Layoffs/PIP everywhere...how did we get here in Tech?
There's a bunch of smart people here. I'm sure we can think of how we got here in Tech in the first place. It cannot just be overhiring in covid. Who has some ideas? TC - 550K #tech #meta #amazon #google #facebook #netflix #cisco #microsoft #faang
Zero consequences for companies is why. Managers / seniors can fire you for almost any reason they want, without being held accountable for their actions. To make things worse, Wall Street loves this sort of thing, so companies are almost rewarded for laying people off. It's a sickening market condition. Case in point - my company literally just jumped 20%+ last night but gosh, the number of top performers and good people who have been silently laid off. I feel bad.
Well, that's how capitalism works, doesn't it?
In extreme capitalism, yes, but it is also dysfunctional because you and I will soon find ourselves priced out of anything/everything. Not to be rude, but our 500k TC will soon mean nothing if a Walmart store manager can make 400k, while teachers make 30k.
I guess when that free money dried up and companies still wanted their large margin profit, it has to do something. I guess they decided layoffs is the way to go. It’s such a short sighted solution.
How is it short sighted if they do not hire they reduce staff but keep same revenue? (More margin long term)
Because eventually you will run out of people to layoff.
Higher Interest rates and also over hiring in tech: * With economic growth expected to slow down and much higher interest rates, the headcount is not needed any more, which was added considering uncapped growth. * Higher interest rates also affect consumer spending -> economy -> affecting the top line. * They also make debt rollover must expensive for corporates. To remain profitable/surviving they cut people.
Bubbly bubbling bubble bubbled
Greed
You’re getting paid half a million dollars. That’s how
PM-T at 550k? I am sure you should be counted as part of 2021 over hire. You can get 2 great l5 SDEs for 550k that will get 10x the work done for the company than what a PMT does. Leadership should be blamed for why we got here by overhiring and giving such insane salaries in 2021.
There is a reason PM-T job family exists, not just in amazon, but across industries. I can see this post being popular, since most of blind is junior SDEs, but once you get senior, you will see the value that a PM-T provides. Zoom out and think big picture and wider business impact, and poof PM-Ts gone.
Because of AI you moron
Thanks to creator of such culture none other than earth's best employer.
550 ? Are u a PE ?
PM-T
Plenty L6 at that range