Why Do Tech Companies Hire and Fire So Much?
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- เผยแพร่เมื่อ 26 ก.พ. 2023
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Edited By: Andrew Gonzales
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#finance #careers #technology
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The big tech companies have been on a firing spree in the past six month. Google’s parent company Alphabet recently announced that they would be cutting 12,000 jobs globally, Microsoft has already laid off 10,000 workers, and Amazon is getting rid of 18,000 workers the largest job cut in the company’s 29-year history.
Those are just the companies that are doing well… Facebook is laying off 13% of its workforce because their big play on the metaverse has failed to excite investors and then there is twitter which laid off half of its workforce and then hired some of them back and then fired them again.
Times are tough for businesses and executives are being pressured by investors to make cuts wherever they can. The easiest and quickest way for businesses to save on expenses is to cut out new projects and lay off the staff working on them. There three reasons that tech companies in particular hire so many people and three reasons why they fire so many people just as quickly.
The first reason they had so many employees to begin with is because the largest employers in the tech space have been on a diversification spree. The largest tech companies (with the exception of Amazon which employs a large amount of workers in its distribution centers) can run with much smaller crews than they currently do. Software is highly scalable, a single developer can produce an application that is downloaded by millions of people, which is impossible for any other type of business.
Compare a company like Meta to a Company like Walmart and the difference is clear, Walmart has a similar market cap but employs twenty-five times as many staff, mostly in it’s stores and warehouses across the country. The only other industry that comes close is the pharmaceutical industry with research and development teams that create medicines that can be mass produced once they get through the FDA approval process.
However, companies like Microsoft, Meta, Alphabet, Amazon and Apple have all hired a lot of extra staff that they don’t need to run their business. The biggest tech companies in the world are running into the problem of simply not having enough people in the world left to offer their services to. Meta’s stock price is currently down more than 50% from it’s all time high just eighteen months ago. The selloff began when the company announced for the first time ever that it had lost more users than it had gained in the trailing quarter.
Facebook is the most used social media network in the world with 2.96 billion active users as of the fourth quarter of 2022, but now anybody that wants a Facebook account has one, and anybody else either doesn’t have access to the internet, lives in a country where Facebook is not available or is simply not interested in joining mark Zuckerberg’s online social club. The growth of any company depends on being able to achieve one of three things. One, sell their products to more customers, two, charge their customers more for the same products, or three sell a wider variety of products to existing customers.
New consumer privacy protections, data storage laws, and advertising standards have stopped Facebook from being able to take this plan any further and the company is currently at the peak of what it can charge companies to run ads on its platform.
Meta has also been trying to grow it’s range of product offerings by developing new social platforms like the metaverse internally. The metaverse has been a multi-billion dollar investment that involved hiring thousands of talented developers and engineers to build a unique but so far unsuccessful alternative to living in the real world.
Meta is not the only company that is constantly trying to diversify what they do, Google has dozens of programs working at any given time that take teams of thousands of engineers to work on and a lot of them won’t ever get brough to market. Other tech companies have similar side projects like AI which is an especially popular product right now that a lot of companies are racing to commercialize but they all required more employees.
So it’s time to learn how Money Works to find out why if hiring people is the only way left to achieve growth, why these companies are just as quick to fire them.
Companies used to hire enough staff to handle peak demand and then during slower periods work would be chill for everyone. Now they are only staffed just enough to get through average demand. They hire like crazy during booms, and then lay people off at the drop of a hat when demand falls again. It's the neoliberal "flexible" labour market. It's alright in programming because the work is well paid but it's in every other industry now and that's really shitty for people whose skills aren't as in demand.
Sounds like free market capitalism to me
@@DavidVillaTorresounds like you would change your tune if you were on the receiving end
@@gbogdan3528 eh, is he wrong that this is exactly how a free market works by default though? It's not great but it's reality for most of us...
@G Bogdan I mean the dude never claimed it was a good thing. Free market capitalism has always been a terrible idea.
@@DavidVillaTorre it is. and free market capitalism is absolute crap
Tallented is a bit generous.
I’ve seen 4 person teams make better looking games than what meta shat out
The core development in VRchat was $15 mil
The devs have to conform to what corporate wants
Did they write their own engine and everything?
@@subjekt5577 fair point. But then on the other hand whatever they did with meta looks worse then World of warcraft, a game nearly 20 years old
Exactly, the point is in creating something that fulfill the audience or at least a certain audience that can be sustainable
Bruh , I was planning to become the 1st Polar bear to get a job in tech but now I think I should change my career plans
I can teach you python, c and Java
@@Banditxam4teach me
Python felt the same now look where he's now
@@PenduLover02 nice one
Dont give up, if anything you could be the token diversity hire and pave the way for all bears 🤔
"Hey babe, looking a bit old. Here you go." Heh
"just to make sure our love will last heh"
😂lol
Yeah I was very disgusted at the language the sponsor made him use to sell that product. I hope nobody buys it.
"should help with the wrinkles". Heh
for $12.99/month, I will tell your loved ones that they are looking haggard, so you don't have to
Realistically we could treat steady revenue as "good enough" instead of expecting unending growth something that's impossible anyways.
Not for a company with shareholders unfortunately.
This is why I only invest in profitable companies that pay a dividend.
Inflation is a thing. Steady revenues means you’re shrinking. Companies shrink and that’s fine but the world is not stagnant. New solutions will come around and provide more value to your consumers and leave your business behind. There’s no place for complacency in business
@@michaelali4488 this is false, if a companies expenses and revenue are going up or even remaining steady that means they are keeping up with inflation.
Inflation is reflected in the costs of operating. If expenses go up and revenues stay the same then they are shrinking.
@@hopelessdecoy You just explained why it’s true.
That sponsor. Oof. "Scientifically proven to..." Yeah buddy, sure. That and every other late-night infomercial piece of de-aging health junk.
69 muscles lol...
I just want to know why so many TH-camrs destroy their own credibility backing sketchy ass products.. oh yeah money
We're watching this video for free and he's gotta pay the bills somehow.
@lateoclock4281 idk bout you but I have youtube premium and many others have to watch ads. Everyone else is pirating the video. This channel is now trash 🗑
@@lateoclock4281 it objectively isn’t free. Free is not without money, free is without cost. You pay far more than you should for what the creator receives in monetary compensation.
Stop pretending this platform runs on magical fairy dust. You have had value extracted from you. The financial compensation provided to the content creator is roughly 1/30th what was extracted, and that’s just by time, ignoring the data collection that’s also being sold.
It isn’t free. It was never free.
It is a business, and cannot ever be free.
They have deceived you about the costs. Stop unintentionally spreading corporate propaganda. The viewers have all the value that is being extracted in this system.
As a woman- do NOT purchase your girlfriend/wife an anti aging device lol. We will not like that.
But you women are aging like milk
Sure, but a lady could still buy it herself. I mean you stretch your face and put all shorts of dried-up-camel-feces on it, don't you ?
I was thinking the same thing. I hope his girlfriend complained about aging first and he came to help. Not gift this to her without her asking.
What has this to do with the video???
@@LorenzoCucurachi it's the video sponsor lol did you even watch
this is the first i heard of non compete agreements and honestly the whole shit sounds insane to me. why is it legal for employers to prevent their former employees from getting another job elsewhere?
Its specifically to prevent employees from taking company secrets and using them to open their own business which causes the original company to lose money.
The original intent was something like, take Carl the Car guy. He makes a fantastic autorepair business, decides he's had enough of it 20 years in and retires by selling the business. Say, 2 months into retirement, he decides he wants to open another auto repair business. So, he uses his name and influence to open a new business just across the road from the one he sold and takes a majority of his old business's customers.
That situation is what non-competes generally try to prevent. Good Faith non-competes are typically limited to a specific area and have a time limit on them. Nationwide and/or indefinite length non-competes are not good faith.
@@xana3961 i get that but still i think those considerations should be second to the workers' ability to rejoin the workforce if they want to. the problem i see nowadays is the disconnect between 'you have to work to survive' and '...but only the best get work'. if we need to work to survive, and we do, i think we should be doing everything in our power to ensure somehow that anybody who wants to work can.
@@xana3961 I disagree. Non-disclosure contracts and patents are more than sufficient to protect company assets and "secrets". Non-competes are precisely that: a measure to prevent former employees from becoming competition (making a start-up or joining a competitor company). It's just a slimy backdoor practice for maintaining a monopoly - while on the surface-level not openly going against current anti-monopoly legislatures. It's a legal loophole that needs to be closed.
The same people/corps who benefitted from free market capitalism during their growth, and the same people who'd praise free market when it suits them (for example, when campaigning against govt regulations, health&safety, unions etc.) - these are the same people who deliberately undermine said free market via non-competes and other such legal monopoly-proxies.
@@augustaseptemberova5664 Although banning NDA's is basically the same as cancelling IP protection. China is doing a great job at legally stealing IP's as fast as it could. The whole point of patent was developed during the medieval times for financial growth, since there was no point for improvement prior to that when it came to anything.
Greed and fear. There. Summed up.
That bear thing sounds ridiculous "improve your relationship" 😂, how much did they pay you for this?
The bubble has burst for these tech companies and the monopolies
The bubble is fine for companies. They rather pay investors than raise employees pay.
@@jemiebridges3197 Investors are the main reason your favourite products exist. They put tons of money on something that might be worthless and useless in a few days which is also the reason why they want return on investment. That way investors make money when the thing they invested goes off and in turn have more money to invest. To begin with most people are irresponsible and dont care about money because they will just get another wage next month. If you raise people's salaries they will have more money to waste which in turn will mean that companies can now start pricing their lets say phones for 1500 instead of 500 apple. That way you will want another raise because now the money you got isnt enough
Their monopolies should be broken up.
For real about the bear haha
lol yes do not buy that for your girlfriend
Managers dgaf about sustainable and maintainable software. Then it gets too complex to change and the people who know to navigate the mess leave. Then managers need to do panic reactions to validate their existence, even if just waiting for devs to fix/refactor/rewrite would do the trick, because doing nothing gets them fired.
very true mangers are the most useless ones many times they don't even know the technical work.
These companies were never hiring that many anyway. This whole "shortage of developers" has been a lie for a long time. It's a scam invented by the IT industry.
And propagated and maintained by influencers and business that sell courses
Yup. Just a myth used to encourage new graduates to flood the market and drive down salaries
Some companies (aka savvy lawyers) forsaw this coming a decade ago. In a lot of jobs you normally won't have a non-compete tied to your employment, but your bonuses, options, etc. It's also a risk to the company trying to enforce non-compete clauses, big companies don't have this "risk".
If your job is directly linked to generating revenue you will normally be safe, unless the whole company goes under. IT company often employs a lot of non revenue generating employees when times are good, which tend top go when times are bad.
Aka stay in complex sales
@@Zoranurai13 You are spot on. That was my strategy as well.
@@Zoranurai13 better yet. Learn how to sale to govt. good to great pay and it’s portable, job security no matter what industry.
@@newagain9964 yes. Be relevant and you will be one of the last people that get laid off.
@@777rando bruh. doesn’t work that way. And how would you feel watching a whole bunch of executions…u really think you’re exempt??
That sponsor feels so random and off-putting and I can't tell if it's a scam or not because of how unfamiliar I and a lot of other people are.
If a company adverts directly in videos, i generally assume they're a scam
@@angrydragonslayer I've tried/looked into 5 youtube uploader ads in the past, and literally all 5 of them were bunk. Vessi, some VPN, some Headphones, "Better" Help (lol), "become a l0rD by buying deeds!". All crap. Also I don't know a single human being who actually liked RAID SHADOW LEGENDS!~!!! as the most popular game I know of is Genshin Impact.
@@shadesofblue8425 yeah, literally only thing that isnt a scam as far as i know is displate and even then, they seem to have lied about sales to IP-owners to decrease royalties
the rule of thumb you should live by: if it's advertized by a youtuber, it's shit. content creators do ads to pay for their life of reading scripted text and editing random clips together in their room. not to provide you with a useful product
Use SponsorBlock my friend, it'll change your life.
I remember the Y2K crisis 25 years ago. Everybody I knew in IT had their salary triple or more. Then after the work was done and society did not collapse they were all laid off. But they all stayed unemployed for the next two years because they felt the higher salary was the new normal and they wouldn't accept a position for less.
The Y2K crisis was real and society did not collapse because the programmers fixed the problem in time (mostly). Given that, I think we are just starting the denial phase of those who were laid off now, and many might be thinking that the salary bubble in the last two years was the new normal.
They "ALL" stayed unemployed? Doesn't sound real.
@@pila1280 clown
That's definitely a "normal rate +30%" sponsor lol
That bear ad was the scammiest ad I’ve seen in a long time.
And really shitty to give that to your partner, I'd be pissed if my boyfriend bought me anti aging crap.
“Hey girl, you’re looking old these days. On this Valentine’s Day, I want to show you what my sponsor sent me and you could use it to be less ugly.” Lmao. My partner buying me a new skincare set of something I already said I wanted or already planned to repurchase is one thing but a whole new device is insulting.
@@ampersignia lmao my thoughts exactly.
Giving a valentines gift that imply your parter is an ugly hag isn't very flattering
It's not cheap either. A lot of women who buy these products usually just end up leaving them in the drawer and regretting wasting their money. At that price, you might as well just get one round filler or botox.
getting a facelift because you love your significant other is kind of a weird marketing
You should vet your sponsorships more it looks trashy when you ad read products like that
It is always worth emphasizing that most companies lay off to the smallest number required to maintain their current workload. Hire for the project, fire until you have just enough to maintain the product, and rehire once a new project comes along.
Now they are started firing and hiring in India instead - I know at least 2 big tech companies and 1 big bank(non-tech company, technically) that did this in the last 3 months.
@@aliancemd it's rare for a company to "start" outsourcing these days. Unless I miss my guess, they are in worse financial straits than they want to let on, and they're hoping cheap offshore labor will keep the lights on.
I have rarely seen it work. By and large, imported and offshore developers are less capable of solving problems that don't have step-by-step instructions.
Off the cuff, I would say it takes about 3 offshore workers to replace one entry-level worker, and no amount will replace a mid- to senior-level worker worth his salary.
I'm an engineer and it hurts to say this, but engineers are crappy managers. What you are describing is crappy, incompetent management just as the video claims. When you have a "project" you bring in consultants and contractors who do projects all the time. You don't actually hire thousands of actual employees only to actually fire them later. Normal companies just hire who they need to maintain steady ops because layoffs are cultural cancer long after the layoffs are over. Where I work, if you suggest adding even 1 person of headcount it's like you said you were late to the meeting because you were watching gay porn. No one even thinks of it.
In Europe a lot of people claim to have been hired and are doing nothing. seriously nothing
The push back is, most IT workers are highly independent, especially the highly skilled ones. Tack on the lack of loyalty, and expected behavior of major firms, and you see folks simply choosing to work in a different industry altogether. That's a bit of a brain drain.
Take myself as an example: 8 years in the industry, in multiple different areas and expertise in several high demand areas. Been laid off a couple of times and forced to quit other times. Do I trust any company that will hire me? No, I expect them to ignore my advice, and suffer the consequences for it. Will I work in that sort of environment again? Probably not, as long as I find another revenue stream.
The funny bit is, as a highly motivated and industrious man, I know I will find a way to make a living.
So the companies are now gambling with men like myself that we will be willing to work for them at what they ask for. Problem is, no we are not. Money is not the issue, it is what the company is about that determines if we will work for them. Sure they can go foreign, but the productivity will be halved at best, for a worse product.
Yeah that's a good mindset to have and I am glad you are doing this since I will benefit from it as well. these tech companies will outsource some jobs to my country and that will raise salaries for me as well we usually get 1/3 of what a usa based software engineer gets paid but its still about 10 times the median income here.
@@anustubhmishra yes, and no. Most companies already maxed out their legal limits of foreign high skill work.
@@youngthinker1 I don't know the laws there but I doubt there is any legal limit to how much you can outsource work, which is what the commenter you are responding to has said. Any company is free to absolutely cut their entire tech division and outsource their tech work to another company anywhere else if they so desire.
Exactly. I don’t think they realize they are paying in loyalty. Not sure they are still sought as the place to be. I would ask a lot more to work there and some of my peers are of the same idea.
@@edumazieri Not in the US. On a federal level, the number of high skill visas allowed is highly limited, and more specialized, after the mid 2000's when Disney did exactly what you said.
Individual states limit the amount of workers outside of said location to prevent companies from saying they want the tax and legal protection of state A, but workers in state B are cheaper. That effects foreign workers too.
It is true that a developer can produce something for millions to use however it takes a LONG time and also you'll need maintance, updates, customer service, etc.
Software ain't a 1 man job
I've been solo developing a Zynga poker copy for 4 years, LONG is on point
You'd be surprised what solo devs have written.
@@zinjanthropus322 but compare that time to entire team. One man can do limited thing in 24h as he is still human.
@@comradeblin256 That's not how software scales. More people don't necessarily mean you're any closer to the goal. One guy can write something in a thousand lines that a hundred fail to do in a million lines of code.
@@zinjanthropus322 that means the team have IQ of average IQ divided by how many people in the team or just plain lazy.
Jokes aside, Can't blame em. Programmers worked their ass off everyday and its likely that one day they fed up with everything and just work to for a minimum target. (a team so often just there for the pay, not solo dev who is likely to be passionate about his project).
It’s so frustrating that fields like healthcare and engineering (for example my field wastewater) have good pay, good hours, only need a bachelors, and extremely fulfilling work (literally fixing sewers is great) have such crazy shortages while there are all these nebulous “tech” jobs that seem like complete bullshit. My job has been around for four thousand years and isn’t going anywhere
It is frustrating. At the same time, many people got scared away from those sort of jobs when they were younger. People keep saying "the trades! The trades!" Well when I tried working in two blue collar jobs, I got hazed, made fun of for being gay, and had to deal with either people being really trashy, or horrible conditions, such as no bathrooms for hours
@@istvanpraha man, that would make me say “fuck it, guess I’ll learn to code”
@@ThomasCWiley "if this job is illogical might as well learn how computers have logic"
"I don't understand it, so it's bullshit" What are you on about dude? U call yourselves an engineer, a field with plenty of confusing and "Why does this exist?" positions of it's own
@@fryphillipj560 pretty sure op meant something on the lines of "if you can't explain in a single sentence what you work with, you probably work in a BS job, that only exists to fill the chain of corporate bureaucracy" e. g "Internal Metrics Supervisor" or "lead Customer Marketing Associate"
Because they don't need any programmers to get so capable that they become irreplaceable, reach seniority and demand too much pay.
This is truly what's happening.
the only people that reach seniority in these companies are those that are part of the Clique, everyone else is disposable
As a programmer… I can assure you we have both too many and too few… too many because my salary is sagging… too few because I’m actually getting assignments regularly and this isn’t sustainable
o no you have to work. boo hoo
I mean, having regular assignments doesn't sound bad? I'm assuming that was a joke, which is hard to tell over text like this sometimes. I'm just about to switch into the tech industry after 7 years of being a shop and math teacher, and let me tell you, I am EXCITED for merely regular assignments, rather than the "teach 5 separate levels of math every day" that I've been doing this year.
@@donglerongle3109 lol I don’t think you can read
@@evanbarnes9984 By regular assignments he means doing two or more jobs worth of work because management is incompetent. There is no shortage of workers, there is a massive shortage of competent managers.
@evanbarnes9984 when an assignment can take 2 weeks of concerted effort, getting them more often than every 2 weeks is unsustainable.
Also, The stock market unfortunately rewards companies that fire people.
Explain to me please
@@bossle6834 Fire people > Less overhead > More money for stock buybacks and dividends > More people buying stock > More money for existing investors
If they keep firing people they can't run the company, don't think from your ass.
@@kratos4435 We of course dont mean, that you fire all the people... I guess you are using your ass to speak...
You clearly don't know how it works
No reason not to fire the overpaid diversity officers that were primarily busy with filming a day in the life tiktoks.
Hahaha true
Well said. Nobody is firing good software developers, they are in huge demand. But they are firing people that basically do nothing.
Maybe just dont hire them in the first place?
They have to hire them, how else will they get that pandemic money without heavy tax. Firing them is how you cash in 💰
How would you explain then people with 10+ years of experience and seniors being fired? Or people who were JUST promoted? How does that make sense?
Regarding non-compete. They usually aren't infinite and can often be only be 2yrs. Secondly in regards to removing non-compete, any AI work will need high capital for training. Well that does depend on the model type as well as the application.
A lot of R&D for comp Sci is done for free by universities and competitions.
My dad is a software engineer. I watched him get laid off and rehired many times over his career. From watching him I decided to pursue a less profitable career but more steady. Great salaries, tech workers, but it's a busy life!
I'm going to guess you're based in the US?
So, which career did you settle on?
It also depends on who you work for. Usually government or contract companies are more stable but less profitable
Well, i would choose the opposite, work in different enviroments along the years gaining more, seems way better than stay in the same place too long and gain less
I watched family in the field go through the same thing as well. That's why I chose a different field.
Of course the obsession with growing for the sake of growth is what kills businesses that could have been fine providing their product portfolio and pay dividends while maintaining services and conservatively branching out into new product options. Instead they lose by trying to hastily grow in every direction all at once.
Deleting comments talking about your scam ad. That’s insane
If this comment isn’t deleted and somebody sees this the top comment on the video was about his scam ad and had 8 replies. It’s no longer showing in the comment section. Some comments are still up about his scam ad (for now) but many others have disappeared
Did he actually
@@Goldbonds Yes many comments
Currently top comment, so...
Can you elaborate what's the scam ad
Come on man... BEAR ad?
I did a quick reddit search and the people sound happy. do you have info pointing that it's a scam?
@@ezekiel0606 it might be a joke about bear market
The notion that big high techs companies hire not because they need to but just to prevent these engineers to work for other companies is mind buggling. That could explain why my friends at facebook and google don't work as much - they don't need to.
I feel the exact same way. I literally do nothing at work, whenever there is something, I immediately finish it. Thinking into going somewhere where I can actually learn things and be useful.
@@WetPigwhere do you work?
@@diogoantunes5473 Tech/Automotive sector.
"Tech salaries and bonuses are high" in the really big Silicon Valley world. For most other companies, while compensation is hardly bad, it's far lower than you would think.
For every new Google hire making the functional equivalent of $100/hr, there are hundreds of programmers getting closer to $25/hr worked, often with no time off.
That's horrible! But true most of those high paid workers have to work on site and live close to Silicon Valley.
The median annual wage for all tech workers is 97k. Who is making 25/hr 5+ years into their career? I've seen new grad offers as high as 220k/yr before.
Absolutely there are time off even for slaves fool.
@Meta_data "median annual wage" for a career that people will work for 40 years is less than 97k, meaning that fully half the wages are at or below 97k. I want to tell you, from experience, that it can take 10 years or more to hit that median, even if you're very good.
I worked with a guy who designed and built our whole IT infrastructure, and he was making $72k annually. He punched in at 8, punched out around 7, and was usually working on Saturdays. At 48 work weeks (which is generous, considering how little PTO he took), it shakes out to around $23/hr after 10 years in the industry.
@@robertbeisert3315 25/hr is extremely lackluster for tech salaries, especially if you have 10 years of experience and are "very good." I would consider a new company after that. Just look on levels to see what new grads are being offered. I am a 3rd year CS major and have already secured return offers of ~125k/yr, and this wasn't even at a big tech company. I know plenty of others with similar stories.
Do you literally take any sponsor that offers you cash?
Yes because, he knows -
How money works lol
@@TheAlchemist1089 💥 😂
Did he just cut it out? I see all of these comments complaining about the sponsor, but there is only a short segment at the end that he presumably forgot to delete?
It does make sense that Facebook users are going down in number... a lot of older people are dying and they never really recovered from the Cambridge Analytica scandal...
Teenagers are more into Twitter and Instagram than Facebook.
@@javier.alvarez764my dear Facebook owns ig
5:53
What is that advert if not snake oil, man.
Did he just cut it out? I see all of these comments complaining about the sponsor, but there is only a short segment at the end that he presumably forgot to delete?
The noncomepte rules are one of the only things that work better in Brazil. Companies can put a non compete clause, but they do need to continue to pay the base salary to the employee as long as the non compete is valid.
Sério? Onde posso ler mais sobre isso?
In Washington non-compete clauses are not enforceable on anyone making less than 100k. So if you aren’t making six figures you’re free to disregard them.
Tu consegue linkar o artigo dessa lei? Interessantíssimo pra nós dev
My team let go of a younger employee. Two years and he never had a deliverable. Two Years. And now we are cutting the "Values" people. It feels good to work to make my life better. but I am loath to work to give a DEI officer a living. Additionally Most non compete agreements are unenforceable, California already doesn't enforce them.
why didn't you fire him sooner? two years without providing anything of value? doesn't make any sense
@@aid5671 when you have a "shortage" of a specific set of skills, you will will try to make them right if the times are good. Plus he made the team esg friendly. Now that the times are tougher, that is out the window. Until times get better and the non-contributors HR types find something else to latch onto in LinkedIn.
@@aid5671 because he’s lying 😂. I seen people get go because “Tom can do that”
That's why people cut big task into small cut you can do in 1 or 2 week. You would have seen the work and can be saved.
NCAs should at least be nullified when employees are laid off. That would stop companies from laying off so many people.
This is what at-will employment gets us. Capital has all the power and the workers get screwed. Worker rights are considered socialism here. "Freedom" only matters for money and power
Because they physically could not possibly care any less at all about their workers, and because job stability is a mythical thing of the past, spoken of in hushed whispers of legendary times gone by. The days of getting a job, a house, a wife and 3 kids, growing old and retiring when you're 60 are long dead and buried. Now we live in an era whereby you get made redundant in 5 years and then you starve to death on the streets. Good luck. Welcome to the new technocratic dystopian future and the gig economy. Remember, you're expendable and you're an "independent contractor" which means that you get no workers' rights. You struggle to survive or you die. That's it.
You sound smart
💯
Job stability isn't really that big of a deal in tech. I really doubt the people that got fired will have any trouble finding new jobs, though they probably won't pay quite as much as those biggest tech corporations did.
@@JAN0L
Stressing about losing your job and if you can make rent without one as you try to find another one isn't healthy, and doesn't provide the financial stability they need to start a family.
@@JAN0L rubbish. I have watched this industry continue to die since 2000. People think it’s a booming sector but it’s nothing to what it was. Nearly all the old timers have nothing to do with the industry now.
I'm a software developer and never been laid off, wanna know why? Because I don't live in the US and we actually have laws that provide workers with rights. I know it's a crazy idea right? these laws allow in turn for consultacy companies and outsourcing companies to strive, most companies here only hire a few devs to keep up the software ecosystem and hire consultancy companies services to implement new solutions.
How much do you earn? I you don't mind sharing
Restrictions on firing are a bad idea. They make companies less likely to hire.
In the US, I can also leave my job with no notice for any reason. Workers have the same right as the employer, it’s a voluntary at-will relationship at the pleasure of both parties.
If both parties wanted a contract that made it hard to end the relationship, they certainly could.
@@enclave6285 I agree, but maybe best not to generalize, I'm sure some worker and employer protection laws have good reason to be in place. Sometimes firing is a good thing, for both parties, but giving companies the option of hiring and firing easily can be quite damaging to both parties too.
You guys also make 3x less than us, and your costs of living are still on our level.
I am currently working as a data scientist, and everyone in my team data scientists don't even know basic programming(It's a Tier one investment bank). This sector has expanded too quickily, and many people with the incorrect skill sets have gotten in because of the money but are not capable of doing the work.
What country and bank if I may ask? If you can’t name the bank, country at least :)
@@MrgLoRybLue UK
careers have always been competitive. you need to look outside of the box
That's why I decided to become an actuary instead of a tech developer. Simply because the actuarial career pays equally or more, and is far more stable.
Yeah but the math as an actuary is way WAY WAY harder than any math you’ll do in tech
@@rl1271 depends on the job, codec and graphics programmers use very advanced math
Reasonable noncompete clause during employment is acceptable, but employers should not have any right to even ask let alone force any kind of noncompete agreement or anything that restricts individual's personal life and career after the employment relationship ends.
I think you should add the reason that up until last year, we were in an era of very low interest rates.
Non-compete clauses should be banned and cknsidered illegal everywhere. Confidentialiaty clauses are enough to protect legitimate business interests
Bro, those aren't even enforceable. LMFAO.
@@Darth_Bateman those - which ones? Confidentiality? Or non-compete?
@@pau8727 Non compete.
You see the same pattern in industrial construction, like with power plants, factories, and large buildings. But in addition to job based hiring & firing, they are also fishing for the rockstars. Programming is a field where a very good person might be several times more productive than a mediocre one. That's unlikely to happen in, say, accounting or internal audit.
But that's a completely idiotic thing to go for, unless you're paying massive amounts of money.
Good programmers might write a lot of code, but they might also do all the little things that let others move faster. Some people are great at tutoring the newbies, and showing them how things are done here and why, and the ways you can influence that. (We didn't hire you because you were stupid, after all.) Some people are great at automating away stuff that you don't want to do. My last position, the build server would move JIRA tickets automatically when you deployed, so you didn't have to do it. There are words that describe how annoying it is to manually move JIRA tickets, but TH-cam would ban me if I wrote them.
There's all sorts of really useful things that people might be good at but they're never going to be the rockstars for doing them.
@@HrHaakon Those things are difficult to measure, and so tend to be ignored.
"several times more productive than a mediocre one" that is quite an overstatement. What you can have is someone with a lot of domain knowledge and specific tech knowledge, but it is rarely about being "good" or "mediocre". Past a certain amount of years of work experience and solidification of skills, it's a combination of things that make them be very good at a very specific thing, and if they get hired for that specific task people think they are gods. You may have a few exceptions of exceptionally brilliant programmers, but those are basically unicorns. You still have to learn on the job no matter what.
When you can get around 4% risk free. Companies now have to show why investors should risk money. IT people will be in great demand in the future.
How would you get 4% risk free, were not talking about a few thousand but billions of dollars.
@@makuru_dd3662 He probably means that investors can just do passive investing for a ~4% effective profit after inflation (this number is just a thumb rule). Instead of risking money investing actively in particular companies.
@@kebien6020 yeah but at that scale it's a whole lot more complicated.
Dude love your videos but promoting such a scam as a "energizing bear" is low.
Yeah, glad to hear I’m not the only one who was weirded out by that sponsor segment. Seems times are tough for TH-camrs too
gotta pay the bills :/ some sell their integrity at varying degrees of cost
was thinking the exact same thing! scooping a bit too low!
“Show your partner you love them” wow that’s low lol like come on
Being from the industry myself, what I also saw happening a lot in the last year is companies firing people who were hired during the pandemic when the bussiness was booming, and now that we are all basically free to go anywhere again, things calmed down and they had LOTS of hired people who weren't doing anything and/or were just bad at their job, consequently many companies are firing these unproductive staff.
There hasn't been a single person I knew that was good at their job in tech who were fired, only those who were barely trying were.
How's that boot taste?
@@cooljonathan LOL Seriously. My guy thinks those executive managers are really good at their jobs and work soooo hard
@@cooljonathan Which company sucked you?
@@MikeBNumba6 Maybe you should try getting a job.
if you had to suck off management to keep your job, you can just say that
Reason 4: immediate shut off of email/access due to disgruntled former engineers deleting their data/backups/destroying things.
Generally speaking the company is likely to disable access before they tell you just for this reason. Hell some people find out when they lose access.
They'll have a list of employees getting the boot forwarded to IT along with times of meetings. Manager will put a 15 min on your calendar for a "quick chat", HR joins, access is removed during this call.
You can do just fine as a senior developer making a product nobody actually needs, regardless of the conditions of the VC valley.
People acting like this is entirely a meritocratic correction are off the rocker. It’s a job, like many other jobs. You’re there to solve a problem or take some part of the problem away for some other person. If the problem isn’t important enough when the budget tightens, you’re on the block regardless of seniority or ability or chosen specialty.
The boot camp junior hire or strawman DEI officer are unrelated to the justification of your team/product set.
this is me
That’s the problem with this shady ass career path. “You can do just fine making a product nobody needs” too many leeches in tech.
whether or not there are too many or too few workers in any kind of job, a good indicator is what companies are willing to pay. if they are paying a lot compared to other jobs with comparable qualification requirements, chances are there are too few workers and they are desperate to fill positions.
Partly - in the Bay Area, during a boom, the FANG companies also pay high to hire people they don't need simply to deny those skills to competitors.
Ah, they eventually mentioned it.
love how the intro is in the middle of the video
Can I be honest?
If I give my significant other a product that will hold back her ageing, that will not "improve my relationship".
Good video though.
A lot of this seemed a bit off to me. To me the key starts with the fact that these are overly rich companies. After that, the “leaders” aren’t, the structures are too flat, and we live in a society that hates on good leadership characteristics.
Tech often suffers from barnacle beauties. These are charismatic people that have no business managing nerds, but are good at office politics. They all drink the same Kool aid as they drive the company like a tragically bad autopilot. They ping pong back and forth inside the lane until they fail. The failures are stupid expensive, but the costs rarely attach to the right people. The layoff rids the company of the only ones that were not drinking the bad Koolaid, and the next cycle gets worse.
Could likely stop the cycle if you brought in outsiders to screen the performance reviews laced with subjective nonsense. Fire the idiots that wrote those reviews. Then reorder achievements based on objective measures only. You just can’t let the managers know in advance because they will literally alter the data to manipulate any new regime. Given a chance, they will actually manipulate the actual performance outcomes.
I am not kidding. I watched as perceived low performers and bad culture fits were given impossible assignments and then let go after 6 months over and over before my old company was finally defunct. The people who started the process had all come from the same two bankrupt companies. Sales managers who were perceived to be following the new “systems” were promoted even after their teams actually lost money (yeah, they actually spent more trying to get sales than they created in gross profits!) while people who made President’s club and other achievements were sabotaged and then laid off. Insanity.
95% of IT management is incompetent, or at least that is my experience. The industry is full of buzzwords like cloud, microservices, ML etc. and management is throwing these words around like they understood what it meant.
Business decisions and who gets promoted/laid off are made based on politics and nepotism, not on competence and what's actually good for the company. It's even worse considering that good experts are actually scarce and the industry is flooded with people who don't actually know what they're doing. The whole thing reeks of corruption.
You hit the nail on the head - incentives. It all comes down to incentives. From systemic down to the individual.
I guess I'm weird; I've been in the same IT position for the last 17 years.
great information, thanks
This is the best channel I've found in a couple of years, thank you,
Keep inspiring (awakening) insh'Allah
Twitter et al. are not the labor market.
Companies are still looking for data engineers, software developers, data scientists, etc.
Advertising agencies. These are largely advertising agencies competing for advertising dollars. When product sales slump, companies don't have money to advertise, so all these google, facebook and others that are providers of advertising drop like a rock.
Gotta be your biggest intro to video ratio yet. Keep it up!
"If you want to make sure your relationship remains strong".. give your significant other a facelift lol
Ima just say this, ppl who become software developers have a lot more power than they think considering they know the most fundamental skill to build wtv they want, at least digitally. A creative software developer is the biggest threat to these companies, that’s the reason they are the ones most likely to get hired, and once they get hired they can’t do the things they really wanted to do/build bc you become these companies robots and you can only build what they tell you to build. That’s why I think a skillset of business and software development is by far the most invaluable skillset you can have right now
This video was extremely insightful into the trap these companies put you in
One programmer can theoretically do all the work. It will be slow, but it will be done. But that's not the point of developers. Top tier companies need people who will bring new ideas, new way of doing things. That's the only way to stay ahead. So cycling though employee is like playing the lotto, wishing to get someone to bring something new and not just code stuff.
If you dont innovate, then a new player will take over. Netflix did it. Took over with amazing tech. Netflix has amazing tech powering it. Tech that other companies are putting in practice
So you fundamentally you can be expert in there language but they will rather someone who is innovative so it’s not your skill but mindset
No. Is just when you take new people you pay them less, keep them 1-2 years and change. No senior, no big salary. Easy
As a senior software engineer with experience in a few huge companies, I want to vomit when you say "A single developer can develop an application used by millions of people"
imagine getting your dream job and losing it six months later lmao
and their interviews take like three months to get the job 😭
Haha yes. That coupled with AI entering the game... A lot of uncertainty :/ I was trying to get into programming as an electronic engineer but not sure what I should do now
I'm not one to complain about sponsorships and I've seen this on several channels but...
This copy is terrible, buy this to tell your loved one they're getting old and you really want them to fix their face
I've heard that in the US there is a saturation of Entry level programmers which is the start of a saturated profession market but in other countries such as the UK there is a need for engineers and programmers as there is not enough. Heck we started in schools where 11 year olds are starting to code in order to hope to fill up the staff shortage here.
Finding someone called a programmer is easy. Finding a good one is exceedingly hard
The entry level market is saturated in the U.S. mostly due to the H-1B program. A lot of the visas get taken up by entry levels workers making 25-40% less than local citizen grads. Both citizens and visa workers also are more likely to leave programming and move into management or even other corporate fields once they've spent a few year developing, since management pays more generally and some other fields aren't as prone to frequent layoffs.
The issue really lies on "qualified" workers. There might be a saturation of entry level programmers, but the majority of them are not qualified to do the job. It requires quiet a bit of knowledge and some experience to crack in, along with personality.
@bonesandbells agreed the entry level market for any career is similar to tech becuase of the h1 programs hinging outside the US. That's why entry level jobs are 3 to 5 years of experience. Also tech ocmpanies arent just firing engineers they are firing recruiters and product managers. It's not just tech, it's ever career.
Can you tell me where you heard this, I'm looking for videos and articles and can't find any
Tech were literally teenagers. Changing mind so damn much.
The thing with tech is that the good developers can be picky/quirky because at the end of the day they are a LinkedIn chat away from getting another job. This is leverage the regular Joe does not have and why they are more compliant with corporate BS.
I feel awful for your significant other
lmao it's just an ad chris chill
Pssst...he never bought it in the first place.. it's a sponsor.
He should be pickier with his sponsors, these kinds of sponsors can negatively affect his channel
I feel the Music is a bit loud in this video
In going to add one more reason for the revolving hire and fire.
It's about a flux of ideas. When you arrive fresh, your mind is fresh with new ideas, but those ideas dry up usually after a certain period of time for most people. My tech industry is on the biotech and scientific instruments side, so the comes a time when people reach what I call "idea evaporation" (still working on a catchier name). It seems that in coding related work, that period of time is far shorter. I've seen people get hired and fired and hired and fired in periods of 3 to 5 years.
"Concept decline".
@@undefinedvariable8085 I'll take inspiration from that and call it concept decay. Thanks!
The majority of developers could give a shit about fang companies. Lots of opportunities out there until ai replaces us.
Work in healthcare as a developer myself. Your right, plenty of pie out there but people just want to win that lottery.
Please discuss about future of oil works
As a CS student 🙄🥲🥲
Don't worry, they aren't firing programmers. They're firing the dead weight that make up 90% of any big company. The diversity hires.
Man, no worries. Our system was designed to have layoffs. My company announced today the same. Nothing new under the Sun...
It's better that it's happening while you're a student than right after your graduation.
You’ll be fine. I’m 23 and landed a $100k job in January. Just look at smaller companies that still have clear answers when you ask about learning and training and all. The layoffs are mostly FAANG, which I’ve never worked in. Rest of the industry is fine
Fewer, not less. Programmers are countable.
Also most programmers are crap at their jobs. This career would be great if management got it through their collective skulls that "able to write code" does not equate to "qualified software engineer."
Thank you, I thought the same but didn't want to go full pedant. I know grammar changes over time, but the internet seems to be killing it, not merely changing it
it must be hard doing this kind of mental gymnastics. now "most programmers are crap at their jobs" how long did it take you to come up with that
YES !! Im tech as well and there is a big difference between being a coder and being an engineer.
Programmers are not the bottleneck, you can do just fine with mediocre programmers. The issue is highly incompetent project management. Even the best software engineers can't build a solution that fundamentally misses the point. Remember Juicero? It was a well-built product, it was a braindead product but it was well-built.
Most programmers, aren't.
If you can't reliably identify problems and concoct functional solutions to them, you're a coder at best. At worst, you can be replaced by an AI that knows how to search Stack Exchange.
what is the name of the movie at 8:03?
Because there are always better version waiting to be updated with the older version :)
I'd also point out that not all tech workers are the same. Everyone has their specialties. They can cut in one unprofitable area and hire in another more promising area.
Exactly. It's not like "tech worker" is a single job. For example, I work in a particular medical device industry. To do anything of substance here, you need to actually know about how the machines work, knowing how to program JS web apps isn't enough.
@@Robert-un3cf Frankly, these days knowing how to program is not enough. Employers are increasingly demanding that developers know the business side of things as well as expanded breath or depth of knowledge. For example, a web developer is expected to know:
- User experience design
- a back end language REST, like Java, Python, Ruby ...
- JavaScript
- business logic
- what's up with the industry ( not just IT but your primary client base say banking or in your case health care )
It can be seen we end up niching because of these demands.
Software only pays well in US
That makes sense
you need as much as the market can sustain. simple as that.
I started following a programmer's channel who mostly talks about the job market (not specifically programming jobs). One thing that really stood out to me though is how relatively low some of his salaries were. Maybe that should be part of conversation, i.e. that not all programmers are made equal. Full stack is different from front end, back, end, web developing, and so on. I hired a freelance programmer to build an app for me and based on what I paid him for a month of work the pro rated annual salary would be very high. He built it by himself so I guess that means full stack (he didn't specifically say he was or wasnt a full stack dev). My only point here, i guess, is that the real question shouldnt be "more or less" but "more or less of what kind". Especially with things like low code development platforms, and automation, companies really need to think about how they allocate those resources. Obviously a tech company whose product is the tech need more of the high skilled ones, but a company that uses tech as part of their biz, but isn't primarily dependent on it, need fewer of the high skilled, and more of the low skilled ones to maintain their systems. I know i'm being a bit in articulate on the topic (i don't work in tech), but one has to think of the levels not just lump all programmers into the same bucket.
Can you name the channel please? I'm interested
Front, Back or Full stack doesn't really matter. The salary is dictated by the local job market. Highly skilled software architects in poor countries will always get paid a lot less than juniors in silicon valley. Even people with good skills and experience in poor states make a lot less than juniors working at FAANG companies.
This guy is talking out of his a**.
What is the name of the channel
1:16 Holy crap, dude, PLEASE give a "Viewer discretion is advised" warning before showing Zuckerberg looking like that 😂
This kind of reminds me of the RCA back in the day
i worked at Intel and can confirm they fired me 6 months after hiring me…from an important position 🤣🤣
im curious: how did you perform at the job?
@@natesamadhi33 unless it was particularly bad it wouldn't have been the cause. My guess is he got let go because he was new. It's common practice, a lot of the people laid off recently we're newbies with less than a year on the job.
@@zesky6654 I don't doubt that, I just like to know all the factors. I've seen people get let go for all kinds of stuff, so you never know sometimes.
cool
I’d say both, we need less programmers for the sake of programmers, but more people in every field that understand how to program a computer.
I honestly don’t understand why companies focus so much on growth. If you’re already an established company with a reliable customer base you’ve won the game. Sit back and relax now
Fun fact: Amazon is still not paying dividends on its shares. A company doesn't pay dividends if it's reinvesting its profits to increase future revenues/profits, resulting in an increase of stock price. We are talking about Amazon, one of the largest companies in the world that is still all-in for growth.
Should be like that, but greed is so strong in humans
I thought in the USA the investors can kick out the CEO of they think the CEO is not trying to make them as much money as possible. Any legal setup like that makes growth growth growth inevitable.
Non-competes can be unreasonable. You might be working for a tech consulting company which has many clients in your city and the non-compete being that you can't work for any of their clients for a period of 1 year after you resign. Basically you'd have to leave that city to get a job at a company which isn't a client of that consulting company, or a consulting company that won't place you at one of you previous company's client.
It should be something like “why do companies hire and fire so much”
It applies to many industries
Companies that make people sign none compete clauses are probably also the ones demanding 10 years of experience in the field when posting job openings.
How the heck do you expect people to have years of experience and be up to date with trends/tech/skills if they can't work in that field for multiple years between jobs?
Companies are liars. Wast majority. It takes 100s of people and a couple of years to develop a new product or service. They want it done in 2 months with 5 senior devs.
I wonder if this cycle is going to keep the same pace with the arrival of Copilot style of AIs 🤔
After decades of intense effort, Google has finally reduced their search income from basically all of it to almost all of it. At this point, one has to wonder if they are in it for "diversification", or because a company which makes 95% of revenue from ads and is the dominant player has an issue with monopoly busters.
Good videos.
Oh boy... You'll plug just about anything, won't you? Any product, no matter how inane.
I love this channel so much.
Same
Because programming is sprint/project based, once the project is built then its bye bye. can't call that a job. but the way goverments, taxation, and employers like to frame it is as if its a job.
Facebooks issue is that they got too big for what they do which required more and more ads now everytime i go on FB its 6 ads to 1 post.