Not surprising. It’s just going through a correction. Too much hiring during Covid and high interest rates makes company less likely to invest. It’s just a business cycle.
they "overhired" to meet increasing demand. How much were you using Teams/Zoom in 2019 vs now? This is all about the interest rate and wanting to max out profits every quarter.
Did these tech workers think that they had secure permanent jobs? Nobody has a secure permanent job. We’re all disposable. Money and profit is all that matters. Loyalty is a thing of the past.
Specially when most of them are just useless, the amount of people without good skills in those jobs is hilarious. The only reason there were so many tech workers with high paying jobs was because big tech didn't want possible competition, now that is not needed they can just layoff unused workers
@@elphil123 Nobody is above being replaced. If a hospital goes out of business, you can bet your ass that doctor either has to try to get transferred to another hospital under the same company or find another employer. It goes for tech workers, doctors, etc.
The last two can be outsourced easier than IT. It is also not really high paying. Unless you make partner in some firm, and sell your soul. No one wants to do it.
Kids today are better off learning about free energy and alternative fuel sources. Since our current leaders are so drunk off their own greed and have no foresight whatsoever!
Venturing into stock market as a newbie was very difficult due to lack of experience which resulted in loosing funds... But Mary Jane, restored hope shes a good woman
Mary Jane concept is key in beating all odds to excel in this form of online commodity. Her management team is quite impressive so far! With SUK made a profit of over 38,863 dollar monthly.
AI isn’t that great. If AI is so great why known of these companies globally are not letting AI run their companies. Over hiring and interest rates increasing is the reason every sector is laying off. Plus companies need to make their investors happy. If you think AI is the reason for all mass layoffs you’re kidding yourself.
Bunch of whiners... and so much for journalism integrity... why is the overhiring not being mentioned at all? I didn't see anyone complaining when they were beign overhired?
Twitter is a junk yard with viruses, adult videos, live videos of people being slaughtered, and links that don’t work. So Twitter is not doing going at all.
Prioritizing shareholders and short term gains over employees is the status quo. We focus only on growth, and companies could care less about the people who dedicate so much of their time to the company
Just here to read the comments from GenX tradesmen who can barely work their mobile phones comment on the tech sector (or their understanding of it 🤣🤡).
GenX tradesman are such losers making 80-90,000$ a year. And yes, these losers are in such high demand they don't have to worry about losing their jobs unlike intellectual prestigious tech workers. sarcasm. ( Comment made by GenX tradesman)
It’s so funny people going “wow Twitter cut 80% of its staff and it’s doing great!” Meanwhile twitters revenue is down to the lowest it’s ever been and they’re losing more money than they ever were prior to firing all that staff lmao
And once those people they think they can pay less start getting like their neighboring countries then the jobs will comeback here. The Asia continent is now beginning to ask for the same salaries and to be paid in American dollars. That’s what happens when you hire them over here and give them green cards.
i know some that works in Meta. He said only about 15% of actual tech works were laid off and most of the layoff were part recruiting , HR, PM, and other non tech posistions
Boom and bust. Don’t forget . USA economy had a boom from 2013 to 2023. Boom to …..? I expect a bust. Sold all my USA stocks and converted all the usd to aud and bought shares in Australia etc.
They SHOULD be going to competitors and building up competition and potential company replacements, make their monopolizing business practices so blatant and public, that everyone will demand and vote for change.
If you don’t know what H1B status means it’s a work VISA to work in the United States (I think for 3 years when a company can renew it) Potentially, most of the H1B VISA’s are from India 🇮🇳
@16:48 I love it when untouchable people "take responsibility". All that means is that no executives/managers are getting punished for screwing over the chaff employees.
This is all a result of over-hiring during the height of the pandemic in 2020/2021 and the further move into automation and AI. A lot of jobs that seem to be eliminated in 2022/2023 were in marketing, product development, and anyone hired as an addition to a team instead of replacing a departing team member. Any job seekers out there when interviewing should ask if this position is replacing someone, or has been created due to increased business growth and/or need. The answer will tell you if you'll be the first one let go in a lay off or if you might survive a few rounds.
The Canada section got a snicker. We've lost like 15% of our workforce to the US since the pandemic, and the unemployment rate now is at least twice as high. Ooof.
Such BS i never got severance they changed job role more than 50% and forced me out with no goddam pay. I am trying to pick up the pieces luckily wwithout family and friends id be on the street
Its just a business cycle. These young people have never seen one or lived through 2008. It's part of life. When you get a high paying job you are the first to go. There are more stable jobs in the tech sector but they are boring and lower paying than the mega cap tech companies. That Brittany girl is simply playing victim. No one forced you to get a high paying tech job That being said, i don't see management being laid off at the same rate as employees even though its their mess and usually they are higher paid.
AI isn’t that great. If AI is so great why known of these companies globally are not letting AI run their companies. Over hiring and interest rates increasing is the reason every sector is laying off. Plus companies need to make their investors happy. If you think AI is the reason for all mass layoffs you’re kidding yourself.
If the majority of Americans decided to run their own businesses, then there'd be less employees and more owners which translates to better competition amongst companies within the economy and transforms into better quality products for lower prices for consumers.
Lol, let's get this straight, if you are not doing coding or tech related stuff, you are just a normal employee at a tech company, not a tech person. A non-tech staff is easily replaceable. Did you do at least 200 leetcode to get employed?
At this point, I think you can say that tech is making the world harder to live in. Not that its bad, its because its good. It being good means, we dont need as many people to work. The 90s caused an explosion of new things where we still needed people, but after that, we saw the other side of tech which it simply reduces jobs, which is the goal for companies. We are at a point where tech is not creating new jobs for people as it takes their old one away, like in the 90s. There was a time when it simply changed what people did and people were more powerful. Now, you dont need an army of accountants, you can buy some software and have far less of them. That was the goal of all this tech, but the impact is, its finally so useful that less people are needed and there is now no great place to go for an office job. None of this is AI related. AI is just another thing that does stuff that maybe can replace a person.
sucks we suffer from the lack of good leadership in these layoffs. They can’t get an analyst to help? what’s all the money for if you can’t hire someone to help you babe it
Cory Stahle was the only one who got it right about AI in this segment . Everyone else was just talking out of their ass and trying to make people fearful for the future.
A common argument I see for things is that the ability to produce more will lead to more competition a increased supply leading to a reduction in price, that will lead to it becoming accessible to more people increasing demand negating job loss as while yes some jobs disappear and some tasks need less people, you end up needing the same or more over all because of the scope of what you are making. However, this is simply not the case anymore, especially in the tech sector where we are done nearing the peak market demand. Social media sites are nearly global and used by most people that have the ability to even use them. The new technology now is also another level of innovation. Yes you need someone to manage the AI and you need some techs but this isn't one machine replacing 2 people, its one thing replacing 20 or more while only providing one or 2 new jobs and with there being no market to grow into. Also its ignoring the fact that we are requiring even the most basic jobs to be highly educated. So its not like a self driving car will need the typical repair guy to do maintenance and a software guy to work on the AI. We are just going to expect the repair guy to do the tech stuff to as we fire the guy that was driving the car
How big the term Generative AI might sound like the companies need to understand how largely inaccurate and inconsistent there results are. Also we need to consider the immense cost for developing these AI models. It's an another bubble in formation.
They understand! It’s just poor journalism and looking for sound bites are more important then just saying our government and Congress screwed us to fulfill their lobbyists agendas and receive luxurious gifts and money.
Why are you hyping AI, AI is just another hype created by big tech firms. There is extremely low use case. Those thing AI does can be done by simple business rules then why to spend so much money and energy resources. Don’t fall for this AI crap.
“2/3 of tech workers are men, but more than 1/2 of those laid off were women” Yeah when you’re a tech company looking to cut headcount, you’re more likely to offload redundant non-tech/ non-primary tech roles ( which are typically held by women)🤷🏼♂️. Factor in AI, which replaces the vast majority of low skilled programmers ( bootcamp/self-taught developers) and you have a layoff galore.
That’s not what tech workers do. The cars you buy, the appliances you use, the engineers you do building your parts to every day devices you use, this platform you come on to spew your thoughts, the tools you use to build with, the electricity you use to run your lights, the solar panels that some people use, the tv’s you enjoy, the software you use to stream with, are all done by technicians.just because you watched a day in the life of software engineer doesn’t mean that those videos are accurate. If the videos on social media was accurate you all will see follow up videos that say “ A day in the life of sued ex software engineer” because all of them signed NDA’s stating they can’t show their work. So the majority of those videos are fake and the majority of them got laid off.
@@JoeJoe0408 that’s true. There are some great tech workers . Much more intelligent than me. I’m just directing it towards the group of tech workers that think life is easy and who look down on people that don’t work from home .