A.I. also plays a role in the tech workforce conversation, Naik says. Tech companies have been using artificial intelligence to "guide their strategies" when re-organizing their workforce, whether that means cutting jobs or pivoting direction. A.I. is keeping talent acquisition costs down too, Naik adds, helping with prescreening resumes or profiles to make the process "more streamlined and efficient."
Microsoft (MSFT), Meta (META), Alphabet (GOOGL) and Amazon (AMZN) are all expected to report over the next few days after a strong first few months for stock performance. Tech has seen a massive number of job cuts so far in 2023, up 5% from the annual total in 2022. According to a report from Challenger, Gray & Christmas, the only year that saw more job cuts was 2001 - the dotcom bubble burst.
Key Video Moments:
00:00:30 Bigger tech companies laying off, smaller companies still hiring
00:02:02 Tech companies are "always innovating"
00:02:17 A.I. helps companies in "re-org"
00:02:50 A.I. keeps talent acquisition costs low
