New Delhi: As the clock ticks into 2024, the ever-evolving landscape of employment is once again marked by the poignant narrative of layoffs. A script that has, unfortunately, become an unwelcome recurring theme in the job market. The year unfolds with the echoes of corporate strategies, economic shifts, and technological advancements casting their shadows on workforce dynamics.
This time Google CEO Sundar Pichai warned employees in a recent memo that the company will continue cutting jobs this year to prioritize investments in artificial intelligence (AI). (Also Read: How You Can Invest Rs 3K For 35 Years And Earn Rs 1.5 Lakh Per Month? Check Return Calculator Here)
While Pichai assures that the scale won’t be as drastic as 2023’s 12,000 layoffs, some teams can expect further downsizing and restructuring. (Also Read: Online Investment Fraud: Union Bank Manager Falls Victim To Scam, Loses Rs 21 Lakh)
“We have ambitious goals and will be investing in our big priorities this year,” stated Pichai in a company-wide memo. “To create the capacity for this investment, we have to make tough choices.”
The statement of Pichai hints for some teams translates to job cuts and simplified workflows.
Google’s been trimming expenses since January 2023, with initial layoffs followed by smaller cuts in areas like engineering, hardware, and advertising. But Pichai emphasizes that future reductions won’t impact every team and will be smaller in scale compared to last year’s major purge.
On the bright side, Google’s AI gamble seems to be paying off. Their new AI model, Gemini, is flexing its muscles, even outperforming OpenAI’s GPT-4 in some tests. This AI firepower, along with a successful 2023 for tech stocks, helped Google parent Alphabet’s shares soar 55 percent last year.