Recession and Employment
August 21, 2024
Hi! Let me self introduce, I am Alok Kashyap a tech professional with a vivid career as a program manager in The United States. Those who are close to me often say ”Automobile, tech, and passion for entrepreneurship are the three things that drive Alok Kashyap!
In terms of employment, 2023 was a rollercoaster ride for the tech sector. And a similar situation is going on in 2024.
This is a hot topic in the tech industry so I thought it would be nice to address this topic.
Job security is something that is earned through hard work and dedication, and when it is lost in layoffs or recession then it can stress anyone out.
There was much news about tech layoffs, recession in the US and, recession in India but the one that most caught the eye was “Google chose to cut about 12,000 jobs from its staff last year”. And the statement from Sundar Pichai about the current round of layoffs:
“This year, we’re going to invest in our top priorities and have high goals. In actuality, we must make difficult decisions to make this investment possible.”
Alok Kashyap
Reading all this news was stressful. And many of us are dealing with the recession now.
So to wonder what changed the job market? As in the pandemic, there were many jobs and hiring was a boom.
I was reading an article which said,
“Aftereffects from the post-pandemic recruitment boom are still noticeable. Tech companies overspent on hiring more employees. They now feel compelled to realign to the required levels and rebalance their ranks”
On the other hand, with AI advancing at a rapid pace and ushering in a new era of work, the debate over AI’s potential effects on labor costs has heated up. Analysts and business executives are assessing how well automation and human skills complement one another.
The application of AI may result in labor cost efficiencies that are highly anticipated. It’s crucial to remember that while some jobs or portions of jobs currently done by humans are thought to be replaced by AI, these predictions may be premature. Nevertheless, businesses are getting ready for a significant organizational change in light of AI breakthroughs.
I think from the perspective of employment, artificial intelligence is a bittersweet symphony.
So from our end what we can do is keep ourselves motivated and surround ourselves with positivity and productivity. Whatever the scenario, it is important to understand that we can achieve all we want only when we believe in our ability. We should stay up to date with new technologies, access the scope and need of trade in the job market, upskill ourselves, and be ready to switch careers and jobs whenever required.
By staying motivated, embracing positivity, and continuously learning, we empower ourselves to navigate any scenario and achieve our goals. Believing in our abilities and keeping up with new technologies will open doors to new opportunities. Let’s commit to learning, adapt to the changing needs, and remain flexible in our careers. With determination and the right mindset, we can thrive in any environment and reach our fullest potential.
Stay tuned for the next blog to learn more about how you can upskill yourself.
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