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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

#291

Post by pessimizer »

romski wrote: post #290
elforce002 wrote: post #283

Here's an interesting thing: there are other fields too. People tend to forget we need Civil Engineers, Electrical Engineers, Mechanical Engineers, Electronic Engineers, etc... This is not the end of the world. STEM professionals were switching careers because of the money and other amenities tech companies were offering (See "a day in x-company" trend on social media). The way I see it (cynical take) is that there h…

Someone coming from a 350k fang job is not going to work for “35-70k” would you?

If a significant proportion of developers end up unemployed, the faang salaries will be coming way down anyway. "Reserve Army."

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

#292

Post by Hermitian909 »

pessimizer wrote: post #291
romski wrote: post #290

Earlier quoted context omitted.

Someone coming from a 350k fang job is not going to work for “35-70k” would you?

If a significant proportion of developers end up unemployed, the faang salaries will be coming way down anyway. "Reserve Army."

Depends on the quality of the developers you're looking to hire.

The market for the kinds of developers that command ~$350-500k is still incredibly tight. There's a reason that even though Stripe is reducing headcount by 14% engineers are mostly unaffected.

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

#293

Post by testrun »

retinaros wrote: post #282
YetAnotherNick wrote: post #261

Earlier quoted context omitted.

GP said they have overhired, which is definitely bad managing, or that employee aren't productive, and if >5-10% employees are non-productive that is a managing or interviewing problem as well. But saying it has nothing to do with employee is also not correct. If someone is signing up for a company that does not manage its finance sustainably, they should expect this. And company would only overpay if they aren't foc…

what are you saying exactly? most of the companies that fire people now are seeing their highest revenue ever in their history.

They do now, but they are looking at tomorrow. Nobody has a clear idea what is coming down the turnpike at the moment. (China economy, high inflation, Ukraine, unipolar to multi-polar world, interest rates going up, high energy costs, global warming, de-population in some countries, health care costs blow-outs due to boomers going into 65+ age range etc).

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

#294

Post by temp20160423 »

WillPostForFood wrote: post #286
jonathankoren wrote: post #274

Earlier quoted context omitted.

I always think of it as more of a DoorDash thing. There was that whole partnership with Starbucks immediately before the implosion.

You are right that DoorDash might be closer to Kosmo (and may also go under). I meant that Amazon Prime showed that a scaled up, same day delivery service could be viable and profitable

I wouldn't call Amazon Prime same day. Amazon had prime now for awhile in response to Google's Express program; these were both same-day services that delivered in 2-4 hours from order placement. Both programs were cancelled when it became clear they were unsustainable.

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

#295

Post by sushid »

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...

Tesla ALWAYS does 10% layoffs. Why anyone wants to work for an overrated egomanic who believes an annual 10% culling is good for the company is beyond me.

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

#296

Post by TrackerFF »

romski wrote: post #290
elforce002 wrote: post #283

Here's an interesting thing: there are other fields too. People tend to forget we need Civil Engineers, Electrical Engineers, Mechanical Engineers, Electronic Engineers, etc... This is not the end of the world. STEM professionals were switching careers because of the money and other amenities tech companies were offering (See "a day in x-company" trend on social media). The way I see it (cynical take) is that there h…

Someone coming from a 350k fang job is not going to work for “35-70k” would you?

Some will have to.

In the big picture, FAANG salaries are outliers. Boom and bust cycles come and go, and when it is booming again - circumstances can have changed.

I worked with people in oil and gas that never came back, probably making only 25%-50% of what did they did during their best years.

Finance, too. Lots of young bankers were forced out back in 08-09, and never returned.

(With that said, tech is a bit more flexible on hiring, and I don’t think a 350k engineer will have to take a 300k pay cut, finding a “normal” ~100k engineering job is very possible. Or even another FAANG job if you’re willing to keep going at it. Could take weeks, months, even years - depending on how bad the market is)

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

#297

Post by nunez »

Spivak wrote: post #153
nunez wrote: post #99

Earlier quoted context omitted.

Adding context: the US Fed raised the interest rate benchmark this week to 4%, with the expectation that it will be raised higher. Credit's getting a lot more expensive.

Yep, don't even look at mortgages until housing prices drop in response to the rate increases. Because the amount of total money paid in interest over a 30 loan increased more than 2x over the last year.

honestly i think this is the "real estate bubble" folks were looking for

(it's not a bubble but housing might finally drop in price now that mortgages are so expensive)

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

#298

Post by aprdm »

mabbo wrote: post #178
jstx1 wrote: post #3

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

An interesting time, imho. The costs to explore a startup are pretty low these days. You can live anywhere (move somewhere with relative low COL), you can develop just about anything cheaply (open source, plus easy frameworks). You can work with like-minded people all over the world easily (remote work for '20-'21 made big inroads in that department). And we may suddenly have a few tens of thousands of talented devel…

Wow people can really live in a bubble huh. Delusional stuff that I have to read

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

#299

Post by black_13 »

elforce002 wrote: post #283

Here's an interesting thing: there are other fields too. People tend to forget we need Civil Engineers, Electrical Engineers, Mechanical Engineers, Electronic Engineers, etc... This is not the end of the world. STEM professionals were switching careers because of the money and other amenities tech companies were offering (See "a day in x-company" trend on social media). The way I see it (cynical take) is that there h…

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