African cross-border payments platform, Chipper Cash, is the latest in a string of tech companies to announce layoffs, citing financial difficulties as the primary cause.
The firm announced a second wave of layoffs, just ten weeks after letting go of approximately 12.5% of its total workforce.
This latest round of layoffs will see nearly a third of the company’s 350 employees lose their jobs.
The layoffs at Chipper Cash follow similar moves by tech giants such as Microsoft, Google, and Amazon, who have also let go of a significant number of employees this year and the last quarter of 2022.
What is responsible for job layoffs in the tech industry?
The pandemic, economic uncertainty, and the rise of automation and artificial intelligence (AI) are some of the reasons for the job cuts in the tech industry, according to experts.
As the industry continues to evolve, experts predict further doom as AI and automation may lead to further job displacement.
Also, as companies strive to remain competitive, some may have to resort to cutting costs by reducing their workforce.
Advantages of AI in the tech industry
Beyond layoffs and rendering human lazier, which pass in the negative, the surge in the use and adoption of A.I also has the potential of creating new opportunities and enable businesses to become more efficient, ultimately leading to economic growth and job creation in new areas.
How employees can beat layoff spell in the tech industry
Developing a shield against possible layoff as an employee in the tech ecosystem has become crucial as thousands, if not millions of people may continue to lose their jobs overnight.
Job security, in the current dispensation, requires not only preparation but also an enterprising career foresight.
More than anything else, it’s essential for employees to stay informed about their company’s financial health and performance.
Hence, an employee that notices any red flags, such as missed deadlines or delayed payments from clients or customers served, is expected to bring them to the attention of his superiors.
In terms of skills and mastery, the new trend, especially with the advancement of AI, demands that techies dedicate time to adding value to his employer’s company such as taking on additional responsibilities, and collaborating with others, as improving job-related skills may not be enough.
When the storm of layoff hits, employees who have demonstrated dedication and commitment to companies stand a chance of retaining their jobs.
In addition, employees must build a strong network within their organization and industry.
Working in a startup demands you connect with colleagues, mentors, and industry professionals to learn about potential opportunities and stay up-to-date on industry trends.
Lastly, the new trend also requires that employees consider diversifying their skillset to make themselves more marketable.
In exploring this, employees may need to take courses, attend workshops or conferences, or learn new software or technologies.
The future of tech and AI
As the tech industry continues to evolve, employees must remain vigilant and proactive to avoid being caught off guard by layoffs.
Therefore, by staying informed, adding value, building networks, and diversifying their skillsets, employees can increase their chances of job security and career success.