CNBC examines the current challenges facing U.S. technology workers, including mass layoffs, widespread cuts to corporate budgets, and threats of deportation for H-1B visa holders. “Layoffs through early 2024 signal a seismic shift in the technology industry,” said Jeff Shulman, a professor at the University of Washington’s Foster School of Business. The number of layoffs in the tech sector in 2024 will exceed the number of layoffs in 2023. So far in 2024, about 42,324 tech workers have been laid off, according to Layoffs.fyi, which tracks layoffs in the tech industry. While layoffs are stressing the workforce, the rapid growth of the artificial intelligence market is giving the industry a new sense of optimism. According to PitchBook, the total value of generative AI startup deals announced or completed in the first quarter of this year was more than $12 billion, compared to about $4.5 billion invested in the space last year. On July 16, 2023, Canada began accepting visa applications for a pilot program that allows up to 10,000 U.S. H-1B visa holders to apply for three-year open work permits in Canada. H-1B holders are highly educated and specialized foreign workers who work in fields such as technology. After mass layoffs in the tech industry, this was a lifeline for H-1B holders who needed to find new jobs or face deportation. Chapter: 00:00 Introduction 00:47 Why widespread tech layoffs continue to occur despite a strong U.S. economy (Published February 2024) 13:01 Thousands of tech workers lose their jobs after mass layoffs Where the People Go (Published August 2023) 26:46 How the United States Lost Thousands of Highly Skilled Workers to Canada (Published November 2023) Produced by: Anuz Thapa, Sean Baldwin, Sidney Boyo Editing: Michael Hoyt, Nick Henry, Sidney Boyo Narration: Jordan Smith Graphics: Jason Reginato, Christina Locopo, Alex Wood, Josh Kalven Supervising Producers: Jeff Morgantine, Jenise Pettit, Lindsay Jacobson Photography: Andrew Evers Additional footage: Getty Images, CSPAN, U.S. Citizenship and Immigration Services, Government of Canada Additional editing: Emily Rabideau
Sunday, September 29, 2024 16:01:00 GMT
