Tech Industry job layoffs looking scary

[papa pimp]

Lol conspiracy theorist.

Once again, you have the mass exodus of boomers and the following generations can't replace them 1:1 in the job market = a job market where there are always openings.

This is why demographic cliffs are bad thing. China is about to experience this same issue in the next decade....

That said, hiring is slowing down and the FED's objective goal is to pretty much raise unemployment with interest hikes so no need to speculate.

 

[papa pimp]

It's not really that far fetched. Most of the companies that are laying off are barely making a dent in the numbers they over hired during the pandemic. Secondly, a ton of people died, and the largest generation (boomers) are retiring.

Exactly.

Plus a lot of the recipients of the "great wealth transfers" of their boomer parents have less reasons to work at the present moment.

 

[JT-Money]

I don’t trust those job numbers too. I think everything is being manipulated to avoid another run on banks and to avoid further weakening the US dollar.

Yep. Something funny going on with these jobs numbers. The same way the mainstream media isn't covering inflation nor layoffs hardly.

 

[the bossman]

Secondly, a ton of people died, and the largest generation (boomers) are retiring.

You right. I be forgetting. America had a million people who died from COVID. mostly old folk so some were probably already retired but overall that's still a big loss to the workforce

 

[dora_da_destroyer]

good stats/info on startup comp since last year

State of startup compensation, H2 2022 | Carta

Startups in 2023 are facing compensation markets unlike any in recent memory.

carta.com

 

[jaydolf spitler]

was "forced to resign" over some BS performance reviews.

Performance review rating scale is 1 to 3

No breakdown of categories and an average of the numbers. Literally basically a "we decide to just give you this". They tried to point out areas I was struggling in but I had screenshots and everything to show the full context and why their reasons were stupid.
Could do a PIP and try to survive, if not, no severance, or resign and get severance. So i resigned a few days before my daughter's 1 yr bday.

I resigned basically saying based on the lack of context they exhibit when judging my performance, I don't feel confident they'd rate me fairly and objectively
Finished 2nd job interview at new company last week. I think I may get an offer but won't find out until early next week. Bigger company, better pay

If I can land this transition this smoothly and quickly, I'll be so happy.

 

[jaydolf spitler]

I work for a major big tech company as a UX Researcher. Every single person on my team has a PhD. I've never worked at a company where every single researcher (managers included) have PhDs. I mean some jobs there will be me and a few people. But every single person is crazy.

Also, you really don't need a PhD to do this work. In fact, a lot of PhDs only have grad school experience and don't know how to do industry research. Like simple things like making sure to do a usability test on your product before releasing it aren't happening at the company I work for, because they're just doing interview techniques they learned in school or only do quant research with statistics. Stats are important, for sure, but you can't forget the qual side and you can't forget to do basic stuff like usability tests. Then the company wonders why people are confused in the product.

Anyway, I mention that to just say that tech companies like PhDs a lot, even for contractors. Going from $90 to $45 an hour is a big cut. Big Tech is in trouble, and you can thank Apple for that, due to their tracking policies implemented a few years ago.

I actually hate my job. I deal with ads all day, it's super stressful, people are freaking out about getting laid off, managers are freaking out about losing their jobs, everybody is trying to start large scale products to show value. I get a new outrageous request every other day with a super strict timeline. It's stressful. I wouldn't mind getting laid off. The pay and benefits are great, and that's what keeps me, but it's not a fun job.

I kinda want to get into the healthcare field. It appears to be more stable, and it would be actually working on products to help people, as opposed to working on products where the sole goal is to get you to click on as many ads as possible.

I work in ads too. Every client has a deadline that's sooooo important. You can make $245k for someone on under $3k in spend but the feedback is "you launched 2 days late"

I would sit there like ?

You rely on them sending assets over and they drag their feet, leading to a late launch, you still get blamed lol. You have to keep receipts for everything and defend yourself like it's a damn courtroom. You ask for the assets, they take 6 days to get it back to you, you get told "why didn't you nudge them?"
In a campaign, i set the max budget for spend to $40. The platform runs it up to $436 and I get told I need to "pay attention more to campaign settings". I be like the damn campaign settings need to pay more attention to the campaign settings. I send screenshots of the exact examples. They don't even care lol, just send you your walking papers.

 

[Serious]

 

[JT-Money]

This might be the norm going forward. Take a paycut or hit the pavement.


It's truly over. The elites are just running up the score at this point. Even notorious job hoppers like me always looking to make quick money are falling back.

In addition to layoffs, McDonald’s cost cutting binge includes demoting employees and reducing pay

The company said in January that it planned to cut corporate jobs and eliminate certain initiatives, even as it accelerates new store openings.

fortune.com

"The Chicago-based fast-food giant offered some employees the opportunity to remain on the payroll with changes to their compensation packages, including items such as bonuses and equity awards, said the person, who asked not to be named discussing private information".

 

[Serious]

 

[skyrunner1]

When he says "Much better" does that equal, where they tell you to lay in this pod to turn you into a battery?

 

[JT-Money]

European employees still holding these tech companies hostage.

Google, Amazon layoffs: Companies offer 1-year salary to encourage employees to resign voluntarily

Because of the strict labour protection laws, Google and Amazon are finding it difficult to make job cuts in the European countries

www.businesstoday.in

The US needs to abolish right-to-work laws. What good are Democrats these days honestly?

 

[Serious]

 

[Serious]

This must be where they replace former workers, with lower paid people.

 

[FaTaL]

gotta sell at this point and hopefully you break even