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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They're joining the folks living on the streets. Done.
William Frederick is super handsome!
Daniel is handsome!
Canada taking these H1B visa holders turned out to be a horrible mistake as we've learned.
Good please don't come to the U.S
Hahahahahahahahahahaha😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂 so just get better educated 😂😂😂😂
That's why I am an investor and not an employee.
Women don't add the value to a company that men do.😊
They layoff people and at the same time increase leadership compensation by a lot and then say, in above video google CEO: “it’s hard for company like google to do this”. Yeah, of course, it’s hard to think about how you gonna spend that raise you got
More than half were women because women were largely serving in less critical roles like PM's, Scrum Masters etc. Most of the actual engineers are men, so most of them stuck around.
And they act surprised when there are no Cobol programmers.
We are now the horses watching the industrial revolution.
This needs updated
AI and Robots don’t pay taxes. People do. Companies don’t pay a lot of taxes equivalent to the average citizen or worker. In the long run when all these technologies replaced real people or tax payers. Will these companies pay the same taxes as the average American, if not and why not? They have benefited on tax payers infrastructures and government subsidies that the American people payed for and that’s like an investment already by the American people and more.
Work , job ,seems a bit of loose term .When a company let's go of 80% of it's "workers" what were they doing ?Obviously not much .
great video, super informative! but honestly, i think a lot of laid-off tech employees might be better off exploring options outside of the tech industry altogether. the job market is shifting, and sometimes a fresh start in a new field can lead to unexpected opportunities. what do you all think?
automate 'dat #CSUITE 💰😎💰
So stay in YOUR country then? Work there in YOUR geographical location instead of taking jobs from natural born citizens in the US.
26:47. This aired Nov 2023.
Why posted to Youtube in Nov 2024??
Not very useful by April 2025.
Theyre gonna use AI to do all their business management and scheduling
This turned out to be utter nonsense. Foreign workers got into Canada then used it as stepping stone to get into the United States to work legally in California tech businesses and the others illegally in other types of labor/service oriented work in other parts of the United States. This caused a headache for Canada. Trudeau was an idiot and almost destroyed the Liberal Party of Canada.
Canada bringing in thousands of people who have no job is the reason why there are thousands of uber and doordash people. Immigration without a job is nuts and will crash your job market.
The economy is ruined.
Honestly, in any business, if there are others who can easily pick up what you do. Then you are not particularly valuable. Most tech employees are incredibly replaceable today. More so than some other jobs that were previously easily replaceable. There are too many people working in tech today while the world is realizing and craving for more non tech experiences.
If you lay off 70% of bankers, the banks will also continue running.
I researched the visa process and requirements. Most of the steps is restrictive to some degree. Land of the free, not so. With all the visa steps, restriction, requirements is like a maze at the end your in a trap. So no wonder there are many migrants without proper documents.
The visa process is equally difficult whether entering or exiting any boarders. Research visa to Mexico close by, and Africa Diaspora visa conditions. Any many ways it is hindering human progress, and is like legal enslavement. Becoming a citizen of Mexico four million USD. seem like extortion tactics all dressed up with make up.
Even after meeting and paying for a visa, there is no guarantee you will be allowed into another border.
The Zuck IS the AGI
So I'm not able to get into tech jobs?
Why there are so many Indian in tech ?
😂🎉❤
Should we preserve the Italian race? Are the Sicilian people set apart from the Romans?
Eugenics was based on ideas of racial superiority and purity! Why are the Amish having genetic diseases? A breeding population too similar; inbreeding?
Though you study this in an American university, upon returning to your native land you’ll still be unable to do this work without the equipment and text books!