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OneTrust lays off 25% Workforce

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Re: OneTrust lays off 25% Workforce

#41

Post by KoftaBob »

sokoloff wrote: post #20
KoftaBob wrote: post #9

"I know this news is surprising, especially as you heard last month that the business is on track with record quarters and increasing customer demand. However, capital markets sentiment shifted to a more balanced approach between growth and profitability, and at this time, we have decided the best course of action is to reorganize to position OneTrust for continued long-term success." Translation: we over-hired based…

> leadership are short sighted and gobble up as much VC money as possible just because they can, rather than raising only the amount needed for their growth goals. When money is excessively easy and cheap, far-sighted leaders might reasonably choose to gorge on that opportunity.

I guess what I meant to say is that the way they’re using that funding is short sighted, ie the over hiring.

Re: OneTrust lays off 25% Workforce

#42

Post by arroz »

abduhl wrote: post #36
indymike wrote: post #33

I'm always amazed with how big tech companies get in terms of employee count. I once wandered the engineering area of the HQ (with an employee) of a FAANG (MAANG sounds... silly) and made a tick mark on my notebook when I saw someone actually coding - or at least having code on screen. There were over 1200 people on the development team and at the time most worked out of HQ. So... when I was done walking, I had 22 ti…

Yes, but haven't you heard that productivity has gone up since we've moved to WFH? You'd probably have like 30-40 tick marks now if you toured all their homes.

Yeah i don’t think this is true though people love to say it is true

Productivity is a very subjective term

Are you making more dollars for less money? This is productivity, everything else doesn’t matter

Re: OneTrust lays off 25% Workforce

#43

Post by choeger »

TuringNYC wrote: post #22
culpable_pickle wrote: post #5

Earlier quoted context omitted.

Founded in 2016. Raised 926 million dollars. On track for record profits this year. Yeah, IMHO this was just an excuse to slim down the fat. Better returns for investors and better position to swoop in and grab other businesses that can no longer get funding. Shrewd but heartless IMHO.

More likely: Worried about runway given difficultly of raising capital, cutting down to ensure burn-rate assumes capital isnt raised.

With profits, shouldn't you have an infinite runway?

Re: OneTrust lays off 25% Workforce

#44

Post by [deleted] »

mandelbrotwurst wrote: post #39
fasteddie31003 wrote: post #12

The job market for developers right now is tough. My last time interviewing I was 2 offers for 4 interviews. I started looking for a job a month ago and I've gotten 0 offers for probably 10 interviews. It's my first time interviewing over virtual meetings, maybe that's it, but I think it's the general job market. My last feedback was "TL;DR - The general agreement was that you can code, and likely code well. However,…

That's definitely frustrating feedback. Even so, I would consider asking for specifics about those opportunities were, potentially even reaching out to individual interviewer engineers who are more likely to share as opposed to only the recruiter or HR rep.

[deleted]

Re: OneTrust lays off 25% Workforce

#45

Post by ChuckNorris89 »

siva7 wrote: post #26
fasteddie31003 wrote: post #12

The job market for developers right now is tough. My last time interviewing I was 2 offers for 4 interviews. I started looking for a job a month ago and I've gotten 0 offers for probably 10 interviews. It's my first time interviewing over virtual meetings, maybe that's it, but I think it's the general job market. My last feedback was "TL;DR - The general agreement was that you can code, and likely code well. However,…

Then we must live in a different reality. All companies in my circle are struggling to find developers.

>All companies in my circle are struggling to find developers.

All companies can be struggling to hire if their bar is too high and/or their pay is too low.

Re: OneTrust lays off 25% Workforce

#46

Post by deeptote »

gitfan86 wrote: post #29
siva7 wrote: post #26

Earlier quoted context omitted.

Then we must live in a different reality. All companies in my circle are struggling to find developers.

Same. Just yesterday, I had a company wanting to negotiate employment terms after saying they were passing on me last week.

I've had 8 recruiters reach out just this morning on LinkedIn. Granted, most of them are crap gigs but they were mostly crap gigs 6 months ago too. Plenty are interesting though. I'm really glad I specialized early on and found a niche.

Re: OneTrust lays off 25% Workforce

#47

Post by ruffrey »

mandelbrotwurst wrote: post #35
PheonixPharts wrote: post #23

Earlier quoted context omitted.

> bottom 10-25% of performers I've been around awhile and seen plenty of layoffs, layoffs are almost never about performance at the individual level. It's nice to believe they are because in times like these thinking to yourself "I'm a least in the top half of performers" can give the illusion that you're safe. However, this thinking is ultimately harmful because when you or your friends and colleagues do get laid of…

They're not primarily about individual performance, but if a company decides to cut X% of some group, it's going to make an effort to cut those it can most afford to lose, which is going to tend toward those they evaluate as lower performers, accurately or not.

I’ve recently seen this, but still performance was not the driver. A small company had two teams, a data eng team and a cloud products team. Both very high performing. The economic tide turned and they needed to cut % headcount to survive. Instead of cutting from both teams, they cut the cloud products team and put the idea on hold. This kept the long term play on data intact. They’ll hire full stack later. Yes they could afford to lose people, but not due to individual performance.

Re: OneTrust lays off 25% Workforce

#48

Post by thawaya3113 »

culpable_pickle wrote: post #5
roansh wrote: post #3

I wonder how many of layoffs that have happened, the ones coming are actually needed financially. For example: I suspect a lot of companies took the opportunity of the first covid lockdowns to fire some people? Nothing against it since every company is just improving its chances of survival, just thinking out loud about the reasons they share publicly. Also, of course there would be some whose survival was in good sh…

Founded in 2016. Raised 926 million dollars. On track for record profits this year. Yeah, IMHO this was just an excuse to slim down the fat. Better returns for investors and better position to swoop in and grab other businesses that can no longer get funding. Shrewd but heartless IMHO.

The closest public info I can find is revenues of about $125mm in the past year.

With about 4000 employees, that’s an average of about $30k per employee.

That sounds pretty low to make any sort of profit.

Re: OneTrust lays off 25% Workforce

#49

Post by formerkrogemp »

_fat_santa wrote: post #14
roansh wrote: post #3

I wonder how many of layoffs that have happened, the ones coming are actually needed financially. For example: I suspect a lot of companies took the opportunity of the first covid lockdowns to fire some people? Nothing against it since every company is just improving its chances of survival, just thinking out loud about the reasons they share publicly. Also, of course there would be some whose survival was in good sh…

It could also be businesses reacting to the swinging pendulum of the economy, it's been a crazy 2 years. First we have a booming economy, brought to it's knees by the pandemic. Everything shuts down so businesses lay off. But then it came back, in some places in a very major way, and businesses that were laying off yesterday are back hiring today. But as the economy cooled off again, companies realize they can't affo…

Or, software companies and employees aren't as important as they make themselves out to be?

Re: OneTrust lays off 25% Workforce

#50

Post by usrn »

fasteddie31003 wrote: post #12

The job market for developers right now is tough. My last time interviewing I was 2 offers for 4 interviews. I started looking for a job a month ago and I've gotten 0 offers for probably 10 interviews. It's my first time interviewing over virtual meetings, maybe that's it, but I think it's the general job market. My last feedback was "TL;DR - The general agreement was that you can code, and likely code well. However,…

But we still need H1B visas because the domestic population doesn't have enough coders.
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