Earlier quoted context omitted.
Unemployment is at a historic low, which is not typical of a recession.
I believe it's typical before a recession though :D
Right. But the claim is were in a recession now not that we're right before one..
How much have tech layoffs affected engineers vs. other departments?
181–190 of 359 posts
Re: How much have tech layoffs affected engineers vs. other departments?
#182We (large FANGish) are more or less in a hiring freeze but still grabbing a few new hires here and there. A friend just interviewed for SSE at AAPL and seemed to have the job only to be told they closed the req. I'm still getting lots of recruiter spam though so I think we're still fairly early in any sort of layoff cycle. The economy is still trucking. Despite many people trying to be first to declare it, we're not…
The US is in a recession. It has seen two quarters of negative economic growth.
That's not really a great definition, do you disagree?
Re: How much have tech layoffs affected engineers vs. other departments?
#183Earlier quoted context omitted.
If you believe there exists a "non partisan third party think tank" I have a bridge to sell you in Arizona.
London bridge?
I assume they're talking about the Brooklyn Bridge: https://www.blogtyrant.com/the-man-who-sold-the-brooklyn-bri...
Re: How much have tech layoffs affected engineers vs. other departments?
#184Earlier quoted context omitted.
I feel like a broken record but, the 'Two quarters' rule is an unofficial metric that does a bad job of representing recessions when you back-test it (no recessions from 1992-2008 in that case). In the US, a recession is defined by NBER after the fact.
Then the "two quarters" rule is stricter. We have fulfilled a stricter criterion for a recession. Whether the NBER contradicts us is irrelevant. Less value is going around in the economy.
No. It could also just be pointless. In isolation what does two quarters of negative growth mean? It obviously doesn't mean a bad economy, not always. The economy was awful plenty of times and GDP grew.
Re: How much have tech layoffs affected engineers vs. other departments?
#185This is likely to be the recession that halts the rapid inflation in tech wages. Rising risk free rate has hit growth companies the hardest, and there are likely to be a large swath of layoffs right as we have tons of people bootcamping and switching into the industry. Supply and demand of labor in tech will enter balance for the first time since ~2010. The FFR is looking to have a reasonable chance to go to 5% at th…
We are barely in the early stages of automation and digitalisation. There may be a temporary bump but we are nowhere near where we should be in terms of automating things. Let alone the existing code that needs maintenance. Large and boring companies, the Chryslers of the software world, will undergo a slowdown. There will be new tech and process coming around. We still have trains driven by people, planes flown by p…
This: "We are barely in the early stages of automation". I would disagree from the perspective of manufacturing. Most people do not realise how much automation has occurred in the last 30 years. The labour cost per unit of manufactured product continues to fall at an incredible rate. The future feels like a bunch of 99% automated factories in the middle of nowhere. It seems scary to imagine the day when someone can manufacture a car (end-to-end) with almost zero labour input. Imagine: Semi-autonomous robots at all points in the supply chain: Mining, refining, steel & aluminum production, deliveries (driving trucks), car manuf. plant.
But, yes, I do agree that this statement is generally true for services industries ("office work / retail").
Re: How much have tech layoffs affected engineers vs. other departments?
#186Re: How much have tech layoffs affected engineers vs. other departments?
#187Earlier quoted context omitted.
This is a pointless battle. There is a US election this year so there is zero chance a recession will be admitted until mid November regardless of facts on the ground.
US gov uses a non-partisan third party think tank to officially declare recessions.
Third parties aren't official.
Re: How much have tech layoffs affected engineers vs. other departments?
#188I just went through a round of interviews and received offers from large, small, and medium sized companies. So the opportunities are still there if you can navigate the interview gauntlet.
How many applications did you send, compared to number of phone screens?
I had the most success just replying to inbound recruiter messages for companies that seemed interesting. I mainly used LinkedIn and YC's WaaS. Also, be sure to create a detailed profile that contains the alphabet soup of technologies that you have experience with, because this is how companies search for a potential match.
Re: How much have tech layoffs affected engineers vs. other departments?
#189Earlier quoted context omitted.
Contrary view - this will sprout more startups that were previously starved for talent rest&vesting at faang&co and we'll see much tighter market in 2-3 years.
It will definitely do that if FAANG comp compresses via lower equity issuances. The difference is startups generally can’t compensate at the level that FAANGs do or did. And if discount rate stays higher, valuations will be much lower at the same revenue and growth rates than they had been in the past. Of course this also implies the value of the dollars you earn is greater via opportunity of higher yielding investme…
Personally, myself and several others I know don’t care to work on the problems that the big tech corpos are working on, no matter the salary. I make well below what I could because the things I work on are important contributions to society rather than helping an advertising business or help a closed garden become more closed.
Re: How much have tech layoffs affected engineers vs. other departments?
#190Earlier quoted context omitted.
small crypto startups compete directly with faang because they can give their own liquid tokens alongside their base salary given how big the VC funds for crypto startups are now I dont really see any talent acquisition situation improving for other tech startups, I see it getting more impossible who wants below market salary and illiquid lottery tickets that you have to also put up your own money to redeem after 1 t…
Nobody is going to work for Crypto startups now that the whole sector has imploded. And likely will go even lower from here. The days of profiting off ponzi scheme-esque tokens is over
most crypto assets can fall 99% from their initial trading price (like IPO price) before employees, founders and investors are at anything resembling a loss.
99.99% from all time highs
thats true for newly or to be launched crypto assets, and for existing established cryptos the fully diluted value (non circulating supply that company holds) is often many times the supply that “marketcap” sites show, and this is paid to employees and slowly increases the circulating supply
all while the cash compensation and bonus structure is now similar to FAANG
so I think you might be right that there are potential employees that don't understand that and can only relate to their or their friend’s attempts at day trading