Survey Reveals Concerns: 89% of US IT Professionals Fear Job Losses in 2024 amid Tech Layoffs
The wave of layoffs in the US tech industry shows no signs of abating, impacting companies across the spectrum from giants to startups. Over the first two months of 2024, approximately 193 companies have cut nearly 50,000 jobs, with an additional 500 employees laid off by seven companies in March alone. The relentless pace of organizational restructuring raises concerns for millions of tech professionals.
A recent report from AuthorityHacker unveils the heightened anxiety levels among workers, with 54.58% expressing worry about potential job losses, and the tech sector bearing the brunt of this distress. Specifically, IT-Services and Data (89.66%) and Software Development (74.42%) professionals report the highest levels of concern regarding job security.
The surge in Artificial Intelligence (AI) technology compounds employee apprehension, with 72.42% expressing unease about AI's impact on their jobs over the next five years. Notably, nearly half (48.28%) of respondents strongly believe that AI will adversely affect their job security. C-level executives (85%) and Directors (78.83%) emerge as the most apprehensive groups.
Breaking down concerns by company size, the report underscores that employees in mid-sized companies (500-1000 employees) feel particularly vulnerable, with 74.33% sensing a higher risk of job loss. Sectors heavily reliant on computers, such as Software (67.44%), finance (67.75%), and Human Resources (64.29%), express heightened anxiety about job security. In contrast, sectors centered on human interactions, like education (43.04%) and real estate (44.68%), exhibit lower concern regarding AI's impact on jobs. The survey, conducted on 1,200 full-time employees across the US, reveals a nuanced landscape of job insecurity.
While fears about AI-induced job displacement loom large, it is essential to recognize the potential for creating new opportunities. A recent World Economic Forum report predicts that AI could generate up to 97 million new roles by 2025. The imperative lies in acquiring AI skills to adapt to the evolving job market.
To weather the AI wave, professionals should integrate AI tools into daily operations, emphasize interpersonal skills like communication and empathy, cultivate professional networks, and nurture specialized expertise and personal branding. Studies suggest that a significant majority of executives anticipate AI to augment rather than replace job roles, highlighting the pivotal role of AI upskilling in mitigating unemployment risks.