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There's been a lot of posturing here over the years about how doesn't do layoffs, but we're starting to see that not even they are immune anymore. I hope everyone has some savings put aside if things really do turn to shit.
Everyone was hiring so everyone felt compelled to hire, creating a feedback loop of insane wages and offers.
Now its time to pay the bills and many organizations realize the engineers they hired cannot possibly provide the value necessary to keep their job.
I know one individual who got hired as a Sales Engineer for a platform and they have almost no work lined up for him... for 4 months now... He just sits making north of 200k for monitoring slack and answering community questions.
You can tell which companies actually had a cost benefit analysis for their hires and they continue to hire for the roles they need, where as others over extended and have to layoff.
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In the dotcom boom in Canada there was a sub-boom in fiber optics and related stuff in the Ottawa area. Nortel et al were hiring and paying big salaries right out of school, and people got used to it and thought that was how much money they could earn. For years afterward there were people who had mentally anchored themselves at a certain salary bracket that couldn't find anything (especially in Ottawa) that paid any…
> and thought that was how much money they could earn But they were right.
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Ppl believe there is a recession bc of specific macroeconomic conditions. Iirc you specifically described them a few days ago!
the base reasons do not matter much, the effect we will observe is order of magnitudes higher than the original reasons, because of the self fulfilling prophethy of autoreinforcing feedback and mediatic echo chambers. Every media that amplify the fear is responsible for an amount of suffering on earth. The 2008 crisis was mostly an absurdity that hurts the brain in retrospect. Thankfully I will make some money by buy…
There’s a whole generation of tech employees that have never seen a down market. All indications are that these folks are woefully unaware of what’s on the horizon now. It’s going to be all about cash flow. If you’re burning cash and not making much of it from operations then it’s going to be a bumpy road ahead. Buckle up.
Indeed. I lived through both the 2008 financial crisis and the 2000 dot com implosion (also graduated high school and went off to college right during the 1991 recession). People who entered the job market after 2015 and know nothing except recruiters constantly hitting them up with mid six figure+ job offers are in for a rude awakening IMO.
There's been a lot of posturing here over the years about how doesn't do layoffs, but we're starting to see that not even they are immune anymore. I hope everyone has some savings put aside if things really do turn to shit.
A hiring freeze isn’t pausing to stand still - as people continue to leave normally. So Meta’s ‘hiring pause’ is really shrinking the company rapidly.
I don’t know what Metas rules are but generally speaking strict hiring freezes are the rarest form.
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This goes for any social construct, and is just about meaningless to say. The only reason you have a family is because you believe you have a family. The only reason you have a manager is because you believe you have a manager. The only reason you're in a soccer team is because you believe you're in a soccer team. The only reason you have a grocery store is because you believe you have a grocery store. And so on.
wtf you are totally 100% missing my point, the current recession is a self-fulfilling prophety that is auto-amplified in mediatic echo chambers and by sell feedback mechanism on stock values.
Stocks ran up A LOT during covid, it couldn't continue forever and it didn't.
People who felt rich because they made a ton of paper profits on the stock market now feel poorer because they have paper losses in the stock market.
That and inflation of course is really taking money out of peoples pockets.
Real world things that effect the way people act have occurred.
There’s nothing being funded right now. If you didn’t raise before earlier this year (and really late last year) and your runway is Reminds me more of 2016 than 2k though.
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wtf you are totally 100% missing my point, the current recession is a self-fulfilling prophety that is auto-amplified in mediatic echo chambers and by sell feedback mechanism on stock values.
I think it's clear from the pandemic that stock values do not correlate with the economy.