1. Job cuts continue into 2024, with major companies like IBM, Google, Microsoft, Nike, and Intel announcing reductions.
2. Nearly 40% of business leaders expect layoffs at their companies this year, with concerns about a recession and the implementation of AI technology cited as reasons.
3. A list of 29 companies with job cuts planned or already underway in 2024 is available exclusively to Business Insider subscribers.
In 2024, the trend of job cuts and layoffs continues as companies like IBM, Google, Microsoft, Nike, and Intel have all announced plans to reduce their workforce this year. This follows a wave of significant staff reductions in various industries like tech, media, finance, and retail that occurred in 2023. Nearly 40% of business leaders surveyed by ResumeBuilder believe that layoffs are likely at their companies in 2024, with about half also expecting a hiring freeze to be implemented. Concerns about a potential recession were cited by many of those surveyed.
Artificial intelligence is playing a significant role in the job cuts, with around 4 in 10 respondents stating that they will be conducting layoffs as they replace workers with AI. Companies like Dropbox, Google, and IBM have already announced job cuts related to AI implementation. As the year progresses, more companies are expected to announce layoffs or reductions in their workforce, adding to the list of 29 corporations already planning or executing job cuts in 2024.
This information is exclusively available to Business Insider subscribers, who can access personalized feeds and updates on the go by downloading the app. With the list of companies reducing their worker numbers growing, the impact of these job cuts could have lasting effects on various industries and the workforce as a whole.