Tech layoffs 2024 : Nearly 90% IT professionals in US are worried about job loss in 2024, finds survey from Authority Hacker

In the first two months of 2024, we have seen about 193 companies laying off nearly 50,000 of their staff. Incidentally, in March so far seven companies have laid off close to 500 employees. Considering the rapid pace at which companies are resizing and undergoing an organisational overhaul, it seems there’s more to worry about for millions of tech professionals.

According to Layoffs.fyi, there have been more than 296,000 tech layoffs since 2023, with 33,000 coming in the first 5 weeks of 2024.

Now a new report by Authority Hacker claims that as many as 54.58 per cent of workers are increasingly worried about the possibility of job loss, and the tech sector is visibly distressed the most. The report states that professionals working in IT-Services and Data (89.66 per cent) and Software Development (74.42%) are experiencing the highest levels of anxiety related to job security.

As many as 72.42 per cent of workers surveyed admitted that they are feeling uneasy about the impact of AI on their jobs over the next five years.

Fear of job loss has rippled across the American workforce — 54.58% of full-time workers have increased concerns about job loss, with 27.08% feeling significant concern.

Based on the size, the report highlighted that employees in companies as large as 500-1000 employees (74.33 per cent) particularly feel they are vulnerable as they perceive a higher risk of job loss. Meanwhile, sectors that rely heavily on computers such as Software (67.44 per cent), finance (67.75 per cent), and Human Resources (64.29 per cent) expressed high levels of concern about job loss.

On the other hand, sectors that involve human interpersonal interactions such as education (43.04 per cent) and real estate (44.68 per cent), seem to be least concerned about the impact of AI on their jobs. The survey by Authority Hacker was conducted on 1,200 full-time employees across the US.