We see job market data come through as some of the highest ever, however I feel most of these are jobs such as retail etc. We are also seeing G7 countries such as Japan and The UK slip into technical recessions (although real wage growth per capita has been declining for well over a year). With layoffs seemingly being never ending (Nike and more have recently announced layoffs), and the economy in a seemingly never ending state of decline, I am wondering what Blinders think about when we will start to see an uptick in the economy and an uptick in jobs and hiring across industries such as tech, finance etc? I know this is hard to predict, just looking to see what people general thoughts are on this! TC: $175k
Well during the pandemic any one that could use a laptop could get a job in tech. Now we are regressing to the mean and cleaning all of that out.
When headcount is at pre-Covid. Fundamentally the problem is past over-hiring. Wont stop until another 30% cut across the industry
Zuck said that first wave was to remove overhiring. he said that during further waves companies learned that leaner companies are more efficient
Zuck went early
This is coming from someone who basically works at the most socialist of the web browsers? The irony...
How haven't you snapped your own neck working at Mozilla with this mindset?
The economy isn't in decline. The tech sector is not growing at the same rate as the last 4 years and the market has signaled they are fine / prefer tech companies focus on profitability vs Neverending growth. Until the market begins to punish layoffs with stock price declines, they'll continue trimming headcount
3-4 years
Tomorrow
When interest rates drop and companies can afford to expand and borrow at cheaper costs again.
This will definitely come back again, but before that, worse things will happen.
I don’t think this is ever going to stop , with AI becoming better I would expect at least a 15%-20% reduction in workforce YOY.
It will happen but not in such a drastic way..
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Unlikely to stop anytime soon
I think this is correct.
This is the opposite of the shoe-shine-boy-giving-stock-buy-advice anecdote. Good times ahead!