The headlines about layoffs at some tech giants, such as Microsoft, Meta and Google, have some professionals questioning the future of jobs in the sector — and the effects of this on their finances. Those concerns may have intensified when Microsoft leaders said those being let go were low performers, according to Inc.
The layoffs in the tech sector come as companies and their workers consider how developments in artificial intelligence (AI) may impact the workforce over the next few years. GOBankingRates spoke with some tech leaders and experts to find out why tech jobs may still be booming, despite these recent layoffs.
Explore More: I’m a Self-Made Millionaire: Here’s How I Use ChatGPT To Make a Lot of Money
Find Out: 5 Subtly Genius Moves All Wealthy People Make With Their Money
“While headlines about layoffs at Microsoft, Meta, Google and others may raise concerns, broader labor market data tells a different story,” said Sania Khan, labor economist and founder of Inflection Point Strategy. “The demand for tech talent remains robust, driven by structural shifts in the economy and ongoing digital transformation across industries.”
Khan said the overall labor market remains resilient. Andrew Lokenauth, tech career expert and founder of TheFinanceNewsletter.com, agreed the overall tech job market is still growing and that the layoffs don’t tell the whole story.
“Big tech layoffs are mostly about restructuring,” Lokenauth said. “Smaller companies are snatching up talented workers and many laid-off professionals are finding new tech jobs quickly.”
Read More: Get Paid To Watch Videos: 11 Easy Ways
Khan, who spent over a decade in public service, working across the White House, Congress and the U.S. Bureau of Labor Statistics, also said AI is playing a big part in the reasons tech jobs are still booming.
“AI is reshaping jobs and not just eliminating them,” Khan said. The tech labor market is adjusting, not collapsing. Digital expertise remains in high demand and companies that proactively evolve their workforce alongside AI will emerge stronger.
Lokenauth said the digital transformation underway means every business is becoming a tech business.
“Banks need apps, manufacturing plants use smart tech and restaurants use digital ordering systems,” Lokenauth said. “Even small businesses need websites and digital tools.”
The transformation extends to nonprofits and other organizations — it also means the need for tech professionals who can come in and lead the way.
Lokenauth further said that tech growth is not just about big companies.
Jobs are opening up in the sports industry as teams expand and money flows into the industry.Excel Search &
Fired federal workers are looking at what their futures hold. One question that's come up: Can they find similar salaries and benefits in the private sector?
After two days of increases, mortgage rates are back down again today. According to Zillow, the average 30-year fixed rate has decreased by four basis points t
Julia Coronado: I think it's too early to say that the U.S. is heading to a recession. Certainly, we have seen the U.S. just continue t