Revised Analysis as of March 8th, 2024: Current projections indicate that the tech sector may face a displacement of 478,871 to 529,234 positions within the coming year, attributable to AI-driven changes. Concurrently, the rise of AI is expected to generate 328,000 new roles, potentially offsetting some of the impact. Considering these developments, we're looking at a net potential job reduction ranging from 150,871 to 201,234 across the sector over the next twelve months.

The figures previously mentioned, regarding the potential risk to 8 to 10% of jobs in the technology sector by 2024 due to AI, are not negligible. They represent a projection for the technology sector alone, highlighting a concerning reality for the immediate future of employment in this field. However, it's crucial to recognize that displaced workers, who are significantly higher in number, will face multiple challenges. Losing one's job and finding a new position in an already saturated job market is a daunting journey. This is compounded by the complexities of current recruitment processes, where nearly 75% of resumes are filtered out by automated screening systems—a reality I've personally experienced after receiving no positive responses following the submission of my resume to about 250 tech companies over the last four months for positions I qualified for. An acquaintance, after sending 500 resumes, also received no positive feedback but eventually landed a job he hadn't directly applied for, thanks to one of his connections. A good friend of mine, in the job market since June 2023 as a Director of Operations with an extensive career, faced similar challenges, being unemployed for eight months and experiencing a displacement of her current living situation due to not making an income for an extended period of time. She finally secured a stable job last month (February 2024), due to her past collaboration with her current manager at a previous company, underscoring that personal connections remain key. It seems that applying online is almost like playing the lottery. Below is feedback from the interation I’ve had with the acquantance mentioned above that well illustrates this reality.

Transcript:

Kevin: How Have you been?

Friend: I’ve been well. Just been traveling. Asia last month. head back to Canada later this week. You?

Kevin: Nice! Doing fantastic. Still looking for a full time job since mid-November of last year. 75% of resumes are automatically rejected by bots these days which makes the hiring process more difficult.

Friend: Yeah no can imagine. [Life Partner’s name] was unemployed for six months last year. He applied for over 400 jobs. Funny thing is the job he found he never applied for.

Kevin: It's f***** ridiculous.
l applied to 250 jobs and got no replies. It's all about who you know or have a head hunter/recruiter advocate for you. They have been over utilizing the technology of bots and now nothing goes through because of formatting issues even though I made sure my resume was "ATS approved".