I thought that the job market would be hot for a while, but the tech bubble during the pandemic has now popped. Instead of hiring, we have synchronized mass layoffs and everyone is talking about global recession. I am most interested in whether after these layoffs there will be more in the future or whether the market will go into recovery.
7 replies (most recent on top)
I get no respect
The reality is that most of those laid off will be out of work for months, or must be willing to accept a fairly different (and perhaps less lucrative) job, at least in the intermediate term. The unemployment phase of the bust is just getting underway now. It’s not like the economy is going to take off anytime soon.
Still much easier to be laid off by a cash-rich tech firm that will give you severance compensation than having to live on the jagged edge like the other 98% of society.
Many challenges lie ahead — tech company solution evolutions are becoming less compelling (ex: new IPhones merely improve the cameras) and therefore less lucrative. This impacts product and ad buys, which causes the layoffs we’re seeing. Continued social media backlash and the pandemic hangover will continue to specifically impact FAANG. In this environment, options for hardware engineers are limited, and more so for the non-technical folks.
The point is to start looking for alternative employment now. Hope for the best but prepare for the worst.
@1lab 😂
One big problem with tech is that too many companies are developing unnecessary cr-p .. like crypto exchanges, the metaverse, advertising tools, etc. Much of it is speculative, bloated, and would not be missed if it disappeared .. aka a buuble.
They had to wait until close to or after the midterms to execute, so the cuts are deeper then they probably would have been.
Yeah, you and every other stock trader in the world.