Where Are Laid Off Tech Employees Going? | CNBC Marathon

Introduction (0s)

• The technology sector experienced a loss of over 386,000 jobs in 2022 and the first half of 2023. (6s)
• Despite a significant reduction in its workforce, Twitter continues to operate. (13s)
• Canada is creating a specialized immigration pathway for highly skilled individuals to work in their technology sector, regardless of having a job offer. (35s)

Why Widespread Tech Layoffs Keep Happening Despite A Strong U.S. Economy (Published February 2024) (47s)

• Several major tech companies, including LinkedIn, Qualcomm, Google, Amazon, and Snap, have announced significant layoffs in late 2023 and early 2024. (1m35s)
• Despite these layoffs, the US economy appears strong, with robust job growth and low unemployment rates. (2m57s)
• Experts believe that this wave of tech layoffs is driven by a confluence of factors, including overhiring during the pandemic, rising interest rates, a shift in investor priorities towards profitability, and the increasing adoption of AI and automation. (4m16s)

Where Thousands Of Tech Workers Went After Mass Layoffs (Published August 2023) (13m1s)

• Over 386,000 tech jobs were lost in 2022 and the first half of 2023, with major companies like Google, Amazon, and Meta (Facebook) making significant cuts. (13m1s)
• Despite the layoffs, the tech industry is experiencing renewed optimism due to a booming artificial intelligence (AI) market, with significant investments and a surge in startups. (14m27s)
• While layoffs have been difficult for many, the tech sector is known for its boom and bust cycles, and the demand for tech workers, particularly in AI and related fields, is expected to remain high. (22m49s)

How The U.S. Lost Thousands Of High-Skilled Workers To Canada (Published November 2023) (26m46s)

• The H-1B visa, intended for skilled foreign workers, faces criticism for its lottery-based selection process and restrictions on job flexibility. (27m56s)
• The US green card backlog, particularly for individuals from populous nations like India, presents a significant obstacle to permanent residency, with wait times potentially exceeding a lifetime. (31m13s)
• Canada has emerged as an attractive alternative for H-1B visa holders, offering a streamlined pathway to permanent residency and a welcoming environment for skilled tech workers. (38m39s)