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The rise of artificial intelligence has become a recurring theme behind recent layoffs in the tech industry.
Job cuts in the sector have exceeded 100,000 so far this year, to 106,630 as of July 12, according to the tracker. Layoffs.fyi.
more Recently Mass layoffs In the technology industry, Intuit participates in (NASDAQ:INTU), the parent company behind Credit Karma, QuickBooks, and TurboTax. The company has been revealed to be planning to lay off 1,800 employees as it focuses on AI and redesigning its products from traditional workflows to AI-native processes.
However, Intuit isn’t replacing these workers with AI robots, it’s replacing them with employees who have a better understanding of working with AI. Intuit expects to hire about 1,800 new employees with core skills in product, engineering, and customer-facing areas such as customer success, marketing, and sales.
According to the President’s Economic Report 2024Up to 20% of the US workforce is at high risk of job losses due to AI.
Intuit wasn’t the only tech company to announce a massive layoff last week. On July 8, UiPath (New York Stock Exchange: BathApple’s board of directors has approved a plan to reduce its global workforce by about 10%, or 420 jobs.
UiPath is also transforming its business to focus more on generative AI.
On July 3, OpenText (NASDAQ:OTEX) revealed its plan to cut about 1,200 jobs.
Again, OpenText is currently restructuring its business to focus more on AI. The company eventually plans to hire about 800 new jobs in sales, professional services, and engineering.
These latest layoffs come on the heels of major job cuts last month by ByteDance (BDNCE), Microsoft (MSFT), Apple (AAPL), and Meta (META).