They will quietly rehire within 6 months. The wages will be cut and the quality of work will drop. But hey, that's how we keep this turd flowing, right?
This is what I’ve been saying. Doesn’t matter if AI/LLMs are capable of doing the job. If CEOs think it can, they will do layoffs.
In some cases, it appears to be the opposite: CEOs want to do mass layoffs, so they blame AI rather than taking accountability themselves. The Amazon layoffs reek of this.
Any job that can be done by an LLM wasn’t a job that needed to get done In the first place.
any manager who tries to replace an actually useful job with an LLM is going to get bit in the ass as productivity slows to a crawl. Other people will hav to step in to clean up the mess and basically do the work that should have been done by the person replaced. Most of the jobs being “replaced by AI” are actually just routine layoffs or companies correcting from over hiring.
I’ve read a story the other day from someone who said they left Amazon due to what a mess it was becoming internally. How increasingly managers were hiring people they didn’t need so their team would be bigger and they would seem more important. This is a well known phenomenon. I suspect a lot of people who did this and created a mess are using the excuse of “embracing AI” to give them selves an off ramp from the mess they created by bloating their departments.
Lol, coding ai isnt good enough to fire one person let alone that much. This is just huge expectations on who is left. Its a tool humans have to review. Slop is gonna get them
He decided to let 4,000 people go all at once because “repeated rounds of cuts are destructive to morale, to focus, and to the trust that customers and shareholders place in our ability to lead.”
Ah yes, the Thanos Snap Method.
They always claim it's AI. In my experience they want to sell, and their operations budget just got halved so they look extremely profitable.
Because fuck those people's livelihood, there's money to be made!
Also why you should never trust private equity. Because they'll buy this company, come in, realize what just happened, and their solution will be to...... cut more people and pawn the company off on yet another firm.
on a similar note
WiseTech Global to cut 2,000 jobs as AI ends era of 'manually writing code'
I don't know what Block is, but if I come across it I'll be sure to avoid it.
It's Paypal but with Bitcoin apparently.
But hey, they say they are cutting jobs because of AI. So we have to take them at their word.
Clearly AI and Bitcoin are the future.
I do love reminding crypto bros quantum kills bitcoin
They own Square which you've almost certainly used if you ever paid a small vendor via a payment card (as opposed to cash).
Oof.
Lots of companies are doing this. They invested in LLM tech. Most on the ground realized it doesn't work except in very, very specific circumstances. Upper management either decides they're lying to protect their jobs, or doesn't care and just wants an excuse to reduce "human resource" costs and lays off the people they expected the AI to replace anyway. Short term profits rise while remaining employees are stuck doing double or more work to take up the slack, but with so many companies doing it, they can't leave. Eventually, the bubble will burst anf companies will fail. Retirement funds will take tons of loss to prop up all of the "too big to fail" companies while their smaller competitors die off. Some new bubble will come along and repeat the process. Meanwhile consolidation makes products worse and increases inflation, fraud runs rampant, and crime spikes as more and more people can't afford to live. End stage capitalism as predicted many times over the last few centuries. All we can do is try to survive at this point and keep showing the right wing masses the truth until they either stop following hate driven distractions to their own detriment or the whole system collapses.
I'm relatively certain most of the masses you describe are still unaware they're being used.
They hear words they like, which come along with actions they can't even put in their reality, so they must be fiction. I've been in an abusive relationship. It's rather like classic Star Trek: No matter how traumatic an experience was, you wake up in the morning, and it's all been reset. You pretend it didn't happen, because if you start seeing a pattern, you suddenly see the problem, which is a very human response.
WTF are they doing that still needs 6000 people?
Financial services, so probably transcribing people's shitty scribbled expense reports into actually usable structured data, and doing it flawlessly enough they don't get sued.
Edit: Apparently this is the parent company of Square. That's not something that should really need a huge staff to maintain.
Can we start placing bets on when we find out that the "AI tools" they're using are just sweat shop workers in Bangladesh processing invoices?
They own Square which is a card processing service typically used by small vendors. If you've ever gone to a festival or concert merch table or farmers market and they accepted credit card, it was probably Square.
Ah, never mind. Weird they don't just call themselves Square.
They were called that for most of their history until Jack Dorsey wanted to change the name to hype some crypto.
That wasn't the reason. It's mostly because cash app became so big that it got confusing if square was the company or the product. Same way Facebook became meta once the had Instagram.
I'm pretty sure "Block" is derived from "Blockchain"
That was part of the name choice. It's also the 3D version of square. Adding another dimension.
Lol!
Okay, that's way too right now. Of course he did.
All this talk is too meta for me.
...Like the company Meta, after they named themselves after the Metaverse.
That worked out swimmingly for them.
“can do more and do it better.”
And obviously you verified this claim before fetching the axe, right?
2 things :
I'm pretty sure there haven't been hippie CEOs since Ben and Jerry.
Yep. This fuckhat is a LinkedIn bro larping as a "normal dude". All CEOs are scum
And their stock went up 24% as a result..
And which departments and skills are they cutting the most?
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