CNBC explores challenges currently facing U.S. tech workers, including mass layoffs, widespread cuts in company budgets, and threats of deportation for H-1B visa holders.
“The layoffs to the start of 2024 signal a dramatic shift in the tech industry,” said Jeff Shulman, professor at the University of Washington’s Foster School of Business. The number of tech sector layoffs in 2024 has been outpacing the number of terminations in 2023. So far, about 42,324 tech employees were let go in 2024, according to
Layoffs.fyi, which tracks layoffs in the tech industry.
While layoffs have put stress on the workforce, a booming artificial intelligence market is giving the industry a renewed sense of optimism. Generative AI startup deals announced or finalized in the first quarter of this year totaled more than $12 billion compared to about $4.5 billion invested in the space last year, according to PitchBook.
On July 16, 2023, Canada opened visa applications for a pilot program that would allow up to 10,000 H-1B visa holders in the United States to apply for a three-year open-work permit in Canada. H-1B holders are highly educated and specialized foreign workers that work in fields such as tech. After massive layoffs in the tech industry, this was a lifeline for H-1B holders who needed to find a new job or face deportation.
Chapters:
00:00 Introduction
00:47 Why Widespread Tech Layoffs Keep Happening Despite A Strong U.S. Economy (Published February 2024)
13:01 Where Thousands Of Tech Workers Went After Mass Layoffs (Published August 2023)
26:46 How The U.S. Lost Thousands Of High-Skilled Workers To Canada (Published November 2023)
Produced by: Anuz Thapa, Shawn Baldwin, Sydney Boyo
Edited by: Michael Hoyt, Nic Henry, Sydney Boyo
Narration by: Jordan Smith
Graphics by: Jason Reginato, Christina Locopo, Alex Wood, Josh Kalven
Supervising Producers: Jeff Morganteen, Jeniece Pettitt, Lindsey Jacobson
Camera by: Andrew Evers
Additional Footage: Getty Images, CSPAN, U.S. Citizenship and Immigration Services, Government of Canada
Additional Editing: Emily Rabbideau
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Where Are Laid Off Tech Employees Going? | CNBC Marathon
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