45,000 tech jobs cut

[AkFemDem]

https://www.gadgetsnow.com/amp/slideshows/45000-tech-job-cuts-microsoft-intel-snap-and-other-companies-that-have-laid-off-employees/photolist/95345287.cms

“ Tech companies have pressed brakes on hiring as they contend with sluggish consumer spending, higher interest rates and global economic uncertainty. According to Crunchbase News tally, as of late October, more than 45,000 workers in the US tech sector have been laid off in mass job cuts so far in 2022. While some companies have announced job cuts, others have frozen hiring. The names include both big and small tech companies. There are many in the list that saw unprecedented growth during the pandemic due to the boom in online spending. The CEOs of these companies have said that they over-hired. Here are some big technology companies that have cut jobs or announced hiring freeze. ”

[AkFemDem]

1. +11,000 at META announced this week.

[AkFemDem]

2. Run down of lay offs specifically

https://www.cnbc.com/amp/2022/11/09/tech-layoffs-2022.html

I’m sharing this because I think it’s relevant to all of the Twitter/Musk stories. While he’s getting all of the attention (mostly because he’s screaming for it) this is actually the trend everywhere.

[onetexan]

3. They're anticipating recession & hoarding cash

Layoffs & furloughs are the easiest & quickest way to do this. My company has furloughed many contractors.

[republianmushroom]

4. the bubble had to po sooner or later. Just saying

[C_U_L8R]

5. Hoarding the holiday bonuses. Again.

Maybe next time they’ll axe the ones who managed themselves into that mess (themselves) rather than punishing the staff.

[Metaphorical]

6. This will come back to bite investors

The people being laid off are specialists, are entrepreneurial, know their own worth, and will find other opportunities (more likely remotely) quickly. This means when the correction inevitably ends, those same companies are going to have a devil of a time rehiring.

[getagrip_already]

7. here's a secret - shh - tech companies are always laying people off... every month

The larger ones have been on a cycle of rolling layoffs for years. Usually at the smaller companies the numbers are low enough they don't get tripped up by public reporting laws. The larger companies like meta will announce a huge number during a quiet time and then just slow roll them. A few here, a few there, a few this month, a few next.....Some even use performance reviews to take the place of a reduction in force.

At the very same time they are laying off, they are hiring in other areas.

You really can't go by these types of announcements anymore. Layoffs are being used to clean the company books, not stave off poor economic performance. Strong companies may actually hire in a downturn.

So cry in your beer if you want to. I'll just drink mine (IPA preferred), straight up and happy.

These pronouncements usually don't mean anything more than well paid employees will be shown the door and hungry lower paid workers will get their dream jobs.

I've been around tech companies long enough to have seen real layoffs, and seen companies implode from the inside. That isn't happening here.

[Yavin4]

8. Just because a job has been cut, that doesn't equal someone being let go.

The majority of the time when people leave a job for a variety of reasons they just don't fill the position and count that as a layoff. People leave jobs all of the time. They get a better job somewhere else. Their spouse gets a new job in a new city. They retire.

These headlines are just to scare workers into being compliant, Makes it easier to get you to work 85 hours a week.

[TheBlackAdder]

9. Some could be open requisition cards to hire someone, but the article mentioned layoffs.

[Yavin4]

10. Companies don't like to layoff people en masse.

It's seen as a desperation move, and it's bad PR. Makes it more difficult to recruit talent when needed. Also, they have to pay out severance which is also not good.

So, they let natural attrition do the heavy lifting. In my last position, my department went from 37 people in 2018 to now only 20. That's almost half, and they didn't layoff anyone. They just never hired replacements.

[Coventina]

11. We haven't been able to hire people in the field for ages.

As a college, we have several openings in the IT department for faculty and just staff for our infrastructure.

We haven't been able to offer competitive wages, or even close to competitive wages for many years now.

I wonder if this means we'll have some applicants for our positions?