Ask HN: Has the tech recession affected you?

#1

Post by throwaway494749 » Tue, Jan 02, 2024, 10:31 PM UTC

I don't see much talk of it here, but are we in the depths of a serious tech recession? VC world seems to have been decimated, massive layoffs at most tech firms, IT consulting and contracting also decimated.

Have you been affected? Is there any end in sight? Sharing your experiences can help others to know they're not alone.

Re: Ask HN: Has the tech recession affected you?

#2

Post by throwitaway222 » Tue, Jan 02, 2024, 10:42 PM UTC

I was just told today that my team is being cut in half soon. No idea if that's going to include me too.

As far as I've been told, the funding for most startups is gone right now.

Re: Ask HN: Has the tech recession affected you?

#3

Post by edgyquant » Tue, Jan 02, 2024, 10:49 PM UTC

I didn’t get laid off, and my startup managed to raise more money during the height of the layoffs. However im starting to look for a new job and the market is definitely not what it was in January 2022 when I last looked for an engineering gig (and found one in less than a week.)

Re: Ask HN: Has the tech recession affected you?

#4

Post by hotpotamus » Tue, Jan 02, 2024, 10:51 PM UTC

I don't know that it's a serious tech recession; my understanding is that the major players are still posting serious revenue growth. As far as I can tell, a lot of the VC/startup world was mostly a low interest rate bubble.

I suppose I'm "lucky" that I got laid off in 2021 after the company I was working for was acquired by private equity. It wasn't a bad time to find a job, and I went looking for something different which ended up being a small, local company that does fairly boring software development.

Re: Ask HN: Has the tech recession affected you?

#5

Post by dijit » Tue, Jan 02, 2024, 11:01 PM UTC

I had to let go of all my contractors. Aside from that, we're still hiring for many FTE's. (40~ next fiscal).

I suppose contractors are a "make hay while the sun shines" situation and it can turn...

Re: Ask HN: Has the tech recession affected you?

#6

Post by fruit2020 » Tue, Jan 02, 2024, 11:03 PM UTC

dijit wrote: post #5

I had to let go of all my contractors. Aside from that, we're still hiring for many FTE's. (40~ next fiscal). I suppose contractors are a "make hay while the sun shines" situation and it can turn...

Which country?

Re: Ask HN: Has the tech recession affected you?

#7

Post by ReptileMan » Tue, Jan 02, 2024, 11:03 PM UTC

Jobs are harder to get. Lots of people flooding the market after lay offs. I have 3 positions so far that I went deep into interviews and then it was - there is no budget for the position - it is cancelled, maybe next year.

Pay is also inching lower.

Re: Ask HN: Has the tech recession affected you?

#8

Post by tschellenbach » Tue, Jan 02, 2024, 11:04 PM UTC

Scaled down from 150 people and high burn to 120, much higher revenue, and clearly on a road to break even. I do find it quite challenging. Financial markets are tighter than they've ever been and it feels out of whack with market rate salaries/and the level of effort people put in.

Re: Ask HN: Has the tech recession affected you?

#9

Post by Slix » Tue, Jan 02, 2024, 11:05 PM UTC

I've struggled to find a Software Engineer job for many months, even with FAANG on my resume. It's nowhere as easy as it was when I graduated college 7 years ago.

I send out my resume and barely get any answers. I don't even get a chance to interview.

That being said, I had a good luck streak in December! I'm waiting to hear back from several companies right now.

Re: Ask HN: Has the tech recession affected you?

#10

Post by operatingthetan » Tue, Jan 02, 2024, 11:08 PM UTC

I keep hearing whispering of an "AI boom" happening soon on HN but don't see in the real world. Has anyone seen signs either way?