Alarm Bells Ringing: November 2023 Tech Layoffs & Government Disconnect

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I work in IT as a government contractor and have seen exactly 0 layoffs. The people who are being laid off are probably over paid. Fact is, I am constantly trying to hire folks and there’s no one applying.

I am laid off and looking for a job (Ex-FAANG). Can you please share the link to the job opening and I'll apply. Appreciate your timely help

Will you accept a job making $150k?

see.. that's part of the problem.

I work with FAANG company. There were a lot of layoffs. I've looked around, too, but the pay is lower than what I am getting now, so I'm going to stay put.

Also part of the problem, some of you hiring managers have ridiculous requirements for the pay. You want years of experience in all kinds of areas, certification in xyz, but for little pay.

[Anonymous]

Anonymous wrote:the tech sector is always very volatile..what are you smoking? been this way since the 90s.

+1 I was impacted by the dotcom crash.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I work in IT as a government contractor and have seen exactly 0 layoffs. The people who are being laid off are probably over paid. Fact is, I am constantly trying to hire folks and there’s no one applying.

I am laid off and looking for a job (Ex-FAANG). Can you please share the link to the job opening and I'll apply. Appreciate your timely help

Will you accept a job making $150k?

see.. that's part of the problem.

I work with FAANG company. There were a lot of layoffs. I've looked around, too, but the pay is lower than what I am getting now, so I'm going to stay put.

Also part of the problem, some of you hiring managers have ridiculous requirements for the pay. You want years of experience in all kinds of areas, certification in xyz, but for little pay.

What a FAANG employee considers little pay is standard at smaller companies. FAANG can't employ everyone. The tough part is when the laid off FAANG employee learn what they are really worth

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I work in IT as a government contractor and have seen exactly 0 layoffs. The people who are being laid off are probably over paid. Fact is, I am constantly trying to hire folks and there’s no one applying.

I am laid off and looking for a job (Ex-FAANG). Can you please share the link to the job opening and I'll apply. Appreciate your timely help

Will you accept a job making $150k?

see.. that's part of the problem.

I work with FAANG company. There were a lot of layoffs. I've looked around, too, but the pay is lower than what I am getting now, so I'm going to stay put.

Also part of the problem, some of you hiring managers have ridiculous requirements for the pay. You want years of experience in all kinds of areas, certification in xyz, but for little pay.

What a FAANG employee considers little pay is standard at smaller companies. FAANG can't employ everyone. The tough part is when the laid off FAANG employee learn what they are really worth

Actually FAANG should be the minimum, the smaller companies are trying to undercut workers and hire offshore. It should be outlawed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I work in IT as a government contractor and have seen exactly 0 layoffs. The people who are being laid off are probably over paid. Fact is, I am constantly trying to hire folks and there’s no one applying.

I am laid off and looking for a job (Ex-FAANG). Can you please share the link to the job opening and I'll apply. Appreciate your timely help

Will you accept a job making $150k?

see.. that's part of the problem.

I work with FAANG company. There were a lot of layoffs. I've looked around, too, but the pay is lower than what I am getting now, so I'm going to stay put.

Also part of the problem, some of you hiring managers have ridiculous requirements for the pay. You want years of experience in all kinds of areas, certification in xyz, but for little pay.

What a FAANG employee considers little pay is standard at smaller companies. FAANG can't employ everyone. The tough part is when the laid off FAANG employee learn what they are really worth

Actually FAANG should be the minimum, the smaller companies are trying to undercut workers and hire offshore. It should be outlawed.

Out of curiosity, what kind of salary do you consider reasonable for how many years of experience? I agree that the laid off employees were probably never worth the salary they are now expecting.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I work in IT as a government contractor and have seen exactly 0 layoffs. The people who are being laid off are probably over paid. Fact is, I am constantly trying to hire folks and there’s no one applying.

I am laid off and looking for a job (Ex-FAANG). Can you please share the link to the job opening and I'll apply. Appreciate your timely help

Will you accept a job making $150k?

see.. that's part of the problem.

I work with FAANG company. There were a lot of layoffs. I've looked around, too, but the pay is lower than what I am getting now, so I'm going to stay put.

Also part of the problem, some of you hiring managers have ridiculous requirements for the pay. You want years of experience in all kinds of areas, certification in xyz, but for little pay.

What a FAANG employee considers little pay is standard at smaller companies. FAANG can't employ everyone. The tough part is when the laid off FAANG employee learn what they are really worth

Actually FAANG should be the minimum, the smaller companies are trying to undercut workers and hire offshore. It should be outlawed.

Tech in this area is largely contractors. They are not trying to offshore. They also aren't about to pay the same as meta for a software engineer

[Anonymous]

Anonymous wrote:Hello everyone,

The situation in the tech industry as of November 2023 is not just concerning, it's downright scary. Month after month, we're witnessing a relentless wave of layoffs, and each new announcement feels like another blow to what was once a sector synonymous with job security and prosperity.

The recent tech layoffs are particularly alarming. They aren't isolated incidents but part of a continuing trend that's decimating jobs in an industry that was the pride of our economic landscape. This latest round of cuts in November underscores a disturbing pattern: despite the government's upbeat economic narrative, the reality on the ground is starkly different.

On the one hand, the Biden administration continues to tout a thriving economy. However, their narrative seems increasingly disconnected from the harsh realities faced by countless workers, especially in the tech sector. Their portrayal of economic growth and stability appears almost in a parallel universe to the job insecurity and loss that many are experiencing.

The continuous tech layoffs are a stark reminder that something is fundamentally wrong with the current economic approach. It's time to wake up and acknowledge that the policies and decisions being made are not working for a significant part of our workforce. The relentless optimism from the White House feels like a hollow echo when set against the backdrop of these job cuts.

Moreover, the Federal Reserve's high interest rate policy is adding fuel to the fire. It's clear that these measures, supposedly aimed at curbing inflation, are having severe repercussions on the job market. We need a reassessment of these policies, and we need it urgently. The current approach is not sustainable, and continuing down this path could lead to even more devastating consequences for the workforce.

We need to confront the reality of these tech layoffs head-on and demand changes in economic policy that genuinely address the needs and concerns of the working population. This isn't just a matter of statistics and economic indicators; it's about real people whose livelihoods are at stake.

I'm eager to hear from you all. Are you also alarmed by the latest tech layoffs? What changes do you think are necessary to steer us back towards a more stable and equitable economy?

Your thoughts and insights are valuable in this crucial discussion.

Links for reference:
- LinkedIn Article on Tech Layoffs: www.linkedin.com/news/story/layoffs-latest-firms-making-cuts-5273825
- CNBC October Jobs Report: www.cnbc.com/2023/11/03/jobs-report-october-2023-us-payrolls-increased-by-150000-in-october-less-than-expected.html
- White House Statement on Jobs Report: www.whitehouse.gov/briefing-room/statements-releases/2023/11/03/statement-from-president-joe-biden-on-the-october-jobs-report

Ma'am, this is Wendy's.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I work in IT as a government contractor and have seen exactly 0 layoffs. The people who are being laid off are probably over paid. Fact is, I am constantly trying to hire folks and there’s no one applying.

I am laid off and looking for a job (Ex-FAANG). Can you please share the link to the job opening and I'll apply. Appreciate your timely help

Will you accept a job making $150k?

see.. that's part of the problem.

I work with FAANG company. There were a lot of layoffs. I've looked around, too, but the pay is lower than what I am getting now, so I'm going to stay put.

Also part of the problem, some of you hiring managers have ridiculous requirements for the pay. You want years of experience in all kinds of areas, certification in xyz, but for little pay.

What a FAANG employee considers little pay is standard at smaller companies. FAANG can't employ everyone. The tough part is when the laid off FAANG employee learn what they are really worth

Actually FAANG should be the minimum, the smaller companies are trying to undercut workers and hire offshore. It should be outlawed.

It should be illegal to offer jobs for less than you think you should make per year? What?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I work in IT as a government contractor and have seen exactly 0 layoffs. The people who are being laid off are probably over paid. Fact is, I am constantly trying to hire folks and there’s no one applying.

I am laid off and looking for a job (Ex-FAANG). Can you please share the link to the job opening and I'll apply. Appreciate your timely help

Will you accept a job making $150k?

see.. that's part of the problem.

I work with FAANG company. There were a lot of layoffs. I've looked around, too, but the pay is lower than what I am getting now, so I'm going to stay put.

Also part of the problem, some of you hiring managers have ridiculous requirements for the pay. You want years of experience in all kinds of areas, certification in xyz, but for little pay.

Tech has bifurcated just like law and banking.

You have BigLaw and then you hoards of family lawyers

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, where are these layoffs happening?

Http://www.linkedin.com/news/story/layoffs-latest-firms-making-cuts-5273825

Boggles the mind.

Panera will lay off 17% of its 18,000 corporate employees, The Wall Street Journal writes, as it seeks efficiency ahead of a potential IPO.



Panera has 18,000 corporate employees? For what? Ordering supplies? Dealing with taxes? Payroll? HR?

That's ridiculous.

Many companies have inflated middle management plus they hire outside management consultants. The business majors need to employ each other.

[Anonymous]

Well, duh.


How else do you get inflation under control?

We need a recession.

Most of the US is a bubble economy propped up on fake money printing and cheap credit pumping by the federal reserve and cheap interest rates.


The gravy trains always end. Time to pay the piper. Tech workers are also massively overpaid. They need a haircut too.

[Anonymous]

Anonymous wrote:OP, where are these layoffs happening?

OP isn’t lying. Tech is laying off. Biotech and pharmaceutical industries are also getting absolutely slaughtered. Tons of layoffs in biotech.

https://www.fiercebiotech.com/biotech/fierce-biotech-layoff-tracker-2023

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
We may still suffer a crash and recession, but it will come from real estate issues (just like in China).

The tech sector is notoriously fickle, so I wouldn't base your predictions on it. I've observed a slump in biotech research, personally. But that's a niche area. My concern is mainly commercial real estate affecting the economy.

I know your post is mainly trying to agitate against one political side, but that's nonsense. Both Trump and Biden pumped huge sums into the economy to get out of the pandemic doldrums. No country is doing as well as the US, frankly. If we suffer something more serious, it won't be due to one party or the other. It will be due to China's real estate crash and subsequent banking rout, and real estate fragilities in the US market together with various energy-related wartime pressures.

The real concern, IMHO, is that inflation is badly hitting too many people regardless of low unemployment figures. Real incomes are lower than a few years ago and the cost of essentials keeps going up or remaining stubbornly high. The tremors in the economy have to do with this.

I’ve been to a couple of financial presentations and what the analysts keep saying is that consumers keep buying. If people are feeling pinched they need to cut back on spending which will slow the economy and make the fed dial it back. People are complaining about inflation but they still aren’t cutting back, except maybe in residential home purchases. I’m about to get quarterly updates and I’m really curious to see the numbers. I’ve also been surprised by how uneven the inflation is …. It was food for a while but then it was mostly energy. Yet people are still driving and flying so I guess that demand is inelastic? It all seems a bit weird.

Agree with this. Several things I've read have made this point as well.

[Anonymous]

Anonymous wrote:Well, duh.


How else do you get inflation under control?

We need a recession.

Most of the US is a bubble economy propped up on fake money printing and cheap credit pumping by the federal reserve and cheap interest rates.


The gravy trains always end. Time to pay the piper. Tech workers are also massively overpaid. They need a haircut too.

Like lawyers and finance aren’t also overpaid? It’s all rent seeking.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Well, duh.


How else do you get inflation under control?

We need a recession.

Most of the US is a bubble economy propped up on fake money printing and cheap credit pumping by the federal reserve and cheap interest rates.


The gravy trains always end. Time to pay the piper. Tech workers are also massively overpaid. They need a haircut too.

Like lawyers and finance aren’t also overpaid? It’s all rent seeking.

Of course they’re overpaid too. Most people in the US are. We produce zilch. Why is some dumb tech bro making a social media app making six figures while someone actually manufacturing steel in this country earning far less. The tech bro provide garbage while the steel maker produces tangible goods that are extremely important to the country. Finance bros and lawyers are the same. A bunch of overpaid service economy tools.