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it should only affect USA. most companies depend on investor money (some to live, like tsla, uber. some because of bonuses tied to stock prices) those companies know that investor money is directly related to FED rate. if its zero, they get invested, if its high, people will put money to work elsewhere. they only lever they have to control fed rate is unemployment. they know they are hurting their business by laying…
Brazilian here: for laid off in November by an UK based startup and still unemployed. Local companies seemly are willing to hire but because the flood of fired workers they are offering really bad wages. I got offered work as embedded C dev for 300 USD month... I didn't accept back then because I was still working in my old job. I regret not taking that job now. 300 USD at least is more than 0 USD.
Don't want to jinx it, but I haven't heard of any Sydney-based startups doing layoffs. I have heard about Sydneysiders from Microsoft, Google and such who were hit by layoffs though.
I recently changed jobs in Melbourne (senior frontend developer). I was told by multiple different people that the average market salary has dropped by about 5-10k since this time last year, but I didn't struggle to get interviews and I was able to accept an offer for what was apparently last year's market salary. Some of the larger companies weren't hiring but in general the market seemed pretty steady.
On one hand it’s a bit slower on the other Google here hiring like crazy, Netflix opening up an office, Shopify acquiring whole companies…
To me it seems like big tech fires in the US then look for cheaper workforce elsewhere. Or maybe just a coincidence?
In New Zealand - most layoffs I’ve heard about have been US companies trimming offshore staff. At least one high profile local startup has laid people off though. Speaking as a hiring manager it’s definitely been easier to find people since around mid 2022
It will be interesting to see what happens as a result of the flooding. I imagine New Zealand's economy is going to take an extra hit with that.
That's so weird that layoffs have primarily been in the US, the most expensive labor market. It's almost like the layoffs aren't really out of any necessity in most cases but are just an attack on labor and labor costs. That aside, it is worth noting that a lot of other countries make it a lot more difficult to lay people off and when you do there are more protections, greater notice periods and so on. So it may just…
I can give my CFO perspective on this having been through it from that position. It's not that you had that plan, but often when faced with questionable shift in business strategy, you look for the "low hanging fruit" and often just start with a number in mind, Eg. need to trim $x million of cost. From there, there may be complete teams or products that get cut (business decides to cut loss and divest of that product/service/etc), and/or at some point you often do sort by cost and make cuts towards the top first. There's usually a lot of conversations amongst management about which folks are mission critical and who is expendable (there's usually a middle bucket of folks that are neutral, "keep if we can").
This allows you to get to $x million by cutting the least number of headcount. Obviously, with hindsight, it would make more sense to just hire from lower-cost-of-living regions to begin with, but that assumes a level of planning that's rarely in place. Most hiring is done optimistically. For this reason, tech follows a boom/bust cycle just like the oil industry.
- US companies are less likely to offer 15K/month, whereas before it wasn't uncommon - Local Latam companies are having an easier time retaining talent - Devs in Latam have lowered their salary expectations and often are putting regular salary increases on pause - There's less job hopping between firms now
How common are/were 15K/month salaries in Latam? That's a good money (180K/year) even by US standards, not mentioning other parts of the world.
What’s telling is that we haven’t seen those offers since.
In fact we’ve seen rates negotiated down unfortunately.
Earlier quoted context omitted.
I recently changed jobs in Melbourne (senior frontend developer). I was told by multiple different people that the average market salary has dropped by about 5-10k since this time last year, but I didn't struggle to get interviews and I was able to accept an offer for what was apparently last year's market salary. Some of the larger companies weren't hiring but in general the market seemed pretty steady.
What is considered a good SFE salary in Sydney now? Thanks!
I’m now not actively looking but when I’ve had a quick browse on LinkedIn I’m seeing similar jobs now advertised at $140-150k. All now marked as “Hybrid” or must be in the office, remote has backtracked massively. Looking at the Hybrid definition a lot say 3-4 days in the office.
For senior / staff / principal roles I won’t look at them if less than $170k which is still a huge pay cut on my current role, admittedly I got lucky with.
I think it really depends on what you're looking for. There's stuff around still, but it seems salaries are generally lower and interesting jobs are harder to come by. Then when you do find something there seems to be more competition and it's harder to secure an interview.