https://news.stanford.edu/2022/12/05/explains-recent-tech-layoffs-worried/
Discuss.
15 replies (most recent on top)
WF makes billions of dollars a day and is a 7 trillion dollar company, workers get 2% merit.
I'd research the layoff history of the business, if it is public.
I came from a Fortune 500 firm that had never had a single layoff in its history until the CEO retired and the board promoted a new CEO who was the first in the firm's history not from the founder's family.
The executives always first took a pay cut. Then temporary pay cuts went top to bottom during tough economic times, including the Great Depression. Not one single employee was laid off over 115 years.
ok. For those of use who actually read this...
I like this:
Any advice to workers who may have been laid off?
My advice to a worker who has been laid off is when they find a job in a company where they say people are their most important asset, they actually check to be sure that the company behaves consistently with that espoused value when times are tough.
The promises of Wells Fargo.. the HR b...s. Wells Fargo is changing to a tech company from that of being a bank. Yet they still think they are a bank by espousing certain values.
Hey was tech affected? I heard they were
We don't need a Stanford scholar to explain tech layoffs, same as you don't need a Catholic priest to explain....
UNSTAINABLE huh? adjective. that cannot be spotted or stained, as garments. that cannot be morally reprehensible: an unstainable person.
This is why we’re d-mber for people like you existing.
One work sums it up - UNSTAINABLE. This applies to just about everything... government spending, banking, capitalism, you name it. The human race may need a reset.
There is too much decision making that happens with inadequate knowledge of factors outside of executive and government field of view. While some fat trimming is healthy, the majority of layoffs has now crept into capability destruction. For each high paying and productive job that is lost, that eventually destroys future innovation, reduces efficiency due to loss of institutional knowledge, and results in lower tax revenue which eventually leads to declines in US strength and national security.
@gyy+1m1Vfn0N, H1B is an issue, but not near as big as OPT/CPT which does not have a cap.
Employers cannot find enough talents, so we need H1-B.
Why are there layoffs when H1-B is being filled?
People generally do not become corporate executives by being innovators. It comes through networking and claiming ownership of innovation produced by others.
Right there with you @nyl+1m1Vfn0N!
vive la résistance ✊🏻
This article was news last week.
I'm significantly more excited about the prospect of this prediction happening:
https://fortune.com/2023/04/05/end-of-capitalism-inflation-greedflation-societe-generale-corporate-profits/
There's definitely an element of copycatism, our CEO can hardly do anything original and routinely justifies changes by saying that "everyone is doing it". That said, someone has the start the trend and they by definition can't be copycatting. There's also special circumstances that are coincidental. Like Twitter. Even if every dotcom was hiring at that time, Elon was cleaning house there. It's not part of a trend regardless of the coincidental timing.
I do agree that layoffs rarely save $, it kind of just shifts costs to other areas that people can more easily pretend don't exist.
Just watch at this week's H1B visa applications, it will probably be another 200,000 "new" jobs for H1B workers.
https://www.uscis.gov/newsroom/alerts/fy-2024-h-1b-cap-season-updates
" ....has received enough electronic registrations during the initial registration period to reach the fiscal year (FY) 2024 H-1B numerical allocations (H-1B cap)"
Layoffs never mean replacements before until outsourcing and H1B programs.