And this time, it’s not just tech firms.
Transcript:
Microsoft is the latest company attempting to do more with less. The tech giant is planning to axe thousands of jobs in its sales department and other teams, as early as next month, according to Bloomberg, as it makes massive investments in AI.
And it’s not alone. Intel is cutting 15% to 20% of its factory workers. CrowdStrike announced a 5% workforce reduction last month. And Amazon’s Andy Jassy just recently warned it will shrink its workforce in coming years due to a quote “once-in-a-lifetime reinvention of everything we know.” Of course, referring to generative AI.
It isn’t just tech companies doing the slashing. The Wall Street Journal points out that U.S. public companies have reduced their white-collar workforces by a collective 3.5% over the past three years. And over the past decade, one in five companies in the S&P 500 have shrunk. Companies like Procter & Gamble, Estée Lauder and Match Group have all recently downsized their teams.
Sounds like we all need to take Andy Jassy’s advice – “learn how to use AI tools and experiment and figure out “how to get more done with scrappier teams.”
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Caroline Woods with TheStreet.
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