potential downturns in the job market.
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The post original published on 2023-Jan-6, rewrite 2023-Feb-15.
