I don't think the wave of layoffs, Musk being a total idiot at Twitter and a bunch of profitable tech companies letting staff go are all a coincidence. At the same time. In the past years with COVID: - people were able to work just fine from home - many people fled the VHCOL -> not being wage slave for all your life is a concrete possibility for many. Even if big tech wanted RTO, most of seniors said "f off". Companies had no power to force them back - mindset shifted from "boss owns my day/life" to "I do my work and then I'm free to do what I want" - great resignation: people wanted better working conditions or meaningful work In other words, tech workers had: - enough money to live without constant need of a salary (leaving VHCOL) - enough time after work to think about and enjoy their lives There were even jokes and memes about people asking high comp and wfh or refusing offers. The power balance shifted to employees. Big tech companies can't provide meaningful work. Usually it's damaging the world. And wfh gives too much free time to think. Solution? Some tech companies performed poorly due to bad leadership (intel, meta, bs business model or overvalued startups). Wait for them to start layoffs and use it as an excuse to layoff more people for economic downturn. Somehow, some directors+ already knew in mid October that there were going to be a lot of layoffs soon. Musk joined the club, timing the closing of Twitter acquisition. Now there is this 180 degree turn: work and SLEEP in the office, be thankful to your boss if you have a job, don't contradict your boss in public or private or you are fired. Laying off a bunch of people even in tech companies that don't need to, to create more competition and fear among workers. Asking the remaining employees to work harder to make up for people they fired. Imo it's all bs. Inflation is already decreasing and stock market will recover in Q1/Q2 next year. This is just a power grab from big tech. What can you do to avoid falling into the trap? - Don't work harder or like crazy if your company had layoffs. You might be sent home anyway (layoff people are mostly randomly picked) - do not fall for this mind power games. Value yourself, don't despair, don't trust your company will take care of you - if you work at Twitter, sell all your stocks and look for another job asap. Don't become a slave and sleep in the office. Let it sink. Ideally all ex-tweeps should build up another company which is a twitter competitor and replace the original one - there is PLENTY of startups that are hiring and can't afford to do these power game moves. Also, when the market recovers (which is already doing) their valuation will skyrocket Don't fall for the trap. If you are not in bad need of money right now, there is really not much to fear TC: 290k base + paper (no more at Chime) #layoff EDIT as counter proof: Apple won't do layoffs for sure, people were already forced back into office and their employees genuinely think Apple does mostly good
I agree with you
Maybe fun to think about, but hardly supported by facts. The whole world knew in August that the Fed was ramping up rates, with the expectation that it would cross the 3-4% mark at least. That's the main driver of the current layoff situation. It was even brought up then that rising interest rates would result in RIF for a lot of companies, not just tech. Put in a different way - if these companies, who have management that has much the same training and background across the board, are all reacting the same way to the same set of conditions, is that a conspiracy? Not really. The government is hopeful for a "soft landing" recession, while businesses have to manage the risk of a harder landing and are taking business appropriate steps to do so. Even if the Fed does manage to pull out a W with a quick and soft recession the risk of an extended recession means that businesses have to plan for that.
OP, where have you been?! NONE OF THIS was a conspiracy. The Federal Reserve Bank heads and Jerome Powell (the Fed Chair) need to stop inflation meaning getting people to stop spending money. The best way to do this without a Recession is to a) create fear/panic and b) get companies on board to do that and c) “necessary” job loss Well…… Jerome Powell said it multiple times over the last year: - Worker pay is too high. - Jobs are too plentiful. - We need to lower worker pay and benefits. - We need people to have less confidence so they spend less. He basically said this out loud so much companies (particularly technology) responded. This is just the first stage of layoffs. Remember lay-offs usually are 3 rounds! - So all these Twitter, Meta, and Amazon folks will go through another 2 rounds. Musk is proving that.
I don't get way pay is too high and jobs too plentiful are bad things
This is 2nd round of layoffs. Contractors were the first round, last month.
Interesting perspective, but don't you think it will take some time for inflation to come down?
Boiling frog
Not even a conspiracy theory, this is 100% what is happening
Simply a natural part of the economic cycle. Get an Econ 101 textbook if needed.
Yeah, a chunk of it is about cracking the whip. Can’t have employees thinking crazy thoughts like “I want a good working environment” “I deserve respect” “what if I didn’t work crazy amounts of unpaid overtime?”
More layoffs incoming