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Tech industry job cuts this year have baffled many, considering the hefty cash reserves held by many firms. Despite a slowing pandemic, layoffs persist, with 209 tech companies shedding 50,312 jobs since January, according to Layoffs.fyi. Major players like Alphabet, Amazon, and Microsoft have joined the trend, driving tech sector cuts to near-dot-com bust levels. While some hoped for relief this year, cuts remain high, leaving workers scrambling in a once-thriving job market. The reason? Stock prices. Layoffs boost shares, prompting companies to perpetuate the trend. This could be a potentially new normal in tech employment. Workers are more accustomed to it and investors are happy. Time will tell if the trend continues.
Layoffs: L3Harris
L3Harris recently announced a reduction in its Waco workforce by 50 positions, citing ongoing assessments of resources against customer needs. Despite the cuts, the company remains committed to supporting affected employees with severance packages, benefits continuation, and job placement assistance. As a prominent figure in the defense industry, L3Harris emphasizes its role as a “Trusted Disruptor,” boasting a global workforce of nearly 50,000 dedicated to advancing technology solutions for national security. With annual revenues reaching $19 billion, the company’s Waco facility stands as a testament to its continued operations in the region.
Hiring: Electric Boat
Submarine builder General Dynamics Electric Boat announces plans to hire over 5,000 employees this year, including 1,900 at its Rhode Island shipyard in Quonset Point, as construction of the Columbia class of ballistic nuclear missile submarines accelerates. President Kevin M. Graney emphasized the company’s ongoing expansion, highlighting the significance of the Columbia program, which now matches the workload of the Virginia class. With the lead ship of the Columbia class already 42% built, Electric Boat aims to bolster its workforce to meet the demands of this once-in-a-generation endeavor.
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Opportunity to Watch
With the surge in demand for talent in the field of generative artificial intelligence, job postings for AI-related positions have skyrocketed, reflecting the growing importance of this technology across industries. Among the emerging trends is the rise of the Chief AI Officer (CAIO) role, with over 400 federal departments alone seeking candidates for this position.
However, the question remains: who should fill this role and what responsibilities does it entail? According to Asha Palmer of Skillsoft, companies need to carefully consider their use cases and associated risks before investing in dedicated AI leadership. Whether through a CAIO or an AI governance committee, organizations must prioritize oversight and strategy to navigate the evolving landscape of AI technology and its regulatory implications.
