Alarm Bells Ringing: November 2023 Tech Layoffs & Government Disconnect

[Anonymous]

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.

Because you are a government contractor and your revenue fountain will never run dry.

It’s different at Salesforce, AWS, and Microsoft.

[Anonymous]

Tech over-hired during the pandemic and is now correcting. AI may prove to cause more lasting disruption--with those with expertise with AI getting the higher salaries/greater demand and those with skills that can be easily replaced by AI experiencing lower salaries/less demand.
But, this greater efficiency on the part of companies is fueling growth in the economy and mitigating inflation due to lower labor costs. It sucks for the people who lose their jobs--but for the most part these people will be able to find new employment. Some may experience considerable decreases in salary--but it's a matter of going from highly compensated to a still high wage rather than to a low or even median wage (currently somewhere in the 50-60k range). This isn't an alarm bell for the economy--which still has very low unemployment--but it may be an alarm bell for other tech workers to adjust their skills, expectations and do some networking etc.

[Anonymous]

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.

Because you are a government contractor and your revenue fountain will never run dry.

It’s different at Salesforce, AWS, and Microsoft.

AWS and Microsoft have massive government contracts.

[Anonymous]

Anonymous wrote:

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

I'll take absolute nonsense for $800. Are you 22? Who thinks tech is a stable sector?

As a two tech worker family I gotta agree with you. The pay has historically been great, the job mobility excellent, but stable it never has been. Personally we have used the incredible prosperity of the last 2 decades to invest and diversify. We are luckily a bit older than young tech workers (we are 46) so we’ve been able to do well with our historical earnings and the equity sharing that tech is famous for. Our oldest son is majoring in quantitative computing which is hot, but we absolutely will be advising him to be careful with his money and to set himself up for the ups and downs that come along with working in high tech. Luckily he’s had to witness his parents juggle the rollercoaster. He’s seen layoffs and he’s seen what it means to chase equity.

[Anonymous]

Anonymous wrote:

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.

This. My husband and I met and worked at UUNet. We all know what happened in that sector….

[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

None of this is right. If you thought some sector was safe from job loss -- you were wrong. Tech hasd had layoffs because of overhiring but there are more open jobs in that area than layoffs. There are a ton of open jobs in all sectors nationwide. A long long way to go before there is an issue.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

This. My husband and I met and worked at UUNet. We all know what happened in that sector….

and still married?! so many of the couples I know from there divorced.

Ah, Bernie. had to wreck a good thing. I miss Sidgemore, hard to believe it's been so long.

[Anonymous]

Tech was able to take advantage of the crazy interest rates. The cost of money was so low that companies did not even vet investments. Things that should not have been done - were because the cost of capital was so low - there was so much cash.
Now - with a minor change - but enough that people need to look before they leap is good. It should never had been that low.

[Anonymous]

Anonymous wrote:Tech was able to take advantage of the crazy interest rates. The cost of money was so low that companies did not even vet investments. Things that should not have been done - were because the cost of capital was so low - there was so much cash.
Now - with a minor change - but enough that people need to look before they leap is good. It should never had been that low.

+1
Too cheap money = bad entrepreneurial ideas and execution. Sometimes the cheap money is because of low interest rates, sometimes it's because of too much venture capital (dot.com bust), and sometimes it's both (like just recently). It's a credit to the strength of our economy that the situation isn't much worse.

[Anonymous]

Anonymous wrote:“ChatGTP...write an article on tech layoffs”

They/OpenAI already fired their CEO!

[Anonymous]

Anonymous wrote:

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.

+1

OP is clueless.

[Anonymous]

Anonymous wrote:The tech industry is seeing layoffs because the sector completely over hired, at ridiculous compensation levels, coming out of COVID. The current reduction in workforce is healthy, especially as some tech sub sectors mature and become slower growth entities.

This comment is all that is needed. What are people saying for pages of this thread….

[Anonymous]

Anonymous wrote:“ChatGTP...write an article on tech layoffs”

OMG yes, can we please stop using AI to write these posts, horrifically boring.

[Anonymous]

I work in big tech. Our business is healthy and starting to grow again after a slow down earlier this year. There are no signs of layoffs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

This. My husband and I met and worked at UUNet. We all know what happened in that sector….

and still married?! so many of the couples I know from there divorced.

Ah, Bernie. had to wreck a good thing. I miss Sidgemore, hard to believe it's been so long.

yes, we are!!! He made it though y2k I left in 1998 for DSL provider. We got married in 2003.