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Gitlab to lay off 7% of staff

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Re: Gitlab to lay off 7% of staff

#561

Post by FollowingTheDao »

mr_00ff00 wrote: post #492
FollowingTheDao wrote: post #92

Earlier quoted context omitted.

> tech companies are doing this because it's the trendy thing to do, No, they are doing this because we are in a recession and businesses are always the first to know and labor is the last to know.

Considering a recession is two consecutive quarters of negative GDP growth… No, we are not in a recession

What corporations, consider recession, and what the Fed considers a recession or two different things.

Now, Yahoo is letting off all these people. That does not happen during recession. If you follow what the Fed says about recessions, you’ll be left behind.

Re: Gitlab to lay off 7% of staff

#562

Post by Axien »

hoelle wrote: post #292
jlmorton wrote: post #190

> The current macroeconomic environment is tough No, it isn't, and it's embarrassing at this point to continue insisting this. The macroeconomic environment is good, particularly in the United States. Business investment is growing at 3% a quarter (annualized), which is better than the average over the past decade. Employment is growing rapidly. Inflation has been tame over the past six months. And wages are growing…

> Everywhere you look, the economic indicators are solid Everywhere? Have you been down a grocery aisle? The Ukraine war is likely to continue disrupting global food, fertilizer, energy, and raw material supply for years. Boomer retirement is crunching capital. Finding investment will likely only get harder for the next several years. China may be on the verge of a demographic, manufacturing, and political collapse.…

I read Peter Zeihan as well.

Re: Gitlab to lay off 7% of staff

#563

Post by SantalBlush »

jldugger wrote: post #549
SantalBlush wrote: post #467

Earlier quoted context omitted.

>Sure, if you cherry pick the indicators. There's a pretty big one you're tiptoeing around: the Fed Funds Rate has gone from 0.25 in 2022 to 4.75 Talk about cherry picking indicators—the federal funds rate isn't even an indicator. If you sincerely want to look at the data without cherry picking, please look at the top 10 US macro indicators [0]. [0] https://www.investopedia.com/articles/personal-finance/02021...

Okay, you wanna look at SOFR instead? It shows the same thing but is an actual measure of economic activity instead of policy goals: > The Secured Overnight Financing Rate (SOFR) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities. [1]: https://www.newyorkfed.org/markets/reference-rates/sofr

>Okay, you wanna look at SOFR instead?

Why would I want to look at the SOFR? That's the epitome of cherry-picked data. I just sent you a list of common economic indicators, and you're willfully avoiding them, which doesn't bode well for your argument. If anything, you should be referencing the yield curve, which is an actual economic indicator and has recently inverted. That would illustrate your point much better.

Re: Gitlab to lay off 7% of staff

#564

Post by coffeebeqn »

red-iron-pine wrote: post #528
mmmm2 wrote: post #275

Earlier quoted context omitted.

It seems it's better to be a SaaS provider than a SaaS user. I'm curious how the pendulum will swing as this all plays out.

SaaS is like the offshoring crazy of the 90s and 2000s. Not as great as people seem to think but they're too invested to walk away.

I mean it’s just taking the old business model - pay me $500 for a piece of software - and stretching it to - Pay me $20/mo until The end of times.

The bean counters love it because it looks like you have an infinite revenue stream

Re: Gitlab to lay off 7% of staff

#565

Post by coffeebeqn »

JibberMeTimbers wrote: post #453
jlmorton wrote: post #190

> The current macroeconomic environment is tough No, it isn't, and it's embarrassing at this point to continue insisting this. The macroeconomic environment is good, particularly in the United States. Business investment is growing at 3% a quarter (annualized), which is better than the average over the past decade. Employment is growing rapidly. Inflation has been tame over the past six months. And wages are growing…

Almost. The rate of inflation has been tamed. Inflation overall is high still comparatively

I do wonder which goods will never come down from the newly anchored prices

Re: Gitlab to lay off 7% of staff

#566

Post by coffeebeqn »

throway_gtlbr wrote: post #121

Laid off GitLabber here, the funny thing about this is the promotion season just ended. A LOT of people got promoted, so their employee cost is probably a wash after these promotions. Make of that what you will.

Same at my company. I see that many people got a BS promotion because their bosses are good at politics. Meanwhile about 7% were laid off and our bonuses were taken away

Re: Gitlab to lay off 7% of staff

#567

Post by coffeebeqn »

oofta-boofta wrote: post #194
perrygeo wrote: post #147

General question about this wave of tech layoffs: Has anyone done a breakdown of what roles have been cut? Is it management or product or engineering? Senior or junior? My general sense is that every company is rushing to trim some fat while it's socially acceptable to do so. But where are they making cuts?

It's mostly sales, hr, and lower level managers. Here's the number that I keep tossing around: in June of 2019, Microsoft had about 144k employees. In 2022, they had about 221k employees. They're laying off 10k, which still makes a net gain of almost 70k. It's pure optics for wall street. I'm not particularly worried but this is why you should always be applying and looking for another gig to have in your back pocket…

Our company is hiring more sales. Trying to squeeze more out of the market before facing reality I guess.

Our investors also forced us to do layoffs and other savings because it’s good optics and their other portfolio companies are losing money fast. Even though we’re a net profitable company

Re: Gitlab to lay off 7% of staff

#568

Post by coffeebeqn »

2-718-281-828 wrote: post #129

I'll have to find a new job in spring this year in IT after a one year break. I'm kind of worried considering all those lay offs I must say. I'm not a high profile candidate by any means.

Anecdotallly I’m not hearing back a lot. I think positions are flooded with applications right now. Last year I would hear back for most applications at least to talk to the recruiter

Re: Gitlab to lay off 7% of staff

#569

Post by zopa »

utrack wrote: post #384
zopa wrote: post #319

Earlier quoted context omitted.

A bad one. What's the insight here? If a body were a nation-state, it'd be a totalitarian hellscape where life is cheap, individuals exist only to support the collective and some populations are invaders to be exterminated.

I'd call it a complex system. It's entirely possible to have a component in a system that may disrupt the whole system in a whole new, unpredictable way. Just like some sort of asymptomatic tumor which breaks the whole body once it metastasizes.

Yes, and as I don’t want metaphorical chemotherapy for the country I’d prefer we chose a different metaphor. An analogy shouldn’t just be some strained parallels, it should lead us in useful and not destructive directions.

Re: Gitlab to lay off 7% of staff

#570

Post by WalterBright »

projectazorian wrote: post #544
WalterBright wrote: post #502

Earlier quoted context omitted.

> If you cut 10%, expect 10% from the top to flee within a couple of years. If the company was laying off the deadwood and the quiet quitters, the top performers know who they are, and are not concerned about being laid off themselves. Top performers don't particularly care to work with deadwood and quiet quitters, either.

It's rare that "deadwood" and "quiet quitters" do literally zero work. Even if you feel that your job is secure, you might not appreciate having their work dumped into your lap, especially since there's a good chance that it's not critical-path work. And you might not want to be in an environment where morale is low and trust in leadership just took a major hit.

They're deadwood if they cost more than the value they produce. Nobody missed them. And the livewood didn't have to go redo all the stuff they messed up.
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