Adam Selipsy, the chief of AWS and a member of Amazon's team advising CEO Andy Jassy, will step down next month after a three-year term.
TECH LAYOFFS
Tech layoffs refer to the process of reducing the workforce within tech sector. Tech titans like IBM, Google all announced layoffs in 2024.
Layoffs strain local economies, challenge innovation with talent loss, and harm employee mental health, etc.
While AI can drive efficiencies and cost savings, not all layoffs in the tech sector can be attributed to AI adoption.
Advances in automation and AI are changing industries, leading to job redundancies as companies adapt to digital transformation.
The situation escalated dramatically in the first quarter of 2023, with a record high of 167.4 thousand tech employees losing their jobs.
More than 270 tech companies in the tech sector have laid off more than 70,000 in the first quarter of 2024, according to the layoffs tracker.
We'll explore 3 key areas where the effects of tech layoffs could be felt: consumer spending, investment, and innovation.
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