Big tech troubles, Amazon slashes division 18,000 jobs

Amazon is cutting jobs in its corporate and technology divisions, devices organization, retail division, and human resources. This is the largest number of job cuts undertaken at any point in the company's history, with 18,000 jobs being cut in total. The majority of role eliminations are in Amazon's Stores and PXT organizations. These job cuts are part of CEO Andy Jassy's efforts to rein in costs^[1] and come as a result of the weakening economy and slowing growth in Amazon's retail business. Other Big Tech companies such as Meta, Facebook’s parent company, Lyft, Stripe, Microsoft, Shopify, Netflix and Snap have also slashed their headcounts by hundreds.

Amazon CEO Andy Jassy says

Amazon CEO Andy Jassy has announced that the company's layoffs, which began in late 2022, will continue into early 2023. The layoffs are part of Amazon's plan to adjust to changing business conditions and will affect employees across the company. The company is also consolidating teams and reducing roles in its Stores and People, Experience and Technology (PXT) organizations.
In addition to the layoffs, Amazon has also seen a decrease in its market value from $1.7 trillion at the start of 2022 to $869 billion as of Wednesday, due to rising interest rates and recession fears. This has led to a sell-off in tech stocks, with Amazon's third quarter results missing analysts' estimates.
Jassy noted that Amazon has weathered uncertain economies in the past and will continue to do so, but warned that one third of the world economy is expected to be in recession by 2022 according to International Monetary Fund (IMF) forecasts.

AWS Cloud Computing Growth

The demand for AWS cloud computing jobs is on the rise, with Indeed reporting a 33% increase in job openings from January to May 2021. This growth is expected to continue, with spending on public cloud services and infrastructure projected to more than double to approximately $500 billion by 2023.

Amazon has also pledged to help 29 million people around the world grow their tech skills by 2025 with free cloud computing skills training.

AWS professionals are in high demand due to the talent crisis in the field, with 68% of North American companies reporting difficulty finding qualified AWS professionals. AWS careers offer lucrative salaries, with an AWS Developer making an average salary of $130,000 and an AWS Cloud Engineer making an average salary of $150,000. There are also many different career pathways available within the field of cloud computing.

Demand for cloud skills in APAC expected to triple by 2025: advice for workers looking to build skills
https://aws.amazon.com/blogs/training-and-certification/demand-for-cloud-skills-in-apac-expected-to-triple-by-2025-advice-for-workers-looking-to-build-skills/

Amazon Web Services (AWS) plans to invest $35 billion by 2040 to expand data centers in Virginia. AWS has already saved Prodege $1.5 million in annual human review costs using low-code computer vision AI. In 2017, Amazon reported a mistyped command caused part of the company's cloud computing service to go down for hours, costing the company $150 million. AWS also offers a grant program that provides $1.5 million worth of cloud services for projects that improve understanding of our environment. Additionally, Amazon works to eliminate packaging and plastic where possible, and has eliminated over 1.5 million tons of packaging since 2019.

How Prodege saved $1.5 million in annual human review costs using low-code computer vision AI
https://aws.amazon.com/blogs/machine-learning/how-prodege-saved-1-5-million-in-annual-human-review-costs-using-low-code-computer-vision-ai/

CITATIONS

1. Amazon starts cutting jobs in Alexa unit and cloud gaming division
   https://www.cnbc.com/2022/11/15/amazon-starts-cutting-jobs-in-alexa-unit-and-cloud-gaming-division.html
2. Amazon to slash 10,000 jobs starting this week: report
   https://nypost.com/2022/11/14/amazon-to-slash-10000-jobs-starting-this-week-report
3. Amazon Job Cuts Extend Into 2023, CEO Says - CNET
   https://www.cnet.com/news/amazon-job-cuts-extend-into-2023-ceo-says
4. Amazon reportedly cutting 10,000 jobs: New York Times | Fortune
   https://fortune.com/2022/11/14/amazon-plans-to-lay-off-10000-employees-report-new-york-times
5. Amazon to cut 18,000 jobs: Where next for AMZN stock?
   https://www.forex.com/en/market-analysis/latest-research/where-next-for-amazon-stock-as-it-cuts-18000-jobs

Skills in demand in the current market

There are several new hot skills that are raking in the market today:

• Cryptographic skills, such as encryption, VPN and SSL/TLS, which have seen a 20% increase in market value over the last six months.
• Identity and access management (IAM).
• Cloud computing.
• Cybersecurity roles, with specific areas such as cyber security threats, hacking and ransomware trends commanding high salaries.
• Self-driving cars development.
• Data wrangling, data intuition, querying, social media mining and data analysis.
• Artificial intelligence (AI) skills, with 33% of IT job postings asking for AI skills in 2020.
• IT certifications such as CompTIA A+, Network+ and Security+.
• Learning skills such as critical thinking, creative thinking and collaboration.
• Literacy skills such as recognizing truth from fiction on social media networks on the web and using information technology to share stories and inspire people.

Photo by Tim Mossholder / Unsplash

Blue collar jobs in demand

There are several blue collar jobs in demand:

• Construction laborer, with a national average salary of $34,924 per year. Primary duties include completing physical tasks required on a job site.
• Construction and building inspector, with a national average salary of $57,314 per year. Primary duties include examining the structural quality and overall safety of buildings, streets and highways, water and sewer systems, bridges, dams and other structures.
• Elevator installer, with a median annual salary of $84,990. Primary duties include reading elevator blueprints, locating malfunctioning components, and repairing cables and motors.
• Power plant operator, with a median annual salary of $81,990. Primary duties include operating power plants to generate electricity for public use.
• Petroleum pump system operator, with a median annual salary of $74,180. Primary duties include operating pumps to move oil or gas through pipelines or tanks.
• Powerhouse substation and relay technician, with a median annual salary of $71,191. Primary duties include installing electrical equipment in powerhouses or substations to control the flow of electricity from one area to another.
• Power-line installer and repairer, with a median annual salary of $61,276. Primary duties include installing power lines that carry electricity from one area to another as well as repairing existing lines when needed.
• Electrician, with a median annual income of $49,840 per the BLS (Bureau of Labor Statistics). The expected growth for electricians is estimated at 20%, with 114,700 jobs being added by 2022.
• HVAC/R technician, which requires completing a 6 month program that is designed to prepare students for entry level positions within the HVAC/R job sector.
• Photovoltaic installer, which requires only simple educational requirements such as completing a 9 month program for Electro Mechanical Technologies in order to become certified as an installer for photovoltaic systems outside buildings or homes.

Photo by Bill Mead / Unsplash

CITATIONS

1. 13 In-Demand Blue-Collar Jobs (With Salaries and Duties)
   https://www.indeed.com/career-advice/finding-a-job/in-demand-blue-collar-jobs
2. 10 High-Paying Blue-Collar Jobs (With Salaries and Duties)
   https://www.indeed.com/career-advice/finding-a-job/highest-paying-blue-collar-jobs
3. Top 10 Blue Collar Jobs for High Pay and Demand - Career Sidekick
   https://careersidekick.com/blue-collar-jobs
4. 3 Blue Collar Jobs That Are In Demand - RSI
   https://www.rsi.edu/blog/skilled-trades/3-blue-collar-jobs-that-are-in-demand