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How much have tech layoffs affected engineers vs. other departments?

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Re: How much have tech layoffs affected engineers vs. other departments?

#271

Earlier 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…

There are also plenty of people unhappy with their FAANG jobs and don't want to trade it for a growth-chasing but ultimately unfulfilling startup. Those might be tempted to join a more robust startup.

Really? Why? I thought FAANG jobs were the closest thing to heaven on earth.

Okay, I am being obnoxious, but seriously, this is first I have heard of this. Do you know why? Surely it can't be the remote work thing. I would assume there has to more to this.

Re: How much have tech layoffs affected engineers vs. other departments?

#273
post #210

Earlier quoted context omitted.

>Doesn't matter the reason, net net less goods were produced. That's not how GDP works? It's not adding up all the things that were made , it's measuring the value an economy produced. A quirk of that is imports are value an economy consumes (usually offset by Foreign Direct Investment). If those ships decided to bail from LA and head to Japan, would the economy have 'produced less'?

Isn't your whole point that goods were already paid for in one quarter but were held up until the next quarter to clear? If consumption and import were in the same quarter then it doesn't affect GDP at all in an accounting sense. But in your example, you get a +GDP in the quarter that consumption happened, making it seem like domestic production went up, then against that baseline you get a -GDP "due to" imports the…

My point is that an amount of economic activity happened (let's simplify and say that its consumption/investment/government spend).

GDP measures how much a country makes, but that's only a proxy for economic activity because trade imbalances exist (and the US economy greatly benefits from its trade imbalance).

So the unprecedented lumpiness of imports shouldn't mislead you into thinking US domestic economic activity is down, when in fact it's just being financed differently (now more via trade imbalance than in previous quarters).

Again, all circling back to my point that the 2Q's of GDP rule is dumb.

Re: How much have tech layoffs affected engineers vs. other departments?

#274
post #128

Earlier quoted context omitted.

Economists don't favor democrats but rather seek reality, and the argument that conservative viewpoints are somehow not present in universities, especially in economics departments where Marxists econ profs and Austrian econ profs dine at the same tables and chair the same candidates, is both hilarious to people who have lived experience there and somewhat sad for those same because to communicate reality to folks es…

One of your professional colleagues disagrees, feeling that academia generally is partisan https://johnhcochrane.blogspot.com/2022/07/woke-week.html?m=... and that economics in particular is too https://johnhcochrane.blogspot.com/2022/06/aea-p-measure-of-... Economics is less partisan than any other social science, with only three times as many Democrats as Republicans but academia in general is merrily burning its r…

I once belonged to a cult. I am no longer in it. It was an organization that preferred its version of reality in spite of evidence. It doesn't perform well among educated folks. Would you argue that a cult that loses members as they gain knowledge and alternative mental models should be protected from the savagery of educated minds due to its loss of adherents?

I'll answer my rhetorical because it's important you understand: no.

John's (and I'd probably be on firm footing to assume your) presumption here is that political affiliation automatically means discriminatory bias and inherent exercises in partisanship. I wouldn't call it a universally bad assumption, but it's also likely not a terribly consistent one across the universe of universities and colleges.

I'm glad you recognize that Economics has a more even partisan distribution than some other fields in social science. Many fields are.

Props to the University of Austin, which John lauds. May they prove to be a bastion of freedom of thought that stands as vanguard against the cravenness that represents itself as the modern marriage of business conservatives, theocrats, and the eat-the-rich contingent, as well as freedom of thought from all other attacks, whether perceived or real.

Note too: the academy has been attacked before, many times. No matter. Ultimately it converges back to the form of a tenured faculty supported be benefactors in the pursuit of knowledge, even and especially when that goes against their benefactors' preferred version of reality. Fields occasionally ossify and lose value, to be replaced one death at a time, but like writing, speech, and real analysis, the academic model is akin to toothpaste and its relationship to the toothpaste tube.

Good luck out there.

Re: How much have tech layoffs affected engineers vs. other departments?

#275
post #250

Earlier quoted context omitted.

tech workers are not highly compensated on average, lawyers, doctors etc are.

Average salary for a lawyer isn't that different than for a software engineer (slightly higher). Doctor's average on the other hand is more than double.

>Doctor's average on the other hand is more than double.

And often have spent a lot more time in relatively low-paid training.

And lawyers are at least somewhat bimodal (though maybe trimodal). White shoe firms, corporate lawyers/successful private practices, everyone else.

Re: How much have tech layoffs affected engineers vs. other departments?

#277
post #251

Earlier quoted context omitted.

I haven't seen this at all, I'm currently contracting and I see rates anywhere from 63.50 per hour to 80+. Depending on the locale and whether we're talking FAANG or not those are pretty good rates. (130-150+ respectively)

$150 per hour is very low.

I've never seen anything close to $150/hr -- I'd jump on that if I did. $63-$80/hr is actually about what I'm seeing, which is less than I'd made from my last FTE gig (I have 16 yoe, mind you). When you consider those rates don't include PTO and benefits, it's even worse.

Contracting is the thing you do when you're between permanent jobs and you do it because it pays better than slinging coffee and keeps your resume current.

Re: How much have tech layoffs affected engineers vs. other departments?

#278
My company has a hiring freeze in place right now but are still brining on new contractors for high-priority initiatives as needed. No engineers have been let go yet

And recruiters keep spamming me on LinkedIn about "great" contract to hire roles they have

People still need engineers, they just don't want to commit to increasing headcount, because it will upset the beancounters.

That's my take anyway

Re: How much have tech layoffs affected engineers vs. other departments?

#279

Earlier 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.

Oh my sweet summer child...

Re: How much have tech layoffs affected engineers vs. other departments?

#280

This 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…

I remain skeptical of the claim that an influx of inexperienced developers will significantly affect demand for people with significant amount of experience and proven success in the industry.

Obviously I'm biased, but still

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