Layoffs are once again mounting in the tech industry.
From 15,000 layoffs announced by Intel two weeks ago and Cisco saying it's laying off 5,000 to a 15% cutback announced Tuesday by GoPro, Bay Area tech workers are nervous.
High interest rates slowing company investment combined with fears of an economic slowdown have led to lots of layoffs.
San Francisco-based Rapid Robotics said it's not a slump. It's a change in who tech is looking to hire.
"New jobs are going to be created by the AI industry," said Jonathan Chu, director of engineering at Rapid Robotics. "New jobs are going to be created to drive and support the AI industry. New jobs that you could never imagine before that now exist because of AI technology that's out there."
AI-related startups are still hot in the Bay Area, but they demand specific skills.
"If you can do those things, this is the town for you," Joint Venture Silicon Valley CEO Russell Hancock said. "You can name your price and ka-ching, ka-ching. If you can't do those things, it's getting harder to be employed, even in the tech sector."
HR expert Laurie Ruettimann said those skills will likely be in demand for awhile, as will the experience people gained at a big tech company.
"If you're shed from a larger tech company, it's time for you to look small and to really talk about what you can bring in terms of your maturity and your wisdom and your ability to navigate some of the craziness that you've seen in the past couple of years," she said.
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According to the EDD, even after adding in the Cisco and Intel layoff plans, the number of jobs lost in tech in the Bay Area over the last 12 months is just about the same as the number of jobs added by tech companies over the last 12 months.
