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Lyft to lay off about 700 employees in second round of job cuts

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Re: Lyft to lay off about 700 employees in second round of job cuts

#221

Post by umeshunni »

foobarian wrote: post #159
3pt14159 wrote: post #141

Earlier quoted context omitted.

I agree that there are similarities, but many of the web businesses these days are legit with happy customers. The challenge seems to be more widespread across the economy and there are a few not-so-black-swan-anymore looking things on the horizon (e.g., a Sino war) that could dramatically change the picture for the whole industry. My take away is that we may have a mild recession, but the likelihood of a massive rec…

I have a hard time imagining the analog of Nortel or Lucent today. They simply vanished.

Wework, various lending and fin-tech companies (e.g. Better), Crypto companies.

Re: Lyft to lay off about 700 employees in second round of job cuts

#222

Post by dr-detroit »

ulchar wrote: post #217
fny wrote: post #193

Earlier quoted context omitted.

This is all pretty standard culling. They're just trying to scare people into recession think (i.e. don't try to negotiate a raise) and rehire cheaper outsourced or--get ready for this buzz word--"insourced" labor. Remember, the big tech cos also increased their work force sizes dramatically during COVID, so a more aggressive reduction push is understandable.

What would "insourced" mean exactly? Cheap remote domestic hires?

No post body was provided.

Re: Lyft to lay off about 700 employees in second round of job cuts

#223

Post by ChuckNorris89 »

fny wrote: post #193
bryanlarsen wrote: post #43

Tesla was one of the first big tech companies to start this cycle, announcing a 10% layoff in June. Now they're hiring at a rapid clip. https://insideevs.com/news/617007/tesla-hiring-boost-after-l...

This is all pretty standard culling. They're just trying to scare people into recession think (i.e. don't try to negotiate a raise) and rehire cheaper outsourced or--get ready for this buzz word--"insourced" labor. Remember, the big tech cos also increased their work force sizes dramatically during COVID, so a more aggressive reduction push is understandable.

> big tech cos also increased their work force sizes dramatically during COVID

During Covid freshly printed money was raining from the sky fort big tech. Not so much now.

Re: Lyft to lay off about 700 employees in second round of job cuts

#224

Post by SkyPuncher »

datalopers wrote: post #18
jstx1 wrote: post #3

Where are we heading if every company drop 10-20% of their staff?

All these companies have vastly overhired. Think of your own peers and colleagues. How many are a) utterly useless or b) competent but don't have anything to do so they spend time working on mostly pointless projects to improve their CV?

I literally cannot name a single person like this in my entire career. Yes, less than ideal performs, but nobody that's utterly useless or spending all day on side projects.

Re: Lyft to lay off about 700 employees in second round of job cuts

#225

Post by 3pt14159 »

foobarian wrote: post #159
3pt14159 wrote: post #141

Earlier quoted context omitted.

I agree that there are similarities, but many of the web businesses these days are legit with happy customers. The challenge seems to be more widespread across the economy and there are a few not-so-black-swan-anymore looking things on the horizon (e.g., a Sino war) that could dramatically change the picture for the whole industry. My take away is that we may have a mild recession, but the likelihood of a massive rec…

I have a hard time imagining the analog of Nortel or Lucent today. They simply vanished.

Then imagine this: War over Taiwan. One way or another all the fabs get incinerated.

Which companies go bankrupt now?

Re: Lyft to lay off about 700 employees in second round of job cuts

#226

Post by s1artibartfast »

JumpCrisscross wrote: post #138
im-a-baby wrote: post #124

Earlier quoted context omitted.

This seems unnecessarily pedantic. Powell has said he believes the tight labor market is driving inflation. It's a totally fair characterization to say "Powell believes the labor market is too tight" given his statements. In this case, "too tight" means "tight to the point of causing inflation"

> Powell has said he believes the tight labor market is driving inflation No, he has said nominal wage growth is driving inflation. Wages and unemployment are related but not the same thing.

What do you think is driving nominal wage growth if not low unemployment?

Re: Lyft to lay off about 700 employees in second round of job cuts

#227

Post by papercrane »

ulchar wrote: post #217
fny wrote: post #193

Earlier quoted context omitted.

This is all pretty standard culling. They're just trying to scare people into recession think (i.e. don't try to negotiate a raise) and rehire cheaper outsourced or--get ready for this buzz word--"insourced" labor. Remember, the big tech cos also increased their work force sizes dramatically during COVID, so a more aggressive reduction push is understandable.

What would "insourced" mean exactly? Cheap remote domestic hires?

Unless it's taken on a new meaning, insourcing is just the opposite of outsourcing, i.e. using the companies own workforce and resources for a project.

Re: Lyft to lay off about 700 employees in second round of job cuts

#228

Post by mensetmanusman »

bluepizza wrote: post #185
sangnoir wrote: post #169

Earlier quoted context omitted.

Fundamental attribution error: how many of your colleagues think the same of you? When it come to you, obviously the problem is the "complixities of the problem space" and "blockers" you're dealing with, but when it's someone else on some random team, they are slow because they are useless.

Wish you were right. Unfortunately, most tech companies have some decent amount of people coasting at the lowest level of effort. My current team has 6 people. 3 are delivering at normal levels, but the other 3 complete one task per week at most. And those are tasks that take a couple of hours at most. This is happening everywhere, and is a clear consequence of overhiring.

An organization with no slack can’t respond to emergencies in an effective way.

Re: Lyft to lay off about 700 employees in second round of job cuts

#229

Post by umeshunni »

bee_rider wrote: post #132
itsoktocry wrote: post #110

Earlier quoted context omitted.

> Or 1. Convince people stocks are going to go down Stocks are not the economy. We literally have a cold war with China escalating, a hot war in Europe (which we aren't directly involved in..yet), all after years of loose monetary and fiscal policy, inflation is at generation highs, with rates rising and housing relating prices crashing, and on and on... Maybe HN needs some more serious economic analyses posted if pe…

At least we can get jobs in the MIC I guess.

MIC?

Re: Lyft to lay off about 700 employees in second round of job cuts

#230

Post by relaxing »

aksss wrote: post #180
SevenNation wrote: post #26

This is what the other side of a hiring blitz looks like. On the ascent, company after company speculatively hired extremely expensive workers - because the surface economic signals were misleading people who should have known better. There was so much money to throw at employees that offers were being extended just to keep candidates away from competitors. This went on so long and with such fury that employees, cand…

Wage inflation, interesting that the whole "fight for $15" thing literally died overnight at some point. But when you're at 40-year high for inflation, rates rise, part of what the Fed is trying to do is raise unemployment. Here you are. https://thehill.com/policy/3658981-why-the-fed-is-pushing-un...

> interesting that the whole "fight for $15" thing literally died overnight at some point

Not that interesting. With the Senate split 50/50 it only took one Democrat to kill that effort.

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