Are we in the middle of a massive tech layoff wave?
Many companies, even the titans, have been giving signs that they are prepping for real economic hardship. First they freeze hiring, no backfills etc, then tighten “fun” budgets (I know at least meta and google have started cutting), and now we are hearing news of actual layoffs, even in eng (snap). You can even say companies with increased pip quota + hiring freeze are also effectively doing up to 10% eng layoffs per year. It seems like we might be in a slowly progressing layoff wave, where companies are all moving towards cutting workforce including eng. I know many people think we are still fine, but I am just wondering what is causing c suite to do these cuts - there must be something scary they are seeing on the horizon right? If it was just a few years of hardship, why would they be desperate enough do these things? Thoughts?
The real layoffs won't even begin until the US is 12-18 months into the recession. Be prepared for substantial cuts starting late next Spring and continuing through 2024.
Don't average recession last 2 years?
Hmm he works at an investment bank , he must be smart and know his stuff
I think we are already in one. Most of the startups are fcked already. Meta will start trimming the fat in coming weeks( they signed contract with Qualcomm for SOC for their quest, thus means that boatload of engineers hired to do custom silicon are going away).
Why are non-Meta employees spreading fake news about Meta?
Because Apple
They just want to show their shareholders that they are capable of cutting costs.
We are really even close to where 2009 levels of hardship. And even in that msft only cut 5k jobs, not really a huge amount given there size. Google didn't do a big layoff, just frooze hiring. Given that context, I don't think big layoffs are coming.
You are talking about the tech giants. With the cash Microsoft has if it does a big layoff then it’s a signal far worse than recession. Also Microsoft does RIF once a while. JPMC for example cuts mortgage banking every time there is a interest hike doesn’t matter if company is raking in profits. Lots of companies will not have a choice and lots of companies will use recession to get more profits. Any idea how bad it was in 2009. I was still in school those times. Any tips for facing recession?
2009 was really, really bad. People were thinking all banks would fail. Yes, if msft did layoff, it would be a bad single.
Enough of these fking posts. You will either get laid off, or you won’t.
Life is all about planning under uncertainty and folks are probably trying to ascertain the likelihood of them getting shitcanned; granted not the best way to do it, but hope it explains to you the rationale behind these "fking posts"
More PIPs likely, mass layoffs unlikely. This is a slow moving recession and companies are getting time to buckle up. It’ll be really bad for new hires though.
It is not going to be another 2009, more likely another 2001, a mild recession for the macro economy, but tech would be affected much more. Google Amazon Apple Microsoft, are like IBM Cisco or even GE at that time. There will be some layoffs in 2023 as a recession seems inevitable. Whether it is massive depends on your definition, ibm laid off ~6000 people in 2001, including some contractors. Companies like Google Apple Amazon might be similar. Meta will be worse mostly bc the competition from TikTok and its limited source of revenue.
I feel like meta won't cut a significant percentage personally. Mark does not seem to care what Wallstreet cares about. Just does what he thinks is best.
some say only(+1B) company at that
Mother of all recessions. Money printer got way too hot these past 2 years.
Not AWS. Hiring at all levels in AI/ML org for FE, SDE and MLE.
Amazon last man standing. But maybe because their attrition is so bad, they need to hire? I hear some orgs are absolutely desperate for people
Amazon I believe has slowed down hiring or frozen. AWS and Ads are the only ones hiring aggressively. Yes, attrition exists but it has slowed down due to shrinking job market. We still have a huge headcount to fill. DM for more.