Tech Industry job layoffs looking scary

[JLova]

Companies are using layoffs to cut new-hire salaries and win back the power they held before the pandemic, some recruiters say​

Companies are using layoffs to cut new-hire salaries and win back the power they held before the pandemic, some recruiters say

Recruiters lowering pay for new hires could erode salary-negotiation power for longer-tenured employees.

www.businessinsider.com

Please believe it.

 

[Nicole0416_718_929_646212]

Goldman Sachs CEO David Solomon tells partners he regrets not firing employees sooner after laying off 3,200 last month: FT​

Solomon told partners layoffs and cost-cutting would've been less severe had he acted much sooner than “David’s Demolition Day."​

Goldman Sachs CEO David Solomon tells partners he regrets not firing employees sooner after laying off 3,200 last month: FT | Fortune

Ruthless


Goldman Sachs CEO David Solomon made a difficult decision to cut about 3,200 jobs last month.

Does he have any regrets? Yes. He wishes he had done it sooner, apparently.

“As the environment was growing more complicated in Q2 of last year, every bone in my body believed we should be much more aggressive in slowing hiring and reducing headcount,” Solomon said Sunday at a closed-door gathering with about 400 Goldman Sachs partners in Miami, according to the Financial Times.

 

[Nicole0416_718_929_646212]

Yahoo plans to lay off 20% of staff amid advertising woes

The tech company, once a titan of the Bay Area, is owned by private-equity firm Apollo.

www.sfgate.com

Longtime Bay Area techconglomerate Yahoo is cutting 20% of its workforce by the end of the year — including about 1,000 employees this week alone — according to a Thursday report from Axios.

The company, which is owned by private-equity giant Apollo Global Management, will reportedly shut down parts of its ad tech business, representing the first 1,000 workers cut. The final 8% of layoffs will happen by the end of 2023, according to Axios.

Yahoo has attempted for years to compete with search and ad tech giants like Google and Meta with its own unified ad platform, but is admitting defeat with the reported changes. The company plans to keep its demand-side platform, which helps advertisers buy ads, but shut down its ad sales operation. Yahoo will now partner with Taboola to sell ads on its own properties. More than 50% of the Yahoo ad tech unit’s current staff are slated to lose their jobs.

 

[Ugo Ogugwa]

Being in upper management, I can tell you that most upper management literally don't do shyt. Like they just create meetings and become shytty project managers, deal with people issues, and have the occasional project that they are responsible for.

No lies told

 

[Spence]

Companies are using layoffs to cut new-hire salaries and win back the power they held before the pandemic, some recruiters say​

Companies are using layoffs to cut new-hire salaries and win back the power they held before the pandemic, some recruiters say

Recruiters lowering pay for new hires could erode salary-negotiation power for longer-tenured employees.

www.businessinsider.com

Could’ve been told you this, it’s a full market reset.

 

[Nicole0416_718_929_646212]

Twilio to lay off about 1,500 employees, or 17% of its workforce

Twilio on Monday announced plans to cut about 1,500 employees, or around 17% of its workforce.

www.cnbc.com

• Twilio on Monday announced plans to cut about 1,500 employees, or around 17% of its workforce, according to a blog post shared on the company's website.
• The announcement came after the company already laid off around 11% of its workforce as part of a restructuring plan in September.
• Twilio had 8,992 employees as of September 2022, according to a company filing with the SEC.

 

[Nicole0416_718_929_646212]

• Microsoft, Amazon, Intel, Twitter, Salesforce, PayPal, RingCentral and Zymergen have all filed WARN notices that reflect at least two distinct rounds of layoffs.
  
  
  These eight companies all filed their WARN notices on or after Nov. 1 of 2022. Six of the eight companies filed disclosures of planned job cuts this year, a review of the WARN notices shows.
  
  Here are the number of employees the eight companies with at least two rounds of job cuts have decided to lay off in the Bay Area:
• Salesforce, 1,010 in San Francisco
• Twitter, 900 in San Francisco and San Jose
• Amazon, 524 in Sunnyvale and San Francisco
• PayPal, 378 in San Jose
• Intel, 378 in Santa Clara
• Microsoft, 108 in Mountain View and Santa Clara (107 were in Mountain View)
• RingCentral, 100 in Belmont
• Zymergen, 293 in Emeryville

Seven of the companies filed two rounds of WARN notices. Zymergen was the only one of the seven with more than two rounds. The biotech firm has filed four different sets of WARN letters, with the earliest in late July and the most recent in mid-January.

As of Feb. 9, these were the 10 most recent WARN notices that tech or biotech companies filed to disclose job cuts in the Bay Area. The list also shows the number of jobs affected in the most recent round of cutbacks:

• Lam Research, 400 job cuts in Fremont and in Livermore
• Mindspring Health Services, 128 layoffs in Menlo Park
• Splunk, 174 staffing cuts in San Francisco and San Jose
• Autodesk, 61 job cuts in San Francisco
• Salesforce, 258 staffing cuts in San Francisco
• NetApp, 148 layoffs in San Jose
• Workday, 196 job cuts in Pleasanton
• Pinterest, 49 staffing cuts in San Francisco
• eBay, 185 layoffs in San Jose
• Microsoft, 62 job cuts in Mountain View

Starting in mid-2022, tech and biotech companies have filed plans that to erase well over 19,000 jobs in the Bay Area, with no indication that the job cuts have begun to abate.

 

[JLova]

They were crying about the lack of applicants just months ago.

 

[Nicole0416_718_929_646212]

the past week:

• LinkedIn has laid off an undisclosed number of staff on its talent acquisition team, The Information reports, citing confirmation from a company spokesperson.
• Despite a prior round of cutbacks that affected 11,000 people and its better-than-expected earnings in the fourth quarter, Meta may be implementing further layoffs in March, the Financial Times reports, citing anonymous sources.
• Rigetti Computing, which is in peril of being delisted from the Nasdaq over its low stock price, is replacing its CFO and CTO and laying off 28% of its workers.
• Cloud communications firm Twilio is cutting 17% of its workforce — approximately 1,500 jobs, CNBC estimates.
• Daily Harvest, which is facing wilting sales after one of its products allegedly made customers sick, aimed to lay off about 60 people this month, Bloomberg reports.
• LinkedIn members are posting about layoffs at Dandy, a dental-software company.
• BarkBox owner Bark is getting 12% smaller by cutting 126 jobs, in addition to curbing its use of contractors.
• Olive AI, a health tech company with about 630 employees, has downsized by 35% and let go of 215 employees.
• News Corp is cutting 1,250 positions, which is roughly 5% of its workforce, by end of year.

 

[Nicole0416_718_929_646212]

Microsoft’s LinkedIn Lays Off Staff Amid Hiring Slowdown

Microsoft-owned LinkedIn laid off staff in its recruiting department on Monday, the company confirmed to The Information, the latest sign of how Microsoft’s layoffs are rippling through the tech giant. Microsoft said earlier this year it would cut 10,000 people across the company this quarter as ...

www.theinformation.com

The recruiters can’t even keep their computers computing


LinkedIn laid off staff in its recruiting department on Monday, the company confirmed to The Information, the latest sign of how Microsoft’s layoffs are rippling through the tech giant.
—————-

Worked for Bank of America Corporate - Legal Dept. in Midtown way back when for about 3 weeks, before I quit. Recruiter threatened to get security involved because I forgot to turn in one of my keys (she reacted like I committed corporate espionage) - my experiences with Recruiters and HR Depts (along with their levels of racism) have made feel less than empathetic for them - they are not “human” resources, they are corporate sources. They are not for the benefit of the employee (don’t tell them more than they need to know otherwise, they use it to their advantage).

 

[Spence]

Microsoft’s LinkedIn Lays Off Staff Amid Hiring Slowdown

Microsoft-owned LinkedIn laid off staff in its recruiting department on Monday, the company confirmed to The Information, the latest sign of how Microsoft’s layoffs are rippling through the tech giant. Microsoft said earlier this year it would cut 10,000 people across the company this quarter as ...

www.theinformation.com

The recruiters can’t even keep their computers computing


LinkedIn laid off staff in its recruiting department on Monday, the company confirmed to The Information, the latest sign of how Microsoft’s layoffs are rippling through the tech giant.
—————-

Worked for Bank of America Corporate - Legal Dept. in Midtown way back when for about 3 weeks, before I quit. Recruiter threatened to get security involved because I forgot to turn in one of my keys (she reacted like I committed corporate espionage) - my experiences with Recruiters and HR Depts (along with their levels of racism) have made feel less than empathetic for them - they are not “human” resources, they are corporate sources. They are not for the benefit of the employee (don’t tell them more than they need to know otherwise, they use it to their advantage).

I work in recruitment. It’s not all bad but I can def see where the sour taste came from. HR and recruiters are def not your friends as much as we would like to make you believe we are. You are a few number to be filled and not much else since we don’t come into contact (on a regular basis unless you are to be a hiring manager) on a regular or even semi regular basis

 

[JT-Money]

I would quit before being forced to relocate for some punk ass company.

WSJ News Exclusive | Walmart to Close Three Tech Hubs, Tells Tech Staff to Return to Offices

The retail giant is closing offices in Austin, Texas, Portland, Ore., and Carlsbad, Calif., and telling hundreds of staff they must relocate to keep their jobs.

www.wsj.com

Walmart to Close Three Tech Hubs, Tells Tech Staff to Return to Offices
Retail giant is closing offices in Austin, Portland and Carlsbad and telling hundreds of staff they must relocate to keep their jobs

 

[JetFueledThoughts]

Like I said 20 pages ago, if you scared go to church

 

[TRUEST]

back over the summer when folks were all too giddy to be switching jobs for a higher pay, I sensed something was amiss.

Thread:
'Tech companies are facing a crisis "hiring"'
Tech companies are facing a crisis "hiring"

Plus I had dreams that warned my ass to sit still.

Point is folks, in the above post, some of the responses to it were on some nah u can’t be loyal to any company. And I get that. But unless u hate your job or it pays u irredeemably lower than your worth, it’s best u sit still. And if you do end up being laid off by the same company, the severance u get will be much higher than what the new job would be offering (if they offer u anything at all).

In other words, don’t be too quick to jump to do what everyone else is doing. Everyone else constitutes the masses. And no where has it been recorded that the masses of a population made fortunes.

 

[IsThatBrothaMouzone?]

It’s shocking how office workers in general do not know how to use excel which can accomplish probably 90% of business intelligence and analytics. I got people thinking I’m an excel wiz cuz I could navigate using keyboard shortcuts and basic vlookups and basic data organization.

I recommend people to be good in excel and basic data analytics. Every office job requires some excel at least.

I use pivot tables every day to organize tens of thousands of rows of data. People can Google how to do so much shyt.

Huge time saver.