An American multimedia instant messaging app, Snap said that the company will sack 10% of its global workforce which is nearly 500 employees.
Snap had some 5,367 full-time employees as of October 2023. In August 2022, The company laid off 20% of its employees.
As per the reports of the CNN Snap spokesperson said, “The cuts were done in part to promote “in-person” work. We are reorganizing our team to reduce hierarchy and promote in-person collaboration.”
“We are focused on supporting our departing team members and we are very grateful for their hard work and many contributions to Snap”, the spokesperson added.
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In 2023, most of the layoffs were because of overhiring in the Pandemic and tech companies were right-sizing the headcounts, and some microeconomic situations.
And, in early 2024, most people are being laid off because of the integration of Generative AI displacing jobs and with few companies’ economic situations again. The repetitive jobs that can be performed by Artificial Intelligence will be obsolete.
However, Gen AI will create more jobs than it will displace. According to a McKinsey report, less than 5% of jobs will be lost due to AI, and around 60% of jobs will require adaptation to AI, developing new skills to factor in AI to our work, as the tasks we do will change.
Recently, Deutsche Bank plans to reduce approximately 3,500 jobs, mainly in non-client-facing areas. Moreover, PayPal has announced to sacking of 9% of its workforce, eliminating 2,500 jobs from its global offices. Wipro to sack hundreds of mid-level employees to improve margins
So far in 2024, there have been 213 layoffs at tech companies with 45,052 people impacted (1,218 people per day).
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