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Laid-off techies struggle to find jobs with cuts at highest since 2001

March 21, 2024
CNBC
Summary
The tech industry is experiencing its most significant job cuts since the dot-com crash of 2001, with over 50,000 positions eliminated across more than 200 companies since the beginning of the year. Amidst a challenging job market, many laid-off employees find themselves having to accept lower salaries and less stable positions, if they can find new roles at all. Tech giants like Alphabet, Amazon, Meta, and Microsoft have contributed to the downsizing, aiming to boost profits through cost-cutting and efficiency gains, notably from AI advancements. The competitive job landscape is forcing even highly skilled software developers and data scientists to reconsider their career paths. As companies tighten hiring criteria and focus on cutting-edge skills like AI and machine learning, the struggle for reemployment becomes harder, highlighting the insecurity many tech workers now face in an industry once known for its lucrative and plentiful opportunities.
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