Global Companies Slash Jobs Amid AI Expansion
(MENAFN) Major international companies are terminating tens of thousands of employees as a result of "weak economic expectations," cost-reduction initiatives, and the growing adoption of artificial intelligence (AI).
Even amid economic unpredictability, numerous firms are boosting AI spending while simultaneously shrinking their corporate workforce to "replace workers with technology."
Factors such as sluggish consumer demand, rising expenses, and limited growth prospects all influence decisions to implement layoffs.
Skilled professionals and recent graduates are encountering heightened competition in the evolving worldwide job market.
Organizations across industries like retail, technology, and telecommunications are reducing positions as an increasing number of individuals search for employment.
In October alone, 25,000 employees in the US and over 20,000 in Europe were impacted by job cuts.
UPS, the American shipping company, revealed this week that it plans to trim its operations workforce by 34,000 staff members in its third-quarter financial announcement.
Approximately 14,000 employees, mainly in managerial roles, had already been dismissed as part of a strategy to enhance the company's efficiency, raising the total number of layoffs this year to 48,000.
Amazon, the US-based technology and e-commerce leader, reported around 14,000 corporate terminations this week due to organizational restructuring across the company.
The reductions were attributed to the influence of artificial intelligence and the firm's shift toward a more ownership-driven organizational framework.
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