One thing nobody’s mentioning is that landing a entry level position has become almost impossible at least for now. I graduated last summer and been preparing for interviews almost everyday but it seems impossible to even get interviews let alone landing an offer. I have friends that also graduated from some of the best universities in the country like UC Berkeley and UC Davis who are dealing with same issues.
Well, these tech companies would rather bring tens of thousands of people in from India every year with lower pay than to prioritize American graduates so there’s your answer. The government let them do it and they exploit system and these migrants.
Don’t focus on only American companies but try to apply at international companies I know for a fact Chinese companies are paying more then American companies
A perfect storm is brewing in the United States. Inflation, bank collapse, severe drought in the agricultural belt, recession, food shortages, diesel fuel and heating oil shortages, baby formula shortages, available automobile shortages and prices, the price of living place.
@Byron Westbrick it's a good time to buy and basically I've just got cash sitting duck in the bank and I'd really love to put it to good use seeing how inflation is at an all time-high, who is this coach that guides you, mind I look them up
@@aaron32118 Hahaha you don't have to be surprised Greg T Martin services are really good, and everyone loves genuine services, they've help me recovered what I was trying to trade on my own
So you went to college for all those years and now you can't go out and earn a single dollar on you own ? Well I guess that's why they refer to you as a college BOY ! While others are refered to as young MEN ! Good Luck College Boy ! Sooner or later someone will GIVE you a job ! Give ya a cup of pencils to sell on the street corner or something . Geeze !
I was laid off earlier this month. I was in the tech industry working a job as a software engineer. I had just graduated college and was entering into the workforce. I got to keep that job for around 7 months before being laid off along with a bunch of others in the company. I even bought a house for relocating to the job. Now I have little income, student loan debt, and mortgage debt with seemingly no relevant jobs available in my area, especially since now I need a job that pays well enough to afford my housing costs. I have definitely changed my expectations around corporate loyalty given I was laid off so quickly and my boss even gave me the highest performance rating at my end of year summary. Pretty upset that I spent thousands relocating only to lose the job a few months later all because the company I worked with wanted to make shareholder profits higher by cutting millions in salary.
"As per GRAPHIC J's comment, the median years of experience of those fired was 11.5 years"? That is very odd? With 7 months into a job, how can you qualify for a home mortgage loan? You might not even qualify for car loan? Aren't you stretching it a bit?
@@wildfire8126 All you need is some savings for the down payment and a well paying job offer. At least that's all I needed to be approved for my mortgage. I had only been working with my company for a little over 3 months before my mortgage was approved. Granted my credit score was high since I had used credit cards responsibly and had experience with both private and government student loans and always paid those on time. But looking back I think the process should be more difficult and I was a bit hasty in my decision. I did have some work experience while in/after college but nothing full time.
Why did you buy a home that quickly? you gotta save at least 2/3 of the value of the house before trying to buy. People nowadays are putting a rope around their necks
@@gregap8282 Yeah I am not as crazy as it may seem. I have experience with real estate in the past (in the form of guiding renovations and property management) and I also have experience in the financial sector since I have worked professionally giving financial advice. I purchased a relatively low cost townhouse in an up and coming subdivision and I made sure even after putting 20% down and accounting for closing costs that I had enough money to pay at least a year in mortgage/HOA/renovation costs and 6 months total expenses all before pulling from any other investments. Buying at that time was simply more risk than I realized since I expected to stay with that job a lot longer especially given how high my performances was and how much I enjoyed that job.
More surprising though, was the fact that the study done at 365DataScience, the median level of experience held by those who were let go is 11.5 years. Not necessarily from the Covid hiring spree.
While I do think its an interesting statistic, I don't think it shows the whole picture. It's not like any of the companies were hiring 10 000s of employees for junior positions with no experience. I'd say in my personal opinion most of new hires during pandemic in companies like google were experienced professionals, so not so suprising to see the median being 11,5 years.
11.9 years* and average not median* my last grunt is that time is work experience not time on the job which was 2.5 years so yeah from the covid hiring spree, appreciate the reference though fam
I graduated the summer of last year, and just want to say that the effects of layoffs have trickled down all the way to junior positions. Many companies that called me back took back the job openings midway through the interview process, and ended up freezing hiring or replacing those openings with more senior openings. I had more luck with landing interviews months ago before the layoffs got worse, ironically when my application wasn't as polished as now, and now I get radio silence. Arguably, mid- to senior-level people from big companies who got laid off still have it better than entry-level people, because smaller companies might still want to recruit them over those with less experience, and just give them more workload that previously would have been given to junior people. By the way I went back to school to change industry, and turns out jobs in this industry is also a sh*t show now, so I basically got punished for trying to adapt to the economy. Great.
Even when I saw it coming, even thought I deserved it in one case, getting fired is stressful. I feel for anyone going through it but it will make you prepare for bad times by saving money to make it easier the next time.
Even then, if you have a 6 figure salary tech sector job, especially over the last ten years, should have plenty saved up already, and if not, thats on them. Not the tax payer.
early in my career I got tired of being laid off so I hired on in house with a utility company- worked there 40 yrs -no lay offs retired with fairly good pension/ looks like tech jobs are like construction jobs - feast or famine! good luck everyone!
This is quite educational. It's crucial for newcomers to keep in mind that the financial markets are highly irrational in the short run. You should constantly be ready for the unexpected. That is how chance operates. Because of the inherent risks in the market, I always favor long-term investments.
These uncertainties will always be there. Thing is, every once in a while, the market does something so stupid it takes your breath away. If youre not ready for it, you shouldnt be in the market business. or get you a skilled practitioner.
@Zahair O'Brian Not bad at all. I know a lot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market. Could this coach that guides you help?
@Zahair O'Brian Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
Maybe Tim Cook is the best CEO cause he was smart about hiring during the pandemic. I don't understand why the other CEOs thought the pandemic was going to last forever.
probably why I would prefer to work for smaller companies when possible. unfortunately these big corporations are mostly everywhere so even that's difficult to avoid.
😮😮A business hires a bunch of people , then fire them as soon as new AI programs can replace them. There is no loyalty in business. Both companies and employees just don’t care about each other.
There was a huge hiring spree in the pandemic that had a huge amount of tech workers. With a low interest rate and people stuck at home, many were on shorter term contracts with tech companies. Another factor is that with the rise of interest rates, rising cost, and people returning back to the office, tech revenues are down from the lockdown era.
@Luke there is also company underperforming like Meta. They thought Facebook stock would do well. But it didnt. Companies sometimes slim down their budget to stay from going bankrupt.
@@zlonewolf meta were one of the companies that had a justified layoff, they were hemorrhaging billions of cash from the metaverse shenanigans. Amazon, Google and MSFT laid off out of 'whoops, we got to greedy and hired too many people, as we read the market wrong and thought the conditions of the lockdown would last indefinitely'
I was calling this 10 years ago. It sucks, but when I was in high school, so many people wanted to go into tech, just because. Plus, I’m tech, the older you become the more of a lability you are. The tech evolves faster than one can learn it
Similar tech worker layoffs had happened around 2000. However, it is a distance memory. It was replacing expensive tech workers with dirt cheap tech workers from oversea. However, the future tech challenges will require a formal education other than just know how to code. The current technologies have been maturing for a decade. To a point, many tech companies don't need that many expensive (not dirt cheap anymore) tech workers to maintain existing products. The next big push will be in AI and Space Exploration Technology. The tech companies will be shifting their resources and focuses from their existing products to the new challenges.
Going into tech isn't necessarily the problem. I think the majority of tech enthusiasts were aiming for the FAANG big boys. If you have a tech background and see the change occurring your tech ed could take you places. I'm a machine/process operator. Automation is an avenue. Most Americans are simply simple and 1 track minded.
Calling what exactly? Tech hasn’t collapsed and there are still companies that are hiring SWE. For example, my company hasn’t laid off anyone. Also tech doesn’t evolve faster than you can learn it if you are always learning new stuff. Some engineers are stuck in old ways of thinking but they get replaced. Software engineers will be useful for many years to come. What you are seeing with FAANG is an over hiring spree.
What no one is talking about is that the American tech workers were laid off while the tech companies opened tech new offices in India, Philippines and China.
This right here! Maybe because it's not politically correct and can make people come off as Xenophobic, but the truth is that the Outsourcing of tech Jobs to India and China is the true cause of layoffs. There's only so many finite positions and India is over saturating the American IT Industry. This is why new Grads in the U.S can't find STEM work in their own country!
Yup. I'm an Indian engineer and we are seeing a lot of growth these days. Every single American manufacturer now has a design office in India. We carry out all the product development operations so companies just have to set up manufacturing facilities and everything else is taken care of by us. Having a comparatively low CoL along with recent boom in infrastructure development has propelled Indian economy to become the new skilled workforce.
The problem is that these tech companies are very much oversaturated in the markets they are in. There is little growth left for a lot of these companies.
@@calder6623 Before I bought my house I lived in an apartment complex which was about 98% Indian ethnically. I had one person tell me that the reason they all move here is that when there is a job opening here it gets maybe 8-10 applicants. the same job in India will get hundreds of applicants.
@@gilemal1469 joma tech said it's because they had disposable money to spend, so hired anyone, and now because of the recession they are "leaning" out excess basically
I can partly answer this. With the wfh set up, sales went up which lead to hiring more employees in various roles like product development, customer support, support engineers, project management and research. The automation can only cover so much, it still needed skillful people from robotics automation planning to execution.
There is no full automation yet. You still need people to create scripts and maintain them. Problems don't fix themselves. You need a team to triage any issue impacting your production environment.
What's interesting is that while the big tech companies are laying off tons of people, tech jobs in older legacy companies have been pretty secure. You can be a software engineer working for Google or Facebook. You can also be a software engineer working for Walmart or CVS. Every major corporation, regardless of industry, needs tech people.
The title is not telling the truth. They fired useless female managers and employees that were eating and using their work environment for fun only. People that had no real job in the company! Females that brought in females for the soul purpose of doing nothing but using company recourses for private gains!!
Because these ones were generating the largest profits , which in turn made their salaries high. High salaries equal frivolous spending on housing , cars , etc. Basically once most take pay cuts and/or severance pkgs run out the money flow starts effecting other sectors. They won’t be able to afford lavish lifestyles with teslas, million dollar homes, eating out and so forth. In turn, the businesses revolving by their revenue (including banks) will be effected. They only care cus it’s the ppl at the top of pyramid & it’s another sign of us spiraling into a recession.
We’ll start to see the true effects of this in 6-9 mo tvs when severance packages run out and whether these employees have found other employment or are still searching.
If your on LinkedIn most are being hired in under 30 days. There are millions of companies around the country needing help with infrastructure and connectivity. They may make less, but if they move from California to Kansas does it bother them if they make $110k and buy a house for $290k overall it’s a pay raise in terms of affordability
@@RH-lg9uc Thats great for the ones that get hired early, if they all get hired then even better. I guess it gives credence to the idea that the big tech companies were hoarding talent. Do you think the trend will continue with all laid off workers? Eventually there may be more competition and more prospective hires willing to work for less which could push some out of the market because they refuse to work for less…they could then become unemployed or independent contractors , or even start their own companies creating competition with the big tech….
you know the fact that those companies are not the only companies? it does not mean companies laid off means economy are collapsing. as long as tech companies are providing service and the internet are up and running we will still live on.
For big techs, quiet hiring like short-term contract workers can be much preferred in the following years mainly because of the sudden erratic contraction of the markets and businesses. 🤔This probably indicates people in the labor market have to become more acclimatized to working in a volatile environment. The mindset toward this new labor environment comes not easy to be accepted by the masses, in terms of job security. I think many people would still mostly consider the factor of job security when seeking a job.
These mass tech workers fuel the economy. They spend so much, buy, take loans, they travel etc.., The more you put people out of workforce, the more everybody loses. For example company B fires 10k people and replaces them with AI to make software. Let's assume the software is related to travel that helps users find cheap places to stay, book flights etc.., B made this software more quickly & at a much lesser cost. They happily sell that software to company X. But who's gonna use that software now? If you use AI to replace the salaried employee who's gonna buy the product you're selling? AI?
@@deepeka134 From employers' perspective, it's not working that way. AI and robots are able to work 24 hours 7 days that human employees can never compete. Therefore, regarding the maximum profit and the minimum cost, nothing but AI and robots can be the best option for capitalists. What concern I think you put above was something that really worries the governments, not employers😅. Just let me be frank.
@@deepeka134 People usually find a way out to make a living even though AI and robots are getting stronger and more intelligent. I don't think it's urgently needed for many employers to consider if a part of people may lose their jobs for AI and may not be able to afford those products. If it were in fact a big concern for big potatoes, AI might never have a chance to develop and get more intelligent.
These are the best paid workers who has money to buy houses, nice cars, nice clothes, going to convert and travel. This is much bigger deal than lower paid workers laid off. Each of them support 3-4 other workers. The ripple effect is felt everywhere.
Too bad, the president doesn't have people who are good at economy to advise him. From the representative for china trade negotiation, interest rate, Russian Urkain war's effect on us, the freezing financing market. The president needs someone who can access situation accurately to advise him.
Agreed, most will not be able to afford a frivolous or luxury lifestyle anymore. This will effect banks( foreclosures), repossessions , property sales, moving, restaurants, apparel stores, etc. More mental health crisis, familial disputes, children behaviors ( some can’t cope with family financial change / changing schools/ or parents hiding it). Literally the list goes on and on… This is another indicator of what ladies and gentlemen? a RECESSION! Please don’t be fooled by the media and economist saying we can escape it. It more than likely to occur especially with the effects of post pandemic price gouging, inflation, and shrinking. Keeping in mind minimal raises & salaries that can’t cover the basic COL.
Well then these Tech companies should have clearly stipulated during their hiring process that they are “hiring these employees under a temporary/contract bases only”🙄Meanwhile big Executive and CEOs all get to keep their million dollar salaries/paychecks and company get to pump billions to their shareholders? GTFOH. Over hired? Please!
@@escobyte it wasnt a gamble, they genuinely expected the pandemic to last far longer and people yo develop new digital focused habits. Unfortunately for them, covid last far shorter than earlier expected. And people developthe opposite habits
It hurts the small businesses that surround and serve the employees of these giants. They fold, office space is no longer necessary, affecting RE prices. Rent is skyrocketing. People are leaving, or dropping out altogether.
It will likely come back and bite them. The current cohort selecting what to study in university are shying away from tech jobs, as they don't want to go into a career where they can just be dropped for no justifiable reason, so they will instead go into more predictable secure roles....from a wired article: “Students right now are more worried about taking tech jobs,” says Nicholas Bloom, professor of economics at Stanford University. “These roles now come with a dose of fear that even if you get a job, it will be canceled before you begin, or worse, after three months.” At the same time senior engineers are less attracted to the large tech companies (FAANGS) and are instead considering smaller companies or different sectors (health, banking, finance etc).
Although the possibility of layoffs from all industries was always possible and tech was the last holdout but Google will still get 3 million applicants a year and now accept even less than 2% of them. Tech still pays the most with best benefits so they will remain the Holy Grail in employment for new grads.
Especially because of that idiots idea the Metaverse. Total garbage but yet idiot shareholders keep the idiot geniuses that created that money pit employed.
Many real reasons outlined here but fundamentally there is no demand for techie types. AI is taking over and more work volume and more work variety can be granted through a smaller workforce.
Why is anyone surprised at this, profit driven companies over hire, maximise profit and then downsize when it turns the other way.......this is business 101, if you've not seen this happen before you must be new to the game.
As someone who's been relying on Amazon for years, it's disheartening to witness the downfall of their customer service. Outsourcing to India has created a language barrier that makes it frustrating to seek assistance. Prioritizing shareholders over customer satisfaction is a shortsighted move. Let's hope Andy Jassy reevaluates its approach and returns the excellent service we once knew. #AmazonFail #CustomerExperienceMatters
We need to push congress to make these companies who have massive corporate coffers that lay people off to boost their stock to be held accountable. I want everyone reading this to write their congress man/woman for mandatory 5 year severance packages for any company that did not have to lay off and it's paid out of the billions in corporate coffers. Similarly how if you file bankruptcy you can't have a bunch of assets, they must be sold, yet corporations can use corporate greed and sit on billions and lay workers off to boost stock. Write your congressman today and tell them you want corporate reparations and mandatory 5 year severance packages for solvent companies that layoff as solvent companies for no needed reason except greed and numbers. They need to be held accountable. Write congress and demand a mandatory 5 year severance for any solvent company laying off needlessly.
You failed to mention with acquisitions ALWAYS come massive layoffs. You also failed to mention since we have been in recession for 14 months and it's just the tip of it, things will get far worse this year which will quadruple or more the layoff scenario. But facts aren't in the CNBC wheelhouse.
None of yall get it.... we are going to face labor shortages for the next decade. They saw this coming and overhired all young talent with potential, kept the cream of the crop, and dropped the rest. Their overhiring is NOT a "mistake" All before the fed interest rate hike while they still had the cheap loans
>> Some reasons big companies layoff large groups of employees: 1. Public companies want to have more money freed to pay their share holders without lowering assets. 2. Many in top positions want an increase in their salary and bonuses. Hence, massive layoffs to get that money for themselves. 3. To take the pressure off of management with a smaller employee staff moneywise and in future company growth projections. 4. The biggest layoff reason is to hire new employees at a lower salary for existing positions.
Exactly. They hired to address the needs during the pandemic, they're firing to address the needs during the recession. They will always address the company's needs, that's how business works.
I think what they meant is not the growth process itself but that the demand that became bigger in 2020 would stay that way forever (not necessarily grow more)
My company just outsources to cheaper countries and saves millions. They also no longer have to tell employees to stop tiktok dancing during business hours.
Also important to call out is that CEOs like Satya Nadella are taking pay bumps (he went up 10% to $55 million), while cutting FTE jobs and outsourcing the positions to places like India where they can pay as little as $6/hour.
He should be outsourcing 1) so that money can be better spent investing in future products or buying back stock 2) so that those less fortunate Indians can have a job that pays really well for their area
Or, instead of stock buybacks to inflate share prices for shareholders, he could have a spine, and use that money to retain US engineers and pay their counterparts in India better. The amount of work that is funneled through offshore engineers is WILD, and the company reaps massive benefits without properly making sure they are well compensated. Instead, that money goes to feed the unending greed of Wall Street.
It's very distressing to see that top global companies are randomly firing thousands of employees. Most employees join these companies with the hope that they'll have a long and stable innings there. 😪
For all of you that was laid off or fired from a tech corporation, I feel for you. But anyone thinking you will make it in the tech industry needs to be corrected. These companies that are laying off or firing workers are not because of a lack of not earning a profit or hiring too many employees to meet the needs of a company. These companies resort to A.I. because the work can be accomplished cheaply and get the same results. As a middle-aged male at 45 years old, I graduated with a Bachelor's in Management Information Systems eight years ago. I have yet to be aggressive in finding work in my field of study because I knew that companies like these would implement A.I. in their business and squeeze the ordinary worker out of a position. As for my current job, Security officers may not appeal to 90% of the workforce, and many people in corporate America think that security officers are a joke and stupid. However, I'm safe in my current field. I can always move around without the threat of my job being cut because every corporate business will need security officers for a secure environment and to protect the assets of a corporation.
All the restaurants that are around these tech buildings…all the service jobs like waiters and delivery guys that provide foods to these workers…what do you think will happen to their jobs when there are these tech lay off?
We need to understand why Russia didn't focus on IT industry although having capability and resources and other European countries didn't consider IT backbone
This is what they missed in the bigger picture: They fired people because now with remote working and contractor-gig economy they can re-hire for the same positions at a fraction of the cost, so closing existing contracts made financial sense. They also are getting ready to implement AI which means less workforce is needed or tasks get completed faster (aka less work is needed). They also needed tho improve the appeal of their stock during the bear market to get more investors money. Those jobs are never coming back, surely not in the same amount or pay or conditions. The employment market needs to be better regulated and these companies need SEVERE backlash from the public every time there are mass layoffs. Companies inflict damage on people because they have no punishment for doing so, if a punishment is put in place then this is factored in into a cost/benefit analysis and they might act differently and not discard the people that work for them and made them who they are.
Companies offer employees a free environment in order to push employees to produce better fruits of labor. If employees failed to do so, they are no longer needed.
This is probably a collective move to "outsource" employees and turn them into "contractors" so they don't get benefits, overtime, and other coverages...not to mention all those catering costs...
Similar tech worker layoffs had happened around 2000. However, it is a distance memory. It was replacing expensive tech workers with dirt cheap tech workers from oversea. However, the future tech challenges will require a formal education other than just know how to code. The current technologies have been maturing for a decade. To a point, many tech companies don't need that many expensive (not dirt cheap anymore, "as per GRAPHIC J's comment, the median years of experience of those fired was 11.5 years") tech workers to maintain existing products. The next big push will be in AI and Space Exploration Technology. The tech companies will be shifting their resources and focuses from their existing products to the new challenges.
People like the woman who bragged on social media about how she didnt actually did any work done had it coming, sadly those massive layoffs cut both good and bad workers.
People in Tech companies should’ve seen this coming 😂 they literally create the machines and software that reduces the amount of labour needed.. well done 👏 honestly, well done, I actually hate working, the sooner we get to social income the better, I say!
Young people are moving farther and father left (liberal isn’t left) because of things like this. Although this is horrible, there has to be a breaking point for endless growth capitalism
If you want socialism figure out how to build a time machine and go back to Russia in the 20's-80's there's your precious socialism. Be prepared to give up your Starbucks though! Also be prepared to go work in a tank/ballistic missiles factory for your entire life instead of a Twitch streamer or TH-camr!
American Tech companies have layoffs tens of thousands of workers. But strangely they seem not to show up in official American unemployment data. Why…? The bulk of the tech layoffs in the USA, were foreign workers with H1B visa. The foreign workers with H1B visa are not permanent employees. They are considered contract workers. An important caveat, the foreign workers with H1B visa who are layoffs, are not included in the official unemployment statistics.
Do you get any form of compensation if you get laid-off in America? What about a 30 or 60-day notice? I'm curious because its different in other countries.
@Berahlen Its not legally required by law in my country of Malaysia as well, but from stories I heard from my buddies working at the local branches of multi-national companies like Christian Dior and Nestle is that they have Voluntary Separation Schemes (VSS). Its not REALLY voluntary, more like, STRONGLY encouraged, but you get paid based on the number of years served. My friend worked for Christian Dior for 9 years, so she got 9 months pay when she "voluntarily" left....
![เจ็บที่ยังฮัก - ม่อน วรวิทย์ [ Official Mv ] จอนนี่มิวสิค](http://i.ytimg.com/vi/KALIGSRSjFs/mqdefault.jpg)
One thing nobody’s mentioning is that landing a entry level position has become almost impossible at least for now. I graduated last summer and been preparing for interviews almost everyday but it seems impossible to even get interviews let alone landing an offer.
I have friends that also graduated from some of the best universities in the country like UC Berkeley and UC Davis who are dealing with same issues.
Yeah…I feel for the younger generations. It seems to get worse
Well, these tech companies would rather bring tens of thousands of people in from India every year with lower pay than to prioritize American graduates so there’s your answer. The government let them do it and they exploit system and these migrants.
Yup…
Don’t focus on only American companies but try to apply at international companies I know for a fact Chinese companies are paying more then American companies
Quite hiring?
A perfect storm is brewing in the United States. Inflation, bank collapse, severe drought in the agricultural belt, recession, food shortages, diesel fuel and heating oil shortages, baby formula shortages, available automobile shortages and prices, the price of living place.
@Byron Westbrick it's a good time to buy and basically I've just got cash sitting duck in the bank and I'd really love to put it to good use seeing how inflation is at an all time-high, who is this coach that guides you, mind I look them up
@Byron Westbrick He appears to be well-educated and well-read. I ran a Google search on his name and came across his website; thank you for sharing..
@@aaron32118 Hahaha you don't have to be surprised Greg T Martin services are really good, and everyone loves genuine services, they've help me recovered what I was trying to trade on my own
You're a bot with bot likes
So you went to college for all those years and now you can't go out and earn a single dollar on you own ? Well I guess that's why they refer to you as a college BOY ! While others are refered to as young MEN ! Good Luck College Boy ! Sooner or later someone will GIVE you a job ! Give ya a cup of pencils to sell on the street corner or something . Geeze !
I was laid off earlier this month. I was in the tech industry working a job as a software engineer. I had just graduated college and was entering into the workforce. I got to keep that job for around 7 months before being laid off along with a bunch of others in the company. I even bought a house for relocating to the job. Now I have little income, student loan debt, and mortgage debt with seemingly no relevant jobs available in my area, especially since now I need a job that pays well enough to afford my housing costs. I have definitely changed my expectations around corporate loyalty given I was laid off so quickly and my boss even gave me the highest performance rating at my end of year summary. Pretty upset that I spent thousands relocating only to lose the job a few months later all because the company I worked with wanted to make shareholder profits higher by cutting millions in salary.
"As per GRAPHIC J's comment, the median years of experience of those fired was 11.5 years"?
That is very odd? With 7 months into a job, how can you qualify for a home mortgage loan? You might not even qualify for car loan? Aren't you stretching it a bit?
@@wildfire8126 All you need is some savings for the down payment and a well paying job offer. At least that's all I needed to be approved for my mortgage. I had only been working with my company for a little over 3 months before my mortgage was approved. Granted my credit score was high since I had used credit cards responsibly and had experience with both private and government student loans and always paid those on time. But looking back I think the process should be more difficult and I was a bit hasty in my decision. I did have some work experience while in/after college but nothing full time.
Why did you buy a home that quickly? you gotta save at least 2/3 of the value of the house before trying to buy. People nowadays are putting a rope around their necks
Hey just be thankful that your still young and can recoup faster than those that are stuck. It'll be alright.
@@gregap8282 Yeah I am not as crazy as it may seem. I have experience with real estate in the past (in the form of guiding renovations and property management) and I also have experience in the financial sector since I have worked professionally giving financial advice. I purchased a relatively low cost townhouse in an up and coming subdivision and I made sure even after putting 20% down and accounting for closing costs that I had enough money to pay at least a year in mortgage/HOA/renovation costs and 6 months total expenses all before pulling from any other investments. Buying at that time was simply more risk than I realized since I expected to stay with that job a lot longer especially given how high my performances was and how much I enjoyed that job.
More surprising though, was the fact that the study done at 365DataScience, the median level of experience held by those who were let go is 11.5 years. Not necessarily from the Covid hiring spree.
While I do think its an interesting statistic, I don't think it shows the whole picture. It's not like any of the companies were hiring 10 000s of employees for junior positions with no experience. I'd say in my personal opinion most of new hires during pandemic in companies like google were experienced professionals, so not so suprising to see the median being 11,5 years.
thats the median though, what about the average?
11.9 years* and average not median* my last grunt is that time is work experience not time on the job which was 2.5 years so yeah from the covid hiring spree, appreciate the reference though fam
Median is ideal so data is not skewed by folks who started within past 2 yrs
More experienced usually make more money, so it makes more sense to layoff the high paying ones to save more cost.
The layoffs were leadership fault. Yet they get a raise for their mistake while the rest are let go.
Start your own company. Problem solved.
They algo get stocks and lay-offs grow their assets.
start your own business or shut up and quit whining.
I graduated the summer of last year, and just want to say that the effects of layoffs have trickled down all the way to junior positions. Many companies that called me back took back the job openings midway through the interview process, and ended up freezing hiring or replacing those openings with more senior openings. I had more luck with landing interviews months ago before the layoffs got worse, ironically when my application wasn't as polished as now, and now I get radio silence. Arguably, mid- to senior-level people from big companies who got laid off still have it better than entry-level people, because smaller companies might still want to recruit them over those with less experience, and just give them more workload that previously would have been given to junior people. By the way I went back to school to change industry, and turns out jobs in this industry is also a sh*t show now, so I basically got punished for trying to adapt to the economy. Great.
Even when I saw it coming, even thought I deserved it in one case, getting fired is stressful. I feel for anyone going through it but it will make you prepare for bad times by saving money to make it easier the next time.
Even then, if you have a 6 figure salary tech sector job, especially over the last ten years, should have plenty saved up already, and if not, thats on them. Not the tax payer.
@@nunyadambusiness3530 You'd think that's a pretty obvious thing, but somehow frugality flies over people's heads...
early in my career I got tired of being laid off so I hired on in house with a utility company- worked there 40 yrs -no lay offs retired with fairly good pension/ looks like tech jobs are like construction jobs - feast or famine! good luck everyone!
cool
This is quite educational. It's crucial for newcomers to keep in mind that the financial markets are highly irrational in the short run. You should constantly be ready for the unexpected. That is how chance operates. Because of the inherent risks in the market, I always favor long-term investments.
These uncertainties will always be there. Thing is, every once in a while, the market does something so stupid it takes your breath away. If youre not ready for it, you shouldnt be in the market business. or get you a skilled practitioner.
@Zahair O'Brian Not bad at all. I know a lot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market. Could this coach that guides you help?
@Zahair O'Brian Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
TECH ? Tsss.. Amazon laid of thousands of warehouse workers too. 😕
cool
Maybe Tim Cook is the best CEO cause he was smart about hiring during the pandemic. I don't understand why the other CEOs thought the pandemic was going to last forever.
probably why I would prefer to work for smaller companies when possible. unfortunately these big corporations are mostly everywhere so even that's difficult to avoid.
Small companies depend on bigger corps too for business. Their layoffs are just not advertised
😮😮A business hires a bunch of people , then fire them as soon as new AI programs can replace them. There is no loyalty in business. Both companies and employees just don’t care about each other.
defeats the purpose of having companies
When you invest you're buying a day you don't have to work
Assets that can make you rich
Bitcoin
Stocks
Real estate
@@christopherhobb7702 You're right, it's obvious a lot of people remain poor due to ignorance
Investments are stepping stone to SUCCESS, Investing is what create wealth
"if you don't find a way to make money while you sleep you will have to work hard until you old".
This is not the first time I'm hearing about Catherine Woods and her trading exploits but I have no idea how to reach her
There was a huge hiring spree in the pandemic that had a huge amount of tech workers. With a low interest rate and people stuck at home, many were on shorter term contracts with tech companies. Another factor is that with the rise of interest rates, rising cost, and people returning back to the office, tech revenues are down from the lockdown era.
As per GRAPHIC J's comment, the median years of experience of those fired was 11.5 years.
@Luke there is also company underperforming like Meta.
They thought Facebook stock would do well. But it didnt. Companies sometimes slim down their budget to stay from going bankrupt.
@@zlonewolf meta were one of the companies that had a justified layoff, they were hemorrhaging billions of cash from the metaverse shenanigans. Amazon, Google and MSFT laid off out of 'whoops, we got to greedy and hired too many people, as we read the market wrong and thought the conditions of the lockdown would last indefinitely'
They don't do any real work. Nothing of value was lost.
I was calling this 10 years ago. It sucks, but when I was in high school, so many people wanted to go into tech, just because. Plus, I’m tech, the older you become the more of a lability you are. The tech evolves faster than one can learn it
Similar tech worker layoffs had happened around 2000. However, it is a distance memory. It was replacing expensive tech workers with dirt cheap tech workers from oversea. However, the future tech challenges will require a formal education other than just know how to code. The current technologies have been maturing for a decade. To a point, many tech companies don't need that many expensive (not dirt cheap anymore) tech workers to maintain existing products. The next big push will be in AI and Space Exploration Technology. The tech companies will be shifting their resources and focuses from their existing products to the new challenges.
Same here. Next up: collapse/depression
Going into tech isn't necessarily the problem. I think the majority of tech enthusiasts were aiming for the FAANG big boys. If you have a tech background and see the change occurring your tech ed could take you places. I'm a machine/process operator. Automation is an avenue. Most Americans are simply simple and 1 track minded.
Calling what exactly? Tech hasn’t collapsed and there are still companies that are hiring SWE. For example, my company hasn’t laid off anyone. Also tech doesn’t evolve faster than you can learn it if you are always learning new stuff. Some engineers are stuck in old ways of thinking but they get replaced.
Software engineers will be useful for many years to come. What you are seeing with FAANG is an over hiring spree.
I think tech workers are still needed. Start your own tech business if no one wants you. I was laid off and got back on track. Keep your heads up.
What no one is talking about is that the American tech workers were laid off while the tech companies opened tech new offices in India, Philippines and China.
This right here! Maybe because it's not politically correct and can make people come off as Xenophobic, but the truth is that the Outsourcing of tech Jobs to India and China is the true cause of layoffs. There's only so many finite positions and India is over saturating the American IT Industry. This is why new Grads in the U.S can't find STEM work in their own country!
Yup. I'm an Indian engineer and we are seeing a lot of growth these days. Every single American manufacturer now has a design office in India. We carry out all the product development operations so companies just have to set up manufacturing facilities and everything else is taken care of by us. Having a comparatively low CoL along with recent boom in infrastructure development has propelled Indian economy to become the new skilled workforce.
The problem is that these tech companies are very much oversaturated in the markets they are in. There is little growth left for a lot of these companies.
10K lay offs yet Zuck is still making billions…
No he doesn't banks make billions.
It's all about the money. They are just trying to keep more money. Even though they already make billions.
exactly
...And Apple, Google, Meta, and Amazon are Funded By U.S. Tax Payers in the Communist Re-Distribution of Wealth in The USA.
Tech is no longer a growth sector, but you can now compete with the entire subcontinent of India for a job whether it be here or abroad.
How is tech no longer a growth sector ?
@@calder6623 more people looking for jobs and less jobs being available.
@@Joe-ff4if but aren’t workers cut to save money, which would then be used in production making it’s long term growth greater?
@@calder6623America is mostly made up of smaller companies. They are starving for tech talent. Most engineers will be fine.
@@calder6623 Before I bought my house I lived in an apartment complex which was about 98% Indian ethnically. I had one person tell me that the reason they all move here is that when there is a job opening here it gets maybe 8-10 applicants. the same job in India will get hundreds of applicants.
All these execs making these “hard calls”’on dumping people yet taking massive bonuses & stock buybacks at record rates …
Some of those people they laid off will start companies that will end up competing with them.
I was always a bit confused why these companies hired so many people when a large part of their business model is automated
Some argue that they hire talents they don't need to keep them from working for competitors.
@@gilemal1469 joma tech said it's because they had disposable money to spend, so hired anyone, and now because of the recession they are "leaning" out excess basically
I can partly answer this. With the wfh set up, sales went up which lead to hiring more employees in various roles like product development, customer support, support engineers, project management and research. The automation can only cover so much, it still needed skillful people from robotics automation planning to execution.
There is no full automation yet. You still need people to create scripts and maintain them. Problems don't fix themselves. You need a team to triage any issue impacting your production environment.
What's interesting is that while the big tech companies are laying off tons of people, tech jobs in older legacy companies have been pretty secure.
You can be a software engineer working for Google or Facebook. You can also be a software engineer working for Walmart or CVS. Every major corporation, regardless of industry, needs tech people.
The title is not telling the truth. They fired useless female managers and employees that were eating and using their work environment for fun only. People that had no real job in the company! Females that brought in females for the soul purpose of doing nothing but using company recourses for private gains!!
Financial services
Because these ones were generating the largest profits , which in turn made their salaries high. High salaries equal frivolous spending on housing , cars , etc.
Basically once most take pay cuts and/or severance pkgs run out the money flow starts effecting other sectors. They won’t be able to afford lavish lifestyles with teslas, million dollar homes, eating out and so forth. In turn, the businesses revolving by their revenue (including banks) will be effected. They only care cus it’s the ppl at the top of pyramid & it’s another sign of us spiraling into a recession.
They are also laying off
You can get tech people in India who are so much cheaper. If tech people can work remote, then their jobs can be transferred offshore easily.
We’ll start to see the true effects of this in 6-9 mo tvs when severance packages run out and whether these employees have found other employment or are still searching.
If your on LinkedIn most are being hired in under 30 days. There are millions of companies around the country needing help with infrastructure and connectivity. They may make less, but if they move from California to Kansas does it bother them if they make $110k and buy a house for $290k overall it’s a pay raise in terms of affordability
@@RH-lg9uc Thats great for the ones that get hired early, if they all get hired then even better. I guess it gives credence to the idea that the big tech companies were hoarding talent. Do you think the trend will continue with all laid off workers? Eventually there may be more competition and more prospective hires willing to work for less which could push some out of the market because they refuse to work for less…they could then become unemployed or independent contractors , or even start their own companies creating competition with the big tech….
Layoffs are done to preserve management's late-year bonuses. They make the mistakes and lower level employees need to leave.
you know the fact that those companies are not the only companies? it does not mean companies laid off means economy are collapsing. as long as tech companies are providing service and the internet are up and running we will still live on.
Bottom line is more money to the stockholders.
Yes, thank you very much
It is not necessary for you to understand where the money goes since it is not your money
I’m conflicted because I am a stockholder and my kid also works at Google. I’d rather lose my entire investment than see her lose her job.
Sounds like META CEO should get laid off for making a bad decision and costing the company heaps of money.
For big techs, quiet hiring like short-term contract workers can be much preferred in the following years mainly because of the sudden erratic contraction of the markets and businesses. 🤔This probably indicates people in the labor market have to become more acclimatized to working in a volatile environment. The mindset toward this new labor environment comes not easy to be accepted by the masses, in terms of job security. I think many people would still mostly consider the factor of job security when seeking a job.
These mass tech workers fuel the economy. They spend so much, buy, take loans, they travel etc.., The more you put people out of workforce, the more everybody loses.
For example company B fires 10k people and replaces them with AI to make software. Let's assume the software is related to travel that helps users find cheap places to stay, book flights etc..,
B made this software more quickly & at a much lesser cost. They happily sell that software to company X. But who's gonna use that software now? If you use AI to replace the salaried employee who's gonna buy the product you're selling? AI?
@@deepeka134 From employers' perspective, it's not working that way. AI and robots are able to work 24 hours 7 days that human employees can never compete. Therefore, regarding the maximum profit and the minimum cost, nothing but AI and robots can be the best option for capitalists. What concern I think you put above was something that really worries the governments, not employers😅. Just let me be frank.
@@burgermanwu1907 It should worry the employers because who's gonna buy things that they produce with AI 24*7?
@@deepeka134 People usually find a way out to make a living even though AI and robots are getting stronger and more intelligent. I don't think it's urgently needed for many employers to consider if a part of people may lose their jobs for AI and may not be able to afford those products. If it were in fact a big concern for big potatoes, AI might never have a chance to develop and get more intelligent.
These are the best paid workers who has money to buy houses, nice cars, nice clothes, going to convert and travel. This is much bigger deal than lower paid workers laid off. Each of them support 3-4 other workers. The ripple effect is felt everywhere.
More then half the people that worked around me got fired, and this is true all this people were making good money
Too bad, the president doesn't have people who are good at economy to advise him. From the representative for china trade negotiation, interest rate, Russian Urkain war's effect on us, the freezing financing market. The president needs someone who can access situation accurately to advise him.
Agreed, most will not be able to afford a frivolous or luxury lifestyle anymore. This will effect banks( foreclosures), repossessions , property sales, moving, restaurants, apparel stores, etc. More mental health crisis, familial disputes, children behaviors ( some can’t cope with family financial change / changing schools/ or parents hiding it). Literally the list goes on and on…
This is another indicator of what ladies and gentlemen? a RECESSION! Please don’t be fooled by the media and economist saying we can escape it. It more than likely to occur especially with the effects of post pandemic price gouging, inflation, and shrinking. Keeping in mind minimal raises & salaries that can’t cover the basic COL.
Oh, my, I am buying a 2015 Ford focus. I have not owned a more than 6 year old car since I was 31. This is so devastating.
Well then these Tech companies should have clearly stipulated during their hiring process that they are “hiring these employees under a temporary/contract bases only”🙄Meanwhile big Executive and CEOs all get to keep their million dollar salaries/paychecks and company get to pump billions to their shareholders? GTFOH. Over hired? Please!
Agree even Walmart best buy and target say the work is seasonal or temporary
The companies werent expecting the economic situations to change, they initially hired a lot for permanent roles
@@johnsamuel1999 it was a gamble that only they were aware of
@@escobyte it wasnt a gamble, they genuinely expected the pandemic to last far longer and people yo develop new digital focused habits. Unfortunately for them, covid last far shorter than earlier expected. And people developthe opposite habits
@clot shots so everyone must suffer cause of it? It's not the only country at war.
It hurts the small businesses that surround and serve the employees of these giants. They fold, office space is no longer necessary, affecting RE prices. Rent is skyrocketing.
People are leaving, or dropping out altogether.
It will likely come back and bite them. The current cohort selecting what to study in university are shying away from tech jobs, as they don't want to go into a career where they can just be dropped for no justifiable reason, so they will instead go into more predictable secure roles....from a wired article: “Students right now are more worried about taking tech jobs,” says Nicholas Bloom, professor of economics at Stanford University. “These roles now come with a dose of fear that even if you get a job, it will be canceled before you begin, or worse, after three months.” At the same time senior engineers are less attracted to the large tech companies (FAANGS) and are instead considering smaller companies or different sectors (health, banking, finance etc).
Although the possibility of layoffs from all industries was always possible and tech was the last holdout but Google will still get 3 million applicants a year and now accept even less than 2% of them. Tech still pays the most with best benefits so they will remain the Holy Grail in employment for new grads.
Shareholders had to be paid instead of employees. 🤷♂️
@Malus fax
@Malus the government ...lmao
Thank you I’m an owner
Especially because of that idiots idea the Metaverse. Total garbage but yet idiot shareholders keep the idiot geniuses that created that money pit employed.
@@thanosianthemadtitanic
Government isnt a business cause its main focus is not making money or profit from its activities.
Many real reasons outlined here but fundamentally there is no demand for techie types. AI is taking over and more work volume and more work variety can be granted through a smaller workforce.
Nowadays everybody is just a temp worker.
Or no job at all because everyone is waiting for livable wages of $33/Hour or more; which is still poverty compared to millionaires and billionaires
The 18thousand amazon employees being laid off are corporate employees. This makes it seem like its warehouse employees.
I didn’t think it was anywhere near that number
Layoffs are horrible for the employee being laid off!!!
Why is anyone surprised at this, profit driven companies over hire, maximise profit and then downsize when it turns the other way.......this is business 101, if you've not seen this happen before you must be new to the game.
What they not telling us what type of tech workers are they laying of mainstream media is really slacking in reporting
The ones I’ve seen the most are HR Marketing and Product Management positions.
I hate publicly traded companies. “Oh no, investors are mad we aren’t making hands over fists more money this year. Better fire thousands of people. “
I think its good for society if fb no longer existed.
As someone who's been relying on Amazon for years, it's disheartening to witness the downfall of their customer service. Outsourcing to India has created a language barrier that makes it frustrating to seek assistance. Prioritizing shareholders over customer satisfaction is a shortsighted move. Let's hope Andy Jassy reevaluates its approach and returns the excellent service we once knew. #AmazonFail #CustomerExperienceMatters
We need to push congress to make these companies who have massive corporate coffers that lay people off to boost their stock to be held accountable. I want everyone reading this to write their congress man/woman for mandatory 5 year severance packages for any company that did not have to lay off and it's paid out of the billions in corporate coffers. Similarly how if you file bankruptcy you can't have a bunch of assets, they must be sold, yet corporations can use corporate greed and sit on billions and lay workers off to boost stock. Write your congressman today and tell them you want corporate reparations and mandatory 5 year severance packages for solvent companies that layoff as solvent companies for no needed reason except greed and numbers. They need to be held accountable. Write congress and demand a mandatory 5 year severance for any solvent company laying off needlessly.
So where just gona ignore non-tech layoffs in Disney and dell
You failed to mention with acquisitions ALWAYS come massive layoffs. You also failed to mention since we have been in recession for 14 months and it's just the tip of it, things will get far worse this year which will quadruple or more the layoff scenario. But facts aren't in the CNBC wheelhouse.
None of yall get it.... we are going to face labor shortages for the next decade. They saw this coming and overhired all young talent with potential, kept the cream of the crop, and dropped the rest.
Their overhiring is NOT a "mistake"
All before the fed interest rate hike while they still had the cheap loans
>> Some reasons big companies layoff large groups of employees: 1. Public companies want to have more money freed to pay their share holders without lowering assets.
2. Many in top positions want an increase in their salary and bonuses. Hence, massive layoffs to get that money for themselves.
3. To take the pressure off of management with a smaller employee staff moneywise and in future company growth projections.
4. The biggest layoff reason is to hire new employees at a lower salary for existing positions.
They should be OK because they made $200K+ before the laid-off.
@cnbc you should next do a segment on the Pharma/biotech layoffs over the past 1.5 months.
Economy is doing well according to Dementia.
Still waiting for the cuts to executive pay for this kind of planning
No more DEI. Hire those that are actually qualified.
2:55 This growth is going to be sustained forever - No rational person actually thinks things can grow forever
Exactly. They hired to address the needs during the pandemic, they're firing to address the needs during the recession. They will always address the company's needs, that's how business works.
I think what they meant is not the growth process itself but that the demand that became bigger in 2020 would stay that way forever (not necessarily grow more)
The whole point of capitalism is that growth is forever.
When you invest, you're buying a day you don't have to work
Assets that can make you rich
Bitcoin
Stocks
Real estate
You're right Sir, it's obvious a lot of people remain poor due to ignorance, it's better to take risks and make sacrifices than to remain poor
It's not ignorance but due to some unprofessional broker in the market
I'm from Spain i have been an investor in the crypto market for over 2 years now
Now is the best time to purchase and invest in Bitcoin, stop procrastinating!!
Fire the ceos who run these companies at google and others
My company just outsources to cheaper countries and saves millions. They also no longer have to tell employees to stop tiktok dancing during business hours.
Today is 2023, not 2000 anymore. Many India companies have been letting go so many workers.
Also important to call out is that CEOs like Satya Nadella are taking pay bumps (he went up 10% to $55 million), while cutting FTE jobs and outsourcing the positions to places like India where they can pay as little as $6/hour.
His pay is mostly based on stock options. You need to see what his actual salary without stock options is.
He should be outsourcing 1) so that money can be better spent investing in future products or buying back stock 2) so that those less fortunate Indians can have a job that pays really well for their area
Or, instead of stock buybacks to inflate share prices for shareholders, he could have a spine, and use that money to retain US engineers and pay their counterparts in India better. The amount of work that is funneled through offshore engineers is WILD, and the company reaps massive benefits without properly making sure they are well compensated. Instead, that money goes to feed the unending greed of Wall Street.
"outsourcing the positions to places like India where they can pay as little as $6/hour" Can you share the source?
Chat gpt thing is a goldmine. He deserves it
It's very distressing to see that top global companies are randomly firing thousands of employees. Most employees join these companies with the hope that they'll have a long and stable innings there. 😪
For all of you that was laid off or fired from a tech corporation, I feel for you. But anyone thinking you will make it in the tech industry needs to be corrected. These companies that are laying off or firing workers are not because of a lack of not earning a profit or hiring too many employees to meet the needs of a company. These companies resort to A.I. because the work can be accomplished cheaply and get the same results.
As a middle-aged male at 45 years old, I graduated with a Bachelor's in Management Information Systems eight years ago. I have yet to be aggressive in finding work in my field of study because I knew that companies like these would implement A.I. in their business and squeeze the ordinary worker out of a position.
As for my current job, Security officers may not appeal to 90% of the workforce, and many people in corporate America think that security officers are a joke and stupid. However, I'm safe in my current field. I can always move around without the threat of my job being cut because every corporate business will need security officers for a secure environment and to protect the assets of a corporation.
I Pray you are right and hope you are able to maintain a good job but am afraid you are Wrong.....I do NOT think there is ANY JOB SAFE FROM A.I.
I warned about this at least 10 years ago. No one believed it at the time. They sure do now.
The video should give a percentage of workers when speaking about companies layoffs
They are not getting fired. They are being made redundant.
More tech, less people.
If tech worker means working from home. Now those workers gotta pull of the pj’s and get they ass out the house and get back to work.
All the restaurants that are around these tech buildings…all the service jobs like waiters and delivery guys that provide foods to these workers…what do you think will happen to their jobs when there are these tech lay off?
Who cares? Tech has their little campus lives for a reason, so they don't support outside companies.
Only regional impact, capital will flow to other sectors.
We need to understand why Russia didn't focus on IT industry although having capability and resources and other European countries didn't consider IT backbone
Remember tech workers are only 4% of total workforce.
yes
This is what they missed in the bigger picture: They fired people because now with remote working and contractor-gig economy they can re-hire for the same positions at a fraction of the cost, so closing existing contracts made financial sense. They also are getting ready to implement AI which means less workforce is needed or tasks get completed faster (aka less work is needed). They also needed tho improve the appeal of their stock during the bear market to get more investors money. Those jobs are never coming back, surely not in the same amount or pay or conditions. The employment market needs to be better regulated and these companies need SEVERE backlash from the public every time there are mass layoffs. Companies inflict damage on people because they have no punishment for doing so, if a punishment is put in place then this is factored in into a cost/benefit analysis and they might act differently and not discard the people that work for them and made them who they are.
when you ask them why, they always answer why not
Companies offer employees a free environment in order to push employees to produce better fruits of labor. If employees failed to do so, they are no longer needed.
that's one way of putting it
This is probably a collective move to "outsource" employees and turn them into "contractors" so they don't get benefits, overtime, and other coverages...not to mention all those catering costs...
There's a lack of fresh ideas, and a plenty of hypothesis that will "maybe" work in the real world ...
Similar tech worker layoffs had happened around 2000. However, it is a distance memory. It was replacing expensive tech workers with dirt cheap tech workers from oversea. However, the future tech challenges will require a formal education other than just know how to code. The current technologies have been maturing for a decade. To a point, many tech companies don't need that many expensive (not dirt cheap anymore, "as per GRAPHIC J's comment, the median years of experience of those fired was 11.5 years") tech workers to maintain existing products. The next big push will be in AI and Space Exploration Technology. The tech companies will be shifting their resources and focuses from their existing products to the new challenges.
Not in space exploration maybe in medical and robotics line.
Why are you looking for another job when you could start your own company?
We could compete with Google or Amazon!
With What Capital ? Where does The Capital Come From ? Communist USA.
Come here in the PH, we are currently in a start-up boom. Need lots of techies.
People like the woman who bragged on social media about how she didnt actually did any work done had it coming, sadly those massive layoffs cut both good and bad workers.
People in Tech companies should’ve seen this coming 😂 they literally create the machines and software that reduces the amount of labour needed.. well done 👏 honestly, well done, I actually hate working, the sooner we get to social income the better, I say!
“They grew too quickly during the pandemic”. What a narrative. They’ve been making billions of dollars per year for the last 10 years 😂
Also finding out some employees are actually not doing much work.
Young people are moving farther and father left (liberal isn’t left) because of things like this. Although this is horrible, there has to be a breaking point for endless growth capitalism
this isnt capitalism
If you want socialism figure out how to build a time machine and go back to Russia in the 20's-80's there's your precious socialism. Be prepared to give up your Starbucks though! Also be prepared to go work in a tank/ballistic missiles factory for your entire life instead of a Twitch streamer or TH-camr!
why are the executives also not laid off because these mistakes of overhiring were done by them?
They just got caught over hiring.
It’s very Simple they over hired the last 3 years. Minor contraction
They thought the growth from the pandemic would last forever
Right....and mass money printing and ultra low interest rates had nothing to do with this....
REMEMBER WHEN YALL SAID, " LEARN TO CODE"? WELL LEARN TO COOK, I KNOW AMERICAN WOMEN DON'T KNOW HOW TO COOK, BUT NOW YOU JUST MIGHT HAVE TO LEARN.
American Tech companies have layoffs tens of thousands of workers. But strangely they seem not to show up in official American unemployment data. Why…?
The bulk of the tech layoffs in the USA, were foreign workers with H1B visa. The foreign workers with H1B visa are not permanent employees. They are considered contract workers.
An important caveat, the foreign workers with H1B visa who are layoffs, are not included in the official unemployment statistics.
The twist will be when tech is so cheap and accessible to make that the american companies wont have a reason to pay US rates.
Tech jobs only represent 2% of the economy. Many engineers are needed in other fields.
Yeah they are being hired quickly by other companies. Network setup, device deployment, and other things will generally always remain stateside.
healthcare
So does this mean I won't get my Amazon package sent day delivery if order before 10...🤔
You are witnessing Financial Collapse in real time.
It means I dropped down to part time in college and started working more.
Software engineers are overpaid, so its natural that at some point it happenes
Because Canada increased cpp, and ei contributions, to an already expensive deduction system, which most Canadians never see.
Because in the USA... they are going to make way for American talent. Put USA citizens first!!
Don't feel bad for this techies..... they make more in a WEEK than YOU make in two months!!
Do you get any form of compensation if you get laid-off in America? What about a 30 or 60-day notice? I'm curious because its different in other countries.
It’ll depend on the company. My company laid us off the day of, but paid us out 90 days worth of work.
@@Chelseabee419 That doesn't sound too bad...
@Berahlen That doesn't sound too bad...
@Berahlen Its not legally required by law in my country of Malaysia as well, but from stories I heard from my buddies working at the local branches of multi-national companies like Christian Dior and Nestle is that they have Voluntary Separation Schemes (VSS). Its not REALLY voluntary, more like, STRONGLY encouraged, but you get paid based on the number of years served. My friend worked for Christian Dior for 9 years, so she got 9 months pay when she "voluntarily" left....
@Berahlen Damn