Earlier quoted context omitted.
Microsoft.
Amazon
If it were Amazon they would have just said FAANG.
How much have tech layoffs affected engineers vs. other departments?
241–250 of 359 posts
Re: How much have tech layoffs affected engineers vs. other departments?
#242Earlier 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.
Sprouting startups funded by what? All indications as I read are VCs becoming note risk averse right now.
scrappy startups not "lets plow 100 mil with no market fit" startups.
Re: How much have tech layoffs affected engineers vs. other departments?
#243We (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…
Maybe not, we haven’t been in a situation with working population decline due to retirement and fewer upcoming workers.
Re: How much have tech layoffs affected engineers vs. other departments?
#244Earlier quoted context omitted.
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.
> 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.
While there are indeed people like you out there (don't care about the money)
You have to remember that you're more of the exception than the rule. The average developer is indeed very keen on optimizing their salary, and the possibility of a 50-100% raise by moving to a FAANG is undeniably a huge motivator.
Re: How much have tech layoffs affected engineers vs. other departments?
#245My company is not hiring developers at the moment, but there sure are some people who should be let go.
No post body was provided.
Re: How much have tech layoffs affected engineers vs. other departments?
#246Earlier quoted context omitted.
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 m…
The factory automation you're talking about is the culmination of the industrial automation that started in the 1800s, so it's no surprise that it's so far ahead.
Information automation, on the other hand, is still very much in its infancy. Not just office and retail—construction, farming, and medicine are huge growth areas for IT right now.
Re: How much have tech layoffs affected engineers vs. other departments?
#247We (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…
Genuine question: what does FANGish mean?
My initial guess was Facebook, which is now called Meta and therefore isn't F any longer. "ish" is just enough plausible deniability.
Re: How much have tech layoffs affected engineers vs. other departments?
#248This 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…
> This is likely to be the recession that halts the rapid inflation in tech wages. I think the transition to remote combined with the recession will put a damper on high tech salaries. I've already started seeing pressure from our executives to explore more hiring of remote workers to cut costs further.
A FAANG-ish company I am familiar with budgets for salary, not roles. If you're a manager trying to build the best team possible and you think you can do 2x the work by hiring engineers from Nebraska who make 50% what they might in SF, you are stupid not to. For a time there was a rule managers on a particular team couldn't hire from SF or NY for this reason.
Re: How much have tech layoffs affected engineers vs. other departments?
#249Earlier quoted context omitted.
> we're not in a recession yet. Yes, yes we are. > The Bureau of Economic Analysis, an independent federal agency that provides official macroeconomic and industry statistics, says "the often-cited identification of a recession with two consecutive quarters of negative GDP growth is not an official designation" and that instead, "The designation of a recession is the province of a committee of experts at the National…
I'm not convinced. According to that page, we had 24.6% growth last year: 1.062 * 1.07 * 1.025 * 1.07 = 1.246.. YoY growth last quarter was 7.3%: 1.025 * 1.07 * 0.994 * 0.984 = 1.0727 The US GDP usually grows 3-4% per year. It's beat that on average since Covid started: https://www.macrotrends.net/countries/USA/united-states/gdp-... So, by any reasonable definition of the terms, we're simultaneously in the middle of…
GDP growth being negative could also be attributed to product shortages.
Re: How much have tech layoffs affected engineers vs. other departments?
#250Earlier quoted context omitted.
I think it has more to do with getting around benefits, usually. The expense for businesses isn't just the salary, in fact alot of businesses, if they could just pay the salary, would be able to retain / hire more people, but benefits + high salary is harder to take on. This is a great argument for universal healthcare and a nationalized pension system, but I digress
Tech workers are so highly compensated anyway that benefits aren't a huge percentage of the total cost of employment. The main reasons to prefer contractors in times of economic difficulty are: (a) contracts are fixed length, so it's easy to simply let a contract lapse rather than renewing it if conditions worsen/don't improve and you want to cut headcount without having a layoff, and (b) contractors frequently count…
tech workers are not highly compensated on average, lawyers, doctors etc are.