CEO of EY says that the big tech layoffs aren’t solving the talent shortage. Why is he saying this? https://fortune.com/2023/01/19/amazon-microsoft-layoffs-not-solving-talent-shortage-ernst-young-ceo/
Cause people think laid off ppl are unqualified + they probably don’t want to work at consulting firm making like 100k at most.
The problem is NOT a staff shortage. The problem is a TALENT shortage. For all the grief boomers get, they have been running our economy for the last 20 years. They are rapidly punching out and being replaced by a gen Z culture who has been taught to value wokeness and instant gratification instead of progress and achievement. Further, this generation has entered the workforce with no opportunities for mentorship and development due to the distributed remote workforce. It’s going to get worse from here.
You misspelled *ruining* our economy
No opportunities for mentorship due to remote? Seriously?
If there have just been a bunch of layoffs and good people still aren't applying to work at your company, you are not bidding the market price for their skills. It really is that simple
We’re gonna be quoting CEO of Albertsons next 💀
That’s because he’s a boomer grade chud of a CEO running a boomer company looking to pay engs 75k/year just like he got paid back in 1971.
Which might be the market rate of SWEs if we had normal interest rates instead of free money printing Interest rate hikes are good in that it’ll force tech talent to be redistributed across industries and companies that can’t pay the same as tech. Walmart has a low single digit profit margin while Google is 10x that (2% vs 20%+) All the unprofitable tech companies burning free money will have to shed engineers which will give boomer companies a fighting chance at competing for talent
👅🥾
I am seeing people reaching out back who previously declined the offers. One of the Issue here is stupid interview process. People taking the interview won't clear the same loop. That may feel like shortage of candidates, just because they have not seen this one wired interview question. Also most companies laying off larger share of layoff are not in engineering which has traditionally hard to find as well
Engineers having a hard time finding work now can go work at a company that has no coding interviews (of which there are many lol), they’ll just have more normal salaries
If you can’t find talent, you are simply not paying enough and refuse to change.
i am moving to amazon from EY. wondering if he will hire me back if I get laid off
Yeah people at good tech companies are not rushing to join Big 4 firms yet. Though they have improved- it’s still a step down in comp, culture, WLB and so on. Once workers become desperate enough when they can’t find a job and severance dries up- they’ll be open to joining
Or, other firms provide comp, culture, WLB before Big 4 does and they never see anyone from good tech companies.
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He meant shortage of tech talent willing to work for lower salary
I never worked at EY, but started my career at a similarly well known consulting firm. It's not just the salary that would be a turnoff-the overall culture does not value technical aptitude. Also the WLB is terrible.
I think at EY they recently did a salary restructure resulting in huge pay raises for many. And WLB is bad in Audit but advisory is fine