According to the New York Times the tech industry contracted by 25 % between 2001 and 2005. This was on a base that was much smaller than what it was today. Couple that with pandemic hiring where companies grew vastly beyond the 25% a similar loss is not out of question. That means another 50k at Google 30k at Meta 70k at Amazon 40k at Microsoft And about another 500k loss across the board. Certainly not a good read the first thing on a Monday morning. https://www.nytimes.com/2023/01/20/technology/tech-layoffs-millennials-gen-x.html?smid=nytcore-ios-share&referringSource=articleShare TC 450k Yoe 15 #google #meta #amazon #microsoft #apple #faang
The nice part about humans never taking painful lessons to heart for very long is that history becomes a good indicator for what’s to come next as we circle around and around. So ya I could see that. Those numbers seem within reason.
Have you compared the revenue/market cap/sector dominance of companies now vs then. That was paper money, this time these companies have real businesses to defend.
Back then, the companies didn't have any real data to back anything up. Now, the tech companies are sitting on a pile of data and huge user base.
You mean data using which Meta, Google, Amazon and Microsoft planned and hired in 2021-22
Paywall
It does hit you hard, isn't it?
All I see is a bunch of selfish tech leaders trying to make sure they stay rich by fucking over their employees.
This isn't unique to tech. It's how the world works. If anything, tech has done well to mitigate this until recently.
No they haven’t at all. Tech has just been booming lol. This is the first time their leaders have to decide to between profit and people and they made their choice like every other company. In the US they can do whatever they want as we have zero worker protections here. USA is all for corporate health not people
I really doubt this. When the economy turns around I doubt these companies are going to want to go through the effort of rehiring 20-30% of their workforce again.
Non-paywall: https://archive.ph/Mlz61
The numbers do seem within reason for the right situation. however it’s a totally different situation then it was back then. So, no I don’t believe those will happen in the next 2 years.
If you think it's going to be a dot.com style bust, than sure it could happen. Otherwise cuts will be much smaller. Btw that article was posted back in January. You've been on vacation for 3 weeks?
Lol no. But an article this morning redirected me to this one and I just saw it.
Clickbait
The world is much more reliant on tech today as opposed to back in 2001. I don’t see it repeating.
You could have said that in 2001 too.
No most companies were not reliant on tech for nearly everything in 2001. The real tech bear story is companies pull an Elon and stop investing in the future, trim down to operations and milk the cow. This would not be the end of tech, but there would be a lull before the next set of innovators are big enough to hire a lot.