Twitter, Lyft, Swipe… is there a wave coming?
IMO We are in the middle of it: https://www.trueup.io/layoffs
Hoping it doesn't get uglier than 2020.
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
#202Earlier quoted context omitted.
Oh awesome, would love to ask a few questions about your experience: 1. What did it feel like day to day as a person working in the industry during that time, and did it differ from the "bubble" period prior or more "normal" period immediately following? 2. How long after the bottom before the recovery felt "real" to you, and did you see companies / people change their behavior?
Not OP but first off I'd say that while some things feel similar, I don't think we're close to how bad it was back then if you look at the magnitude of the fall out. So take these answers understanding that things were worse back then. 1. It felt like a nuclear winter for tech jobs between 2000/2001 and 2004/2005. Jobs were available but it was way more competitive to get them and you were a lot less likely to get th…
Mostly the same points.
In early 2000 within a few months the traffic on 680 south over the Sunol Grade(main road to the SV from points NE) went from dead stopped at 4:30am, to no traffic at all at 7:30am. It was breathtaking.
I managed to hole up in a consulting gig in manufacturing. We had our rates shaved 20% and felt lucky. Everyone who had left for greener pastures called up looking for work over the next year. I mean everyone. It was sad.
As described above, there were no jobs to had.
I recall a new building put up around the 580/680 interchange. I used it as my canary, when it was occupied I would call the recovery happening. It was empty from 2000-2003.
2008 was bad for other sectors, tech had issues, but nothing like 2000.
What's going on now isn't the same. There are specific pullbacks. Twitter is about the Elon buyout. In other places there is money. And in my manufacturing universe I'm having trouble finding people.
Re: Lyft to lay off about 700 employees in second round of job cuts
#203Earlier quoted context omitted.
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?
Weird to put that on the employees if you ask me. It's not like there is exactly 13% of bad employees. Or 25% of bad employees but they decide to just fire 13% for some reason. To me, it seems quite evident, they need to reduce the spending for any reason, so they reduce the workforce. Nothing to do with useless employees. You can be shit at your job or very good, they will have a metric threshold telling them you ne…
> they decide to just fire 13% for some reason
Maybe they fired some after and evaluation process, and than number came out to be 13%. Or maybe they laid of department X and that department just happened to be 13% of the company.
Why are you so sure the 13% was the starting place of all their thought process?
Re: Lyft to lay off about 700 employees in second round of job cuts
#204Where are we heading if every company drop 10-20% of their staff?
the TikTok "day in the life of a project manager" ecosystem will be devastated.
People who actually get work done will be fine
Re: Lyft to lay off about 700 employees in second round of job cuts
#205Earlier quoted context omitted.
The camcorder stays still, and you need to press the button twice. Couldn't have taken the guy more than 5 mins.
5 minutes to press a button twice? I'll do it in 4.
I like that you only went for 4 minutes, giving yourself ample room to demonstrate continued improvement in the future
Re: Lyft to lay off about 700 employees in second round of job cuts
#206Earlier quoted context omitted.
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?
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.
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Re: Lyft to lay off about 700 employees in second round of job cuts
#207Re: Lyft to lay off about 700 employees in second round of job cuts
#208Earlier quoted context omitted.
Rising interest rates & a strong dollar Ironically, you can generally have your financial house in order as a country or be globally manufacturing-competitive, but not both*. * Exceptions Germany, Japan, et al., but as you go up the value chain you gain enough profit leeway to paper over the general rule.
Why are those countries the exception and not America? Other countries figure it out. America cannot. Therefore, it's not possible. America!
The poster you are responding to is probably incorrect in many regards. There aren't really 'exceptions' just 'differences'.
For example, Japan's economy definitely is not feeling good at the moment, even if some particular metrics are performing at a top tier.
Re: Lyft to lay off about 700 employees in second round of job cuts
#209Earlier 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.
It's not hard to imagine Lyft and/or Uber vanishing. Paraphrasing Buffet: The easy-money tide is going out and we're going to find out who's been swimming naked.
Re: Lyft to lay off about 700 employees in second round of job cuts
#210Where are we heading if every company drop 10-20% of their staff?
The conventional wisdom floating around financial news is that a recessionary period is/was expected lasting around a year. This is a way to smooth out gross revenues over that year as well as knock out some expectations on salary growth. That it all happens to be coordinated is an interesting thing to contemplate about self-fulfilling prophecy, or natural market reactions, or maybe spin wild conspiracy stories about.