Did FANG and tier 1 software employers lay off engineers in 2008 recession time? If yes, by how much?
I have been told that financial crisis are happy hiring time because there are so many layoffs at banks that are oversized to fail and undersized to employ. Immagine what can be a 2001-like scenario where bubbles in the tech sector burst qualified engineers in the job market
Different animal today. They’re totally dependent on consumer spending. Investor expectations through the roof (see P/E ratios) vs FC. When recession hits, Faang will get crushed and FTE will go away in order to stabilize the balance sheet.
I worked at SAP at the time. The reason I chose SAP was because this company was stable and never did lay-off. In 2008, they laid off a handful ppl at SAP Lab and more. Luckily I already landed a different role at Adobe. At Adobe, there was an annual lay off every thanksgiving from 2009 - 2013 or so. It was brutal. My friend just got laid off today at tier 2 hardware company. I wonder if we start seeing this trend again.
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I think Google let go of thousands of contractors in 2008/9
What about FTEs?
Pretty sure FTE’s will not get affect much. Hiring would definitely be slower.