Tech Industry job layoffs looking scary

[315]

Macron is supposed to be coming to my area. Lot of uncertainty around that now

 

[Spence]

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.

Some got lucky during the reshuffle and had their bosses leave which opened up early (or in some cases undeserved) promotions. Now those bosses are getting laid off trying to come back and there’s no room for them

 

[Conan]

Correct

This won't work in the long run.

Unless companies collude to hold wages down (which violates antitrust law), wages have been and will continue to be set by supply and demand.

The explosion of Chat-GPT, the evolving cybersecurity space, the need for more traditional industries to become tech mature... The need for talent will grow. And if you want top talent you'll have to pay top dollar.

 

[Spence]

This won't work in the long run.

Unless companies collude to hold wages down (which violates antitrust law), wages have been and will continue to be set by supply and demand.

The explosion of Chat-GPT, the evolving cybersecurity space, the need for more traditional industries to become tech mature... The need for talent will grow. And if you want top talent you'll have to pay top dollar.

There was a good period where hiring manager would lowball people and most would accept because larger companies were depressing wages which fell down the line to small startups. Pandemic boomed and changed the game but it’s obvious companies are now trying to reign that in since there are economic headwinds

 

[JLova]

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.

But the job numbers were 10x better than estimates and we keep hearing how great the job market is. People are getting trolled something serious.

 

[JLova]

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.

Meh, unless you've been there over 10 years or so the severance won't make much of a difference. If there's a better opportunity, take it.

 

[Conan]

There was a good period where hiring manager would lowball people and most would accept because larger companies were depressing wages which fell down the line to small startups. Pandemic boomed and changed the game but it’s obvious companies are now trying to reign that in since there are economic headwinds

In a recession where talent exceeds the amount of jobs available, salaries will be depressed in the short term. That is what is happening now, but don't be deceived and think this is an indication of how things will go in the long term. When things pick up again and there are more jobs than there is talent, wages will rise up again. That's basic economics. And companies colluding to prevent that is a crime.

 

[kevm3]

Everybody was bashing Elon, but once they saw that he cut 70% of Twitter staff and the company was still running without a hitch, a lot of ceos decided to follow suit. They all can lay off together to avoid any one company getting bad press and they can blame 'the recession'. The reality is these companies are soft-colluding to trim costs for shareholders, because they are all turning profits and still laying off.

 

[JetFueledThoughts]

Meh, unless you've been there over 10 years or so the severance won't make much of a difference. If there's a better opportunity, take it.

As far as a ‘better opportunity’… grass is always greener, I’m sure most people in this thread (me included) have left for a new job before and regretted it within the first few months.

And in a market where companies are looking to cut cost and headcount, people 6 months or less into a job are usually the first targets. Unless you hate your job or have a chance to go make 40% more elsewhere, it isn’t a bad move to stay somewhere that you are valued or seen as ‘critical’ to the business

 

[papa pimp]

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

You can't fight narratives and doomsday naysayers.

Anyways, more good news:

 

[TRUEST]

Meh, unless you've been there over 10 years or so the severance won't make much of a difference. If there's a better opportunity, take it.

You still haven’t learned your lesson. To each his own I guess

 

[PrnzHakeem]

Everybody was bashing Elon, but once they saw that he cut 70% of Twitter staff and the company was still running without a hitch, a lot of ceos decided to follow suit. They all can lay off together to avoid any one company getting bad press and they can blame 'the recession'. The reality is these companies are soft-colluding to trim costs for shareholders, because they are all turning profits and still laying off.

It's not running without a hitch, though. The app is broken, advertisers have fled, and he's not even paying vendors.

Spoiler: SMH

I got laid off on Nov 4, i just got my fedex box to return my bricked laptop. What's left of Twitter is a shytshow.

 

[Conan]

As far as a ‘better opportunity’… grass is always greener, I’m sure most people in this thread (me included) have left for a new job before and regretted it within the first few months.

And in a market where companies are looking to cut cost and headcount, people 6 months or less into a job are usually the first targets. Unless you hate your job or have a chance to go make 40% more elsewhere, it isn’t a bad move to stay somewhere that you are valued or seen as ‘critical’ to the business

By this logic, you never switch jobs, because as a new employee you're mostly at risk of getting laid off.

If you are in tech and you can't land a new job in 6 months you're a slouch. I know people juggling 3 jobs. If you are a proficient techie then getting laid off should be the least of your concerns. Take a month off, leetcode, spread your net wide, and you'll be back in, in no time.

With that in mind, if a job comes offering a good bump in pay, I'd say take it. Unless your severance at the first job is a good chunk of money. In that case, just do both jobs simultaneously

 

[JT-Money]

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.

Most of these laid off people got caught slipping. If you plugged into what's going on at your Org. You should know when layoffs are coming and move accordingly.

Some people value job security over money. I would rather make as much money as possible and worry about job security later.

 

[Sir Brehsington]

But the job numbers were 10x better than estimates and we keep hearing how great the job market is. People are getting trolled something serious.

It certainly seems that way.