One thing to note is these companies are not just firing developers. Most of the people getting laid off are from other departments like hr, marketing, etc.
They're also only going to fire the bad developers. Think of the guy on your team that barely does anything, is camera off in meetings, and is redundant with everyone else's skillsets. THAT is the guy getting laid off.
@@colinmarshall6634 I don’t know but two companies I’ve worked at in Silicon Valley lay off workers even if you’re 70 to 80 percent good. So that means they lay off even the good ones. It’s the 90 percent up that gets retained.
@@colinmarshall6634 Yeah because working for your company should become your entire life, no time to breath or to work at your pace. Only productivity matters and you gotta do it for a small wage. Clown.
Looks like i'm gona be lone wolf developer maintaining my open-source framework, living from donations while being scammed from corporates because I decided to chose MIT.
Microsoft incompetently missed the internet bandwagon and they also mismanaged and killed and their mobile phones, so they do not really matter anymore and they are just a rounding error!
@@glyakk ... Copy-paste this snippet of code into the terminal "git ls-files | xargs -n1 git blame --line-porcelain | sed -n 's/^author //p' | sort -f | uniq -ic | sort -nr" and cross-reference the usernames with your employee records. Now fire everyone below an arbitrary threshold. Hurray! Now you have cut the costs of running your company. In part two we'll take a look at how to automate sending "You've fired" emails with NodeJS when your stock price is down and how to manage the process of printing your entire codebase with RabbitMQ.
I lived through this in 2001/2002... been there, done that, still here... No panic needed, this is just a long needed consolidation phase. Whoever gets through to the end will be stronger and better equipped for the future. Tech is still very much needed. Maybe social media not that much...
Actually, Thomas will only be there for 4 more months. Then we will have Bob, David, Stefan then some Indian guy nobody can pronounce. CEO's in big tech are like are like engineers in big banks - irrelevant.
I’m in a good spot as developer for a much smaller company with 1600 employees. These FAANG companies as you said are way over staffed and have been running red balance sheets for years. The rubber is meeting the road.
99% of startups run red balance for years, but when investors had the cheap money it wasnt a problem, now during the recession or high interest rates period these startups will die and hundreds of thousands of IT workers will have to do something more "useful"
@@georgemartyn5268 technology will only be more prevalent and more complex, and they need people to make and maintain these things. Software devs will always be in demand, this dip is just the results of economic pressure + overspending. If they were actually careful about their spending and hiring then they wouldn’t have had to fire anyone. So yes, it’s still very worth it and has a very bright future even with some dips here and there
@@trader2137 "99% of startups run red balance for years" That's an absurd claim to make. Believe it or not, many tech startups are self-funded and thus can't afford to run "red balance" even for months, let alone years. You are saying that as if the moment you open an IT business some VC swoops in to shower you with cash... That's the Hollywood version of startups.
@@georgemartyn5268 Not oversaturated in the least, I get tons of linkedin messages from recruiters every week and im in a smaller european country even. There's plenty of dev jobs out there.
Devs are needed in all industries these days. Tech companies have been over staffed for a while but there are plenty of dev positions in manufacturing, retail, supply chain, utilities, finance, etc. I think it’ll just be a different landscape.
Don't be a discipline dev, be a boot licker snake oil dev. Oil billionaires are not discipline, they form a cartel, play dirty in capitalism and you'll win 🤡
@@milanlabus1582 I choose to be an oil billionaire then since you said discipline can get you there. Also, I will hate my life, but hey, will be driving a gold plated lamborghini. Should be easier to cry right?
Normally I'm pretty skeptical of mid six-figure tech workers complaining about getting hosed, but the people who worked hard to get in and took stock options as the bulk of their compensation, and are now being laid off, truly have my sympathy. That's getting screwed from every angle...
that's always why you negotiate base as high as humanly possible. even if it means you might not get a "full" raise during annual review time. stocks are a bonus, and should be treated that way.
I know most this audience is Web dev, but I'm in the Game Dev sphere and from where I'm sitting there's never enough programmers to go around. Solid C++/C# skills will get you far here even if you aren't fully up to speed on the latest from Epic and Unity. It's easier to teach someone to use Unreal with a good C++ base after all.
This is a topic that I am really curious about as a computer science student who is looking for a niche to specialize. I had a chance to work as a backend developer at a startup for a few months and now I am really confused. I don't particularly love web/mobile dev but it always seemed like the best career opportunities are there and now we keep seeing these types of news like even FAANG is firing people. I am in a dilemma of either keep working on the backend skills I had or taking on something more challenging that involves more specialty like C++.
You and I both know there are never enough Game Dev because the churn rate is too high as people realize how underpaid / overworked most of them are in gaming industry. Yes most FAANG and similar hype tech are laying off right now which is tough. But in recent years we also had a HUGE influx of shitty engineers that only trained specifically for interviews (leetcode) rather than learning to be a software engineer or improving quickly at the job. While no company has the perfect metric for performance, we are generally seeing low to mid performers being laid off. Other than crazy schemes like Twitter, other companies have kept their obvious top performers and even most mid performers (with margin of error of course). What you are recommending would still be tough for someone who's new and/or not motivated to work hard, but doesn't apply to most of the engineers who are performing well. No one is yet reducing salary. It's just more efficient to keep 1 good engineer than 2 meh engineers. I recently got offers that are still eye popping in total package numbers. It's not so bad if you are a seasoned engineer who have the work experience and skills to back it up. Many newer, smaller tech companies are also doing away the leetcode style interviews so if that's all someone knows then tough luck. All that said, I do feel for the junior engineers or ones wanting to get in the industry right now, it's very unfortunate timing.
Working for a FAANG may do a lot for the ego, but if you just look at a map of the USA, there’s a whole lot of country to your east, and there are companies there. Those companies hire developers too. They may not pay $200k for a developer with two years’ experience, but you can also buy a 5 bedroom, 3500+ square foot house for under $350k. So it works out. You just need to learn to drive in the snow.
lol yeah the ONLY reason devs in the West (California) ie Silicon Valley FAANG get payed so much is because they're in California where cost of living is too damn high.
@@vectoralphaSec Is there another reason? I don’t think every developer FAANG hires is the cream of the crop. They are paid market rates, and market rates are set by the market. If COL were lower, market pressures would push salaries down.
FAANG hires outside of the west coast and pays the nearly the same. I live in the midwest working for FAANG - feels absolutely surreal. Relatively cheap cost of living with west coast salaries. I just hit year 2 and currently have more money in my checking account then what's left on my 30 year mortgage.
It is a bit worrying, but then again, there is still over a 1-million-person shortage in software engineering talent in the U.S. and these layoffs skew very heavily towards lower performers and junior engineers. If you work hard and/or have like 5+ years of experience, you're still in a red hot market with lots of opportunities. The demand for senior engineers with good experience under their belt is still insanely high.
"The demand for senior engineers with good experience under their belt is still insanely high." This may just be the short term - if (this is only an if) the fund managers give up believing that new tech giants can be born from their investments then PE ratios of tech companies will equalise with other industries and programmers will earn what architects, lawyers or accountants earn - maybe 2x-3x less. It all takes a while to filter through. I have seen this happen in another industry - but tech may be different.
So much wishful thinking based on abstract claims… The market is clearly in recession. These companies clearly stated that they are not going to hire “best talent” in 2023. It is business downsizing, not reshuffle of staff.
If you're disheartened, rather employed or in-between positions, just keep looking forward and be smart. Do the work, do your best, and find time to focus on other things as well.
I've recently been caught in one of the layoffs mentioned in this video. Really sucks 'cause it was my first full time job, and I had relocated overseas for it. Welp, back to studying.
Take my advice - don't study more - go out there and find something to work on straight away - even if it is for free. Employers value studies about 10% of what they value work at.
"fire the low performers" yeah that's not really how it works with layoffs. People who perform well know what's up. They will be looking for a new job the moment that anyone get a sniff of any layoff being in the air. Keeping just he best employees often backfires into them leaving proactively
I'm worried how these layoffs will further affect the demand for new developers. Not only are new developers in less demand, but now the market has been flooded with devs who have years of experience from leading tech companies. It's looking like it will be impossible to break into tech
I'm working on my computer science degree right now and the anxiety I have about this topic is over the roof. I'm already in too deep to switch (nor would I want to) and I'm just panicking about my future.
@@marshallcapps3084 I guess ‘netflix’ is the odd one out. Also I prefer MMANGA just to keep Netflix in that inclusive bubble as we have two m companies; meta and microsoft lol Plus because I am a weeb.
That’s a lot of layoffs. I wonder how many of them are the type of restructuring moves where they mainly fire certain roles while still actively recruiting for others. My old company used to do that every ~2 years, which resulted in extremely high turnover. That inevitably had an impact on employee morale.
I think FAANG actually have great work life balance, spend more on employee health, and the pay is so good that it can be worth it even for a few years. Realistically it's hard to get in (in levels, Amazon is the easiest to join, Netflix the hardest due to not hiring juniors, Google is hardest on sheer skill).
There will always be people looking to hire developers. Especially now in the era of the internet, its not just tech companies who need devs its any company who interacts even tangentially with technology. The big players might not be so big any more, but that just means there will be more experienced devs working for smaller companies, maybe presenting some competition to the big boys.
The hardest challenge is then to find the company that fits to your profile and to your personality. These massive options are the luxurious flipside of the coin 😅
Yup. 'Technology' is so integrated into every single company, there will always be a strong demand for people with this knowledge who are also smart and have people skills.
I graduated during the great recession with a CS degree. I was able to land a job within 2 months of graduation. Now, I'm a senior/lead engineer. The current situation looks much better than what I saw at that time so I'm sure motivated recent grads will be fine too.
So there's a load of developers out there with plenty of time on their hands to complete their side projects? I predict a boom in unicorn births in about 2 years.
I work in FAANG in computer security and I empathize will all the SDEs and aspiring SDEs these days. It's gonna be hard for few months/years to break back in. But whatever happens to any of us, I am sure we will find our way to get on top of things. Stay hard everyone!
The way you portrait hope and despair using solar eclipse and lunar eclipse is really very creative. In this hard situation at least we can find some optimism at the end of your video.
Media and reality are different. Agreed there are layoffs, but sometimes, they might be letting of engineers who are paid 350k and again hiring engineers for the same role at 200k after few months.
Life is about patterns and cycles and this period of time in tech is no different. Don’t focus on outside events or the ‘chaos’ but only things you can control which is yourself. Thus, keep growing your network and build relationships in tech and always keep learning and improving your skills. And there are plenty of jobs outside of ‘Big Tech’ like small/medium sized companies and start-ups. Value will always be held in high regard no matter the times we are in. Stay focused and positive my friends. This too shall pass - peace and much love 🙏🏽
I would say it is a tough time for international students and employees. Normally, only these big players have enough resources to accept and consider supporting these people (visa, immigrant, etc.) With the bloodbath we are in right now, not so much though.
“Tech” companies are not the only employers of programmers. Plenty of companies have a strong desire to automate portions of their business, build out an app, etc. I’m working for one of those right now and it’s going great.
@@michaelnurse9089 150k. Yeah it doesn’t top facebook or whatever but I have a pretty comfortable life. Considering it’s my first job out of a bootcamp and I get to work from home I’m quite happy with it.
This always happens. New ideas pop up (internet, AI, crypto), hype attracts investors who create a bubble, people start building but take forever, hype cools off, investors start doubting and pull out, bubble bursts, the new economy collapses, bad ideas die, good ideas stay and will be ready to deliver first results eventually, which will attract people and ideas and investors again.
It's especially disheartening for someone trying to get into the industry. I'm already in my thirties and landing a junior position before I'm 40 is looking less and less likely.
*Good* developers with experience will always be in demand. Whether you are just starting out or seasoned industry vet, it is vital that you are constantly working on skills development and have a personal portfolio that can demonstrate those skills.
I've been coding for 7 years now, never applied for a job tho as I don't even have a CV or anything to put on it. Building a c++ desktop app for a niche area where I have expertise. Hoping to eventually grab some of the small market that exists and not have to answer to anybody.
With the latest round of layoffs I think it's a good reminder to look in other industries that aren't specifically tech related (logistics, healthcare, Retail, Agriculture, etc.). There are tons of good developer jobs out there that don't fit into the FAANG portfolio, but will still pay well and have much better job security. I believe these roles are especially great for junior developers as I've found they are far more willing to work with you and invest in your growth as a developer.
Honestly, this is all a good thing. It's just a necessary consequence of years of drunken VC spending due to artificially low fed rates. These companies have been flooded with underperforming devs for years and this is just a correction. If you want job security, make yourself irreplaceable in your company. Also, don't look to big tech, that's where innovation is going to die these days. Finally, make sure to vet the companies you work for and do your best to avoid ones that are propped up entirely by VC funding.
> If you want job security, make yourself irreplaceable in your company. So make sure I'm the knowledge silo, and that I never write documentation because I keep it all in my head, so the codebase is untenable without me there. Got it. > These companies have been flooded with overpaid, underperforming devs for years and this is just a correction.
This means there is lower range competing offers across the board, so *your* compensation goes down as a result too. This is not a good thing for any working software engineer, especially those that were already underpaid.
I think this makes sense. Honestly maybe I’m just completely out of the loop but I don’t understand how it takes several thousand developers to work on small new features or components …
Usually bureaucracy. To many managers, too many (useless) filters, too many blockers. Too much waste of time, too many devs working on the same stuff, stepping each other toes.
Mmm. No, you are absolutely right. It's because the workforce is mostly dead weight. We've been calling this the 80/20 rule for ages. Though Metagnostic is also right. Things can be much more complicated than they seem. Where complexity lives becomes really unintuitive as a system grows. For instance you could throw 10 people just on the BI side of things and if you're generating 100m in revenue and some insight from those 10 people ups it by 1% that's still 1m additional revenue that pays for the BI team. You see none of that from the outside. Maybe all they concluded is change the color of a button. Simple change but all the work to determine what to do is real. So it's a mix of both. And it's the same reason honestly why it's hard to do revenue attribution so we often don't know what can go or stay and end up with a lot of dead weight. In a sense these are two sides of the same coin.
Got laid off today from a SV company and I'm so glad I did. I can see on MS Teams no one on my team was doing shit except one hour a day and my contract prevented me from applying elsewhere for another year. These SV companies suck so bad man - running on blank checks instead of profits and bloat-internal processes and infrastructure. Its maddening. The guys that did not get laid off today built artificial motes around their mysterious castle of responsibilities that management is too afraid to talk to, hire, or fire, and they seem to speak up with ideas at the meetings enough to look busy, while in reality shit was just all over the place.
Hey, love your videos but there is a bit too much sss sound. Try applying a de-esser, I could recommend you rx de-esser or fabfilter DS Keep your videos coming!!
The best time to be a software dev was after 2022 and yesterday. What a fantastic idea for me to start being a software dev near the end of a boom :D I am sure there will be a recovery.
If only you can predict the dip, lol. The reason for the big tech recession is the economic recession, high-interest rates, companies cannot make easy money anymore and so do their employees. Not until the economy recover, which I doubt will be any time soon since the war in Ukraine is still tense and are definitely not yet at the dip of the recession.
People who are safe: Average or better software/cyber/cloud engineers. People who shroud be nervous: obvious under-performers in the ‘safe’ categories above, talent acquisition, marketing, sales, HR, middle management. Also, is your business unit/team directly generating revenue for the company? If so, you’re slightly more safe than otherwise. Ad sales at yahoo is the only revenue generator for the company, so that vertical’s pretty safe; Metaverse-focused employees at Meta haven’t produced a penny of revenue (and have cost billions of pennies) so they’re much more likely to be let go regardless of job specialty/skills.
Ah yes, perfect timing, I was about to graduate from a bachelors of computer science. All that being said, honestly I'm more interested in starting my own company than working for someone else. So nows the perfect time to try, cuz if I fail I'll just blame the economy in my next interview. :p
Seems like a lot of the over staffing was done across the board but mostly in non-technical areas. Lots of roles with dealing with people, customer service, hr, marketing, etc. Yeah, some were dev jobs, but you have to consider how many roles were essentially "made up" just to hire someone to deal with a small part of something non-technical.
Those programmers who are laid off, can easily band together and open their own company. With all their knowledge and experience can most likely rival big companies.
You forget that there is a massive economic downturn and record high interest rates. Good luck for any of these bands of laid off workers to get access to capital.
If you re a Software Engineer i don't think you'll actually be unemployed in the long-term. There's always work available in this field, however chances are it's a far smaller company and less-paying job. But one won't land on the street, might need to cut a corner or two but will be fine in the end.
Great work. I'm consistently shocked by how many people don't understand this simple connection between interest rates and any speculative enterprise, be it a s startup, large loss leading mega corp, or whatever digital asset fad they're into at the time. This one earned my sub, keep up the good work and fingers crossed until that solar eclipse.
Wow, this is the clearest and most concise explanation of the structural economic problems in the tech sector I've seen. Surprised to see this coming from a coding channel. You absolutely nailed it with the Ponzi Scheme framing.
Ahh yess, so encouraging to hear this as a recent coding bootcamp graduate, owing $12.5k that I have to pay in a 2 year span. Life has never been better.
Just when I'm getting good at tech boom job loss .. and now faang devs are leaving and now going to other jobs average dudes like me are fecked ... First comment though
It's a lot of tech companies. They failed to understand that post COVID, demand would get back to previous pre pandemic levels. Instead they were still expecting at least 2020/21 revenue, and hiring based on that.
You know... I probably should've took the route to be become a doctor or an accountant, but... I don't really regret my decision to continue my computer science studies. I love computer science, even if I don't know what the f**k's happening 90% of the time.
These laid-off employees will create a ton of startups using the knowledge gained from working at FAANG. This will probably put even more pressure on existing tech companies
They better bootstrap with their own cash because venture capital is drying up as interest rates increase. This also means they need to become profitable quickly as they can’t rely on free cash and speculative investments in their company.
Existing tech companies love startups, since the startup assumes all the risk and often fails. If the startup does well, Big Tech can just acquire them. Yeah, you can pull out the odd TikTok or two, but having only 1 or 2 good examples is only reinforcing my point.
The monetary policies actually aren't that important. Ad revenue is down because people are spending less. The economy has been slowing down the entire year. Inflation is high because people have been borrowing money to pay for the stuff in the index because they need to, or haven't adjusted their lives to spend less. But that will happen and inflation will drop like a rock. The FED will relax policies, but tech companies still won't rush to hire everyone back again. It will take time and average salary will fall quite a bit for a while.
I'm not even that skilled, IT worker for five years and learning to code, and still getting job offers and calls even today. Don't ever let bad news discourage you.
what would you recommend a fresh graduate to do? i have been applying to front end jobs with no response for a while now, thinking about just going to something else entirely.
The thing is, everyone wants to work in tech because of the new generation of work life balance and freedom. But other sectors still need devs. Banks, consultings and all that bullshit pay hefty amounts of money.
I wouldn't be surprised if a lot of the companies were cutting staff to save the quarterly profits for shareholders as they had increases in revenue that will never be reached without another mass pandemic.
Oof, yeah... my company's a big tech that laid off 11% of its workforce a few months ago. I didn't get laid off, but my role was supposed to be converted into a more permanent SWE role... and uh, that ain't happening. 😢 So my last day is friday, after which it's back to the Leetcode grind and interview hell.
You compete by being innovative and expanding your software. If your software is simply running on maintenance mode you've already lost to a competitor. It's also worth mentioning that the vast majority of these layoffs were *not* software engineering-related roles. Key focus areas were HR/recruiting, marketing, sales and customer service.
This is a good reset phase. As the Github CEO highlighted tech companies are hugely overstaffed. Good people will unfortunately be caught in the crossfire, but I'm a believer in meritocracy, and these people will bounce back easily. With all the "day in the life" viral videos going around, showing people going to adult daycare rather than doing work, I'm really happy about these fat-trimming events. If you've managed your finances alright you are gonna be just fine, and if you haven't it's a lesson to learn. I got laid off in the midst of pandemic, I had a job that paid only the bottom of the national average salary and easily survived 6 months having a family. Am I supposed to feel bad for these people that earn 2 to 5 times my salary and produce no value in the majority of instances? No I'm not gonna.
What advice do you have to manage your finances? Did you just dump it all into stocks and survive off the dividends? Did you just simply save a lump sum of money and live off that? What does manage your finances really mean in a situation like this?
One thing to note is these companies are not just firing developers. Most of the people getting laid off are from other departments like hr, marketing, etc.
They're also only going to fire the bad developers. Think of the guy on your team that barely does anything, is camera off in meetings, and is redundant with everyone else's skillsets. THAT is the guy getting laid off.
And Most of the „woke“ in Case of twatter
@@maxron6514 no otherwise Elon wouldn't be asking a bunch of them to come back lmao
@@colinmarshall6634 I don’t know but two companies I’ve worked at in Silicon Valley lay off workers even if you’re 70 to 80 percent good. So that means they lay off even the good ones. It’s the 90 percent up that gets retained.
@@colinmarshall6634 Yeah because working for your company should become your entire life, no time to breath or to work at your pace. Only productivity matters and you gotta do it for a small wage. Clown.
Looks like i'm gona be lone wolf developer maintaining my open-source framework, living from donations while being scammed from corporates because I decided to chose MIT.
A true sigma (fe)?male|nonbinary.
@@ArgoIo I love the inclusivity
@@ArgoIo I don't think the concept of sigma male mix well with political correctness or liberalism.
ElasticSearch: this joke triggers me
bro how much student loan in 2022?
Tech stack idea:
Flask, AWS, React, and Tailwind.
Let's launch FART into the cloud.
I feel personally attacked
Replace Flask by FastAPI and it's actually a decent stack
If i recall correctly there is a PHP tech stack called phart
SHUT UP AND TAKE MY MONEY
This is going to be next big thing 🎉
The fact that Netflix was put in FAANG over Microsoft says a lot about the people who came up with the term
FAANG is term for big player in silicon valley. Microsoft HQ is not in silicon valley, hence it's not included
@@namaasliku8642 hmm same could be said about Amazon which has its origins and current HQ in Seattle...
@@myoussefb3854 hmm.. that's true
Microsoft incompetently missed the internet bandwagon and they also mismanaged and killed and their mobile phones, so they do not really matter anymore and they are just a rounding error!
Yeah, ditch Meta and Netflix, add Microsoft. Need a 5th one? Ok, Nvidia.
Wonder whether there are managers searching for layoffs in 100 seconds
"How to cut costs in 100 seconds"
Elon watched that video
@@glyakk ... Copy-paste this snippet of code into the terminal "git ls-files | xargs -n1 git blame --line-porcelain | sed -n 's/^author //p' | sort -f | uniq -ic | sort -nr" and cross-reference the usernames with your employee records. Now fire everyone below an arbitrary threshold. Hurray! Now you have cut the costs of running your company. In part two we'll take a look at how to automate sending "You've fired" emails with NodeJS when your stock price is down and how to manage the process of printing your entire codebase with RabbitMQ.
@@rkvkydqf But number of changed lines doesn't equal quality of code
@@Slada1 I think UpolPi was making what is technically known as a "joke".
I lived through this in 2001/2002... been there, done that, still here... No panic needed, this is just a long needed consolidation phase. Whoever gets through to the end will be stronger and better equipped for the future. Tech is still very much needed. Maybe social media not that much...
wise words
Slight correction. Nat Friedman hasn't been the CEO of Github since November 2021. CEO is actually the current Thomas Dohmke
Actually, Thomas will only be there for 4 more months. Then we will have Bob, David, Stefan then some Indian guy nobody can pronounce. CEO's in big tech are like are like engineers in big banks - irrelevant.
I’m in a good spot as developer for a much smaller company with 1600 employees. These FAANG companies as you said are way over staffed and have been running red balance sheets for years. The rubber is meeting the road.
99% of startups run red balance for years, but when investors had the cheap money it wasnt a problem, now during the recession or high interest rates period these startups will die and hundreds of thousands of IT workers will have to do something more "useful"
do you think it's still worth it to get into dev at this point, or is the market oversaturated and will be so in the future?
@@georgemartyn5268 technology will only be more prevalent and more complex, and they need people to make and maintain these things. Software devs will always be in demand, this dip is just the results of economic pressure + overspending. If they were actually careful about their spending and hiring then they wouldn’t have had to fire anyone. So yes, it’s still very worth it and has a very bright future even with some dips here and there
@@trader2137 "99% of startups run red balance for years" That's an absurd claim to make. Believe it or not, many tech startups are self-funded and thus can't afford to run "red balance" even for months, let alone years. You are saying that as if the moment you open an IT business some VC swoops in to shower you with cash... That's the Hollywood version of startups.
@@georgemartyn5268 Not oversaturated in the least, I get tons of linkedin messages from recruiters every week and im in a smaller european country even. There's plenty of dev jobs out there.
Devs are needed in all industries these days. Tech companies have been over staffed for a while but there are plenty of dev positions in manufacturing, retail, supply chain, utilities, finance, etc. I think it’ll just be a different landscape.
Fintech dont have developers, they have maintainers. It's a miracle they dont just all get hacked into oblivion with dinosaur fortran code
@@cpK054L very true. A lot of those core systems haven't been touched in ages
@@cpK054L it's because nobody wants to bother hacking dinosaur fortran code. It's mostly fossile fuel by now. Security through ... outdatedny
Be passionate about software development not a position. It's the only formula to keep a job. Employers come and go, your skills stay with you.
Don't be a discipline dev, be a boot licker snake oil dev. Oil billionaires are not discipline, they form a cartel, play dirty in capitalism and you'll win 🤡
@@milanlabus1582 I choose to be an oil billionaire then since you said discipline can get you there. Also, I will hate my life, but hey, will be driving a gold plated lamborghini. Should be easier to cry right?
@@milanlabus1582 haha oil! Future is electric 🗿
@@milanlabus1582 Just that nobody codes for 16 hours a day.
@@milanlabus1582 yeah, play dirty game if the game is dirty. That's how to prevent a societal collapse 🤡
Normally I'm pretty skeptical of mid six-figure tech workers complaining about getting hosed, but the people who worked hard to get in and took stock options as the bulk of their compensation, and are now being laid off, truly have my sympathy. That's getting screwed from every angle...
Life aint fair. We're just witnessing the japanisation of America
lol cushy overpaid job go brrrrr
that's always why you negotiate base as high as humanly possible. even if it means you might not get a "full" raise during annual review time. stocks are a bonus, and should be treated that way.
Well, they're still doing better than the massive minimum wage workforce.
They can just get a job at Mickey D's for a while. 👍
@@Cherryblossoms110 Broken country if an engineer has to flip burgers.
I know most this audience is Web dev, but I'm in the Game Dev sphere and from where I'm sitting there's never enough programmers to go around. Solid C++/C# skills will get you far here even if you aren't fully up to speed on the latest from Epic and Unity. It's easier to teach someone to use Unreal with a good C++ base after all.
This is a topic that I am really curious about as a computer science student who is looking for a niche to specialize. I had a chance to work as a backend developer at a startup for a few months and now I am really confused. I don't particularly love web/mobile dev but it always seemed like the best career opportunities are there and now we keep seeing these types of news like even FAANG is firing people. I am in a dilemma of either keep working on the backend skills I had or taking on something more challenging that involves more specialty like C++.
Are remote jobs strong there too? I thought gamedevs were a bit exploited as many chose it out of love for the medoum, isn't that the case anymore?
Where should apply?
JS dev here, any recommendations on where to get started in the game dev world?
You and I both know there are never enough Game Dev because the churn rate is too high as people realize how underpaid / overworked most of them are in gaming industry. Yes most FAANG and similar hype tech are laying off right now which is tough. But in recent years we also had a HUGE influx of shitty engineers that only trained specifically for interviews (leetcode) rather than learning to be a software engineer or improving quickly at the job. While no company has the perfect metric for performance, we are generally seeing low to mid performers being laid off. Other than crazy schemes like Twitter, other companies have kept their obvious top performers and even most mid performers (with margin of error of course). What you are recommending would still be tough for someone who's new and/or not motivated to work hard, but doesn't apply to most of the engineers who are performing well. No one is yet reducing salary. It's just more efficient to keep 1 good engineer than 2 meh engineers. I recently got offers that are still eye popping in total package numbers. It's not so bad if you are a seasoned engineer who have the work experience and skills to back it up. Many newer, smaller tech companies are also doing away the leetcode style interviews so if that's all someone knows then tough luck. All that said, I do feel for the junior engineers or ones wanting to get in the industry right now, it's very unfortunate timing.
Working for a FAANG may do a lot for the ego, but if you just look at a map of the USA, there’s a whole lot of country to your east, and there are companies there. Those companies hire developers too. They may not pay $200k for a developer with two years’ experience, but you can also buy a 5 bedroom, 3500+ square foot house for under $350k. So it works out. You just need to learn to drive in the snow.
"...but you can also buy a 5 bedroom, 3500+ square foot house for under $350k."
NICE!!!!!!!!!!!!!!
lol yeah the ONLY reason devs in the West (California) ie Silicon Valley FAANG get payed so much is because they're in California where cost of living is too damn high.
@@vectoralphaSec Is there another reason? I don’t think every developer FAANG hires is the cream of the crop. They are paid market rates, and market rates are set by the market. If COL were lower, market pressures would push salaries down.
FAANG hires outside of the west coast and pays the nearly the same. I live in the midwest working for FAANG - feels absolutely surreal. Relatively cheap cost of living with west coast salaries. I just hit year 2 and currently have more money in my checking account then what's left on my 30 year mortgage.
@@bugfacedog44 been a dev for 22+ years. Where should I send my resume???
I'm happy I'm working in a mostly hardware based company as a software engineer. We represent a sand grain in the cash flow lool
But intel :(
@@quanta8382 Is under valued IMO
Same, I'm the sole software engineer at a manufacturing company. FTW.
@@michellewilliams1090 that's great Michelle, do u need a degree or certification to apply for hardware company position?
@@kartikchauhan2778 I’m self taught. I just have experience(3 years in the game)
It is a bit worrying, but then again, there is still over a 1-million-person shortage in software engineering talent in the U.S. and these layoffs skew very heavily towards lower performers and junior engineers. If you work hard and/or have like 5+ years of experience, you're still in a red hot market with lots of opportunities. The demand for senior engineers with good experience under their belt is still insanely high.
"The demand for senior engineers with good experience under their belt is still insanely high." This may just be the short term - if (this is only an if) the fund managers give up believing that new tech giants can be born from their investments then PE ratios of tech companies will equalise with other industries and programmers will earn what architects, lawyers or accountants earn - maybe 2x-3x less. It all takes a while to filter through. I have seen this happen in another industry - but tech may be different.
@@michaelnurse9089 In what industry has it happen?
So much wishful thinking based on abstract claims… The market is clearly in recession. These companies clearly stated that they are not going to hire “best talent” in 2023. It is business downsizing, not reshuffle of staff.
great. I have no actual work experience and I'm getting HTML / CSS / PHP / Wordpress chops! How will I feed my cats?
Tfw I’m currently a CS student in uni 😭
If you're disheartened, rather employed or in-between positions, just keep looking forward and be smart. Do the work, do your best, and find time to focus on other things as well.
Nah this field is saturated
Tech is all but hype :(
I've recently been caught in one of the layoffs mentioned in this video. Really sucks 'cause it was my first full time job, and I had relocated overseas for it. Welp, back to studying.
that's what you get for selling your soul to the great satan aka moving to the USA
Tough life...
american dream be like
Man that sucks
Take my advice - don't study more - go out there and find something to work on straight away - even if it is for free. Employers value studies about 10% of what they value work at.
"fire the low performers" yeah that's not really how it works with layoffs. People who perform well know what's up. They will be looking for a new job the moment that anyone get a sniff of any layoff being in the air. Keeping just he best employees often backfires into them leaving proactively
I'm worried how these layoffs will further affect the demand for new developers. Not only are new developers in less demand, but now the market has been flooded with devs who have years of experience from leading tech companies. It's looking like it will be impossible to break into tech
It will likely be harder for 1-2 years for sure.
@@RagingInverno much harder
My thoughts exactly. It was already hard to begin with .
It's good maybe all these scammy Bootcamps promising your wannabe musician to become a software engineer in 2 month will finally die out.
I'm working on my computer science degree right now and the anxiety I have about this topic is over the roof. I'm already in too deep to switch (nor would I want to) and I'm just panicking about my future.
Its now MANGA, from facebook to meta
GAMMA - Google Amazon Microsoft Meta Apple
then it should be MAANA, since Google is Alphabet
+1
I say this everytime
MANGA
@@marshallcapps3084 I guess ‘netflix’ is the odd one out.
Also I prefer MMANGA just to keep Netflix in that inclusive bubble as we have two m companies; meta and microsoft lol
Plus because I am a weeb.
MAGMA???
That’s a lot of layoffs. I wonder how many of them are the type of restructuring moves where they mainly fire certain roles while still actively recruiting for others.
My old company used to do that every ~2 years, which resulted in extremely high turnover. That inevitably had an impact on employee morale.
Morale is such a vague concept - trust is better word.
This - some companies do that all the time, and they woonder why people jump ship the first chance they get.
Well, don't start at FAANG ... better for the work life balance, better for your health
But then where am I gonna be able to play xbox and eat froot loops in the open office while I go down a slide with my helicopter hat on 😔
Depends on exactly where you work. I’m at AWS and I work very normal hours with little stress.
I think FAANG actually have great work life balance, spend more on employee health, and the pay is so good that it can be worth it even for a few years. Realistically it's hard to get in (in levels, Amazon is the easiest to join, Netflix the hardest due to not hiring juniors, Google is hardest on sheer skill).
Better for the World
@@_JS96 This is exactly why they're in the position they are in. Workplace efficiency is catching up to them.
There will always be people looking to hire developers. Especially now in the era of the internet, its not just tech companies who need devs its any company who interacts even tangentially with technology. The big players might not be so big any more, but that just means there will be more experienced devs working for smaller companies, maybe presenting some competition to the big boys.
And thus the entry level junior devs get even more screwed because they have to compete with ex FAANG devs and thus can't get a job at all
The hardest challenge is then to find the company that fits to your profile and to your personality. These massive options are the luxurious flipside of the coin 😅
Yup. 'Technology' is so integrated into every single company, there will always be a strong demand for people with this knowledge who are also smart and have people skills.
So in other words there's never been a better time to start your Nim passion project
What's nim ?
@@kunalbose33 basically a programming language with python like syntax that gets compiled into highly optimized C code, if I remember correctly.
@@kunalbose33 ruclips.net/video/WHyOHQ_GkNo/видео.html 👈
Still waiting for Jeff's collab with the crazy Frenchmen who run a company that writes exclusively Nim (check "Nim in 100 secs" comments)
Same but Rust cuz Rust > Nim.
About to graduate with a comp sci degree, and I've been getting so many reports about these layoffs. I appreciate the encouraging words at the end.
I graduated during the great recession with a CS degree. I was able to land a job within 2 months of graduation. Now, I'm a senior/lead engineer. The current situation looks much better than what I saw at that time so I'm sure motivated recent grads will be fine too.
To be honest, attributing FED decisions to lunar/stellar eclipses is about as good as anything else.
Facebook/Meta alone hired close to 30k people in 2019-2021. Laying off 11k now doesn't see too bad in comparison.
Advice for juniors: work on your personal branding and specialize in a niche (ex: AWS, React Native, Shopify, Solidity, etc.)
So there's a load of developers out there with plenty of time on their hands to complete their side projects? I predict a boom in unicorn births in about 2 years.
interesting observation
That's what he means by solar eclipse on 2024🕶
yeah more time to work on their projects while they starve and inch themselves closer to homelessness cause they can't pay their bills.
I think most developers who are the kind to be doing side projects, especially of that quality, we unlikely to be the same ones who are being laid off
Followed by a boom in unicorn deaths 3 years out. Oh, the humanity!
I work in FAANG in computer security and I empathize will all the SDEs and aspiring SDEs these days. It's gonna be hard for few months/years to break back in. But whatever happens to any of us, I am sure we will find our way to get on top of things. Stay hard everyone!
The way you portrait hope and despair using solar eclipse and lunar eclipse is really very creative. In this hard situation at least we can find some optimism at the end of your video.
Now all the developers looking for work will be incentivized to work on interesting personal projects which could ignite the next wave of innovation.
To be honest... All these layoffs make me wonder whether I should do that now
Yeah, because we are all looking forward to having 20 new JS frameworks to choose from by next year.
@@arcan762 Just think of all the new ‘100 second of’ videos that will inspire! Lol
@@glyakk lol 😆, that was really funny thought 🤣
Can't wait for the next react framework that does one thing slightly better than react and then bombs because nobody is willing to change.
Media and reality are different. Agreed there are layoffs, but sometimes, they might be letting of engineers who are paid 350k and again hiring engineers for the same role at 200k after few months.
Life is about patterns and cycles and this period of time in tech is no different. Don’t focus on outside events or the ‘chaos’ but only things you can control which is yourself. Thus, keep growing your network and build relationships in tech and always keep learning and improving your skills. And there are plenty of jobs outside of ‘Big Tech’ like small/medium sized companies and start-ups.
Value will always be held in high regard no matter the times we are in. Stay focused and positive my friends. This too shall pass - peace and much love 🙏🏽
I would say it is a tough time for international students and employees. Normally, only these big players have enough resources to accept and consider supporting these people (visa, immigrant, etc.) With the bloodbath we are in right now, not so much though.
Curious as to how many employees laid off were developers, and how many were still 'in tech' but had very little to do with front-end/back-end work
“Tech” companies are not the only employers of programmers. Plenty of companies have a strong desire to automate portions of their business, build out an app, etc. I’m working for one of those right now and it’s going great.
Are they paying you 300k, 200k or 100k? I bet it is the latter. And that is what all the wailing and gnashing of teeth is about.
@@michaelnurse9089 150k. Yeah it doesn’t top facebook or whatever but I have a pretty comfortable life. Considering it’s my first job out of a bootcamp and I get to work from home I’m quite happy with it.
@@CTOOFBOOGLE how many years of experience ?
@@ebrahimmohsen3392 0 when I was hired, had just finished a bootcamp 6 months prior. Been here for a year and a half at this point.
@@CTOOFBOOGLE sorry but, Where are you located ?
So interesting how the market was blazing hot a year and a half ago now this. Just goes to show things can change in a moment.
I signed for my first dev job today (Fullstack)! Happy times! Blood moon begone!
This always happens. New ideas pop up (internet, AI, crypto), hype attracts investors who create a bubble, people start building but take forever, hype cools off, investors start doubting and pull out, bubble bursts, the new economy collapses, bad ideas die, good ideas stay and will be ready to deliver first results eventually, which will attract people and ideas and investors again.
Man, videos like this one are just gold! Extremely concise, smart and well informed. Keep them coming!
That's why I believe in WITCH
W - Wipro
I - Infosys
T - Tech Mahindra
C - Cognizant
H - HCL
It's especially disheartening for someone trying to get into the industry. I'm already in my thirties and landing a junior position before I'm 40 is looking less and less likely.
Same, I wish I got in earlier.
If fireship is making a video on layoffs it means whole world is fucked up
I'm actually fine in Europe. Here software engineers solve real problems instead of earning 500k for implementing dark mode
@@albertoballsybossa610 shut up man, my imposter syndrome is getting worse
@@albertoballsybossa610 lmaooooo
@@nithinrajendran3091 😅
@@albertoballsybossa610 bro don't be a racist
i love getting my tech news dose from this channel
Who doesn't dude
*Good* developers with experience will always be in demand. Whether you are just starting out or seasoned industry vet, it is vital that you are constantly working on skills development and have a personal portfolio that can demonstrate those skills.
I've been coding for 7 years now, never applied for a job tho as I don't even have a CV or anything to put on it. Building a c++ desktop app for a niche area where I have expertise. Hoping to eventually grab some of the small market that exists and not have to answer to anybody.
Good luck!
7 years? Bro go to first timers only and contribute to some open source projects and put that as your industry experience.
Fireship videos like these warm my heart.
Pacing and information density on point as ever, man you just can't do no wrong
With the latest round of layoffs I think it's a good reminder to look in other industries that aren't specifically tech related (logistics, healthcare, Retail, Agriculture, etc.). There are tons of good developer jobs out there that don't fit into the FAANG portfolio, but will still pay well and have much better job security. I believe these roles are especially great for junior developers as I've found they are far more willing to work with you and invest in your growth as a developer.
One can only hope so
It's such a great timing! Here I am basically ready to start my tech career after changing careers from Nursing 🤙
Honestly, this is all a good thing. It's just a necessary consequence of years of drunken VC spending due to artificially low fed rates. These companies have been flooded with underperforming devs for years and this is just a correction. If you want job security, make yourself irreplaceable in your company. Also, don't look to big tech, that's where innovation is going to die these days. Finally, make sure to vet the companies you work for and do your best to avoid ones that are propped up entirely by VC funding.
Nobody is irreplaceable, but if you want job security, be worth more than what you make.
@@JakeSummers2424 correct.
based. drunken VC spending also coming from people who don't understand what software is and isnt capable of.
you can be irreplaceable and still get fked if your company doesnt make any money on its own and is relying on investors
> If you want job security, make yourself irreplaceable in your company.
So make sure I'm the knowledge silo, and that I never write documentation because I keep it all in my head, so the codebase is untenable without me there. Got it.
> These companies have been flooded with overpaid, underperforming devs for years and this is just a correction.
This means there is lower range competing offers across the board, so *your* compensation goes down as a result too. This is not a good thing for any working software engineer, especially those that were already underpaid.
Faang was most sought after.
Faang is most sought after.
It is like a label in your resume once you’re out, similar to MIT, Stanford
If you're a developer, you're just a pawn in this game - perfect line, perfect time
Man, I just love watching the 2007 iPhone presentation. Such a big moment in the tech-industry, and well presented!
I think this makes sense. Honestly maybe I’m just completely out of the loop but I don’t understand how it takes several thousand developers to work on small new features or components …
Usually bureaucracy. To many managers, too many (useless) filters, too many blockers. Too much waste of time, too many devs working on the same stuff, stepping each other toes.
Mmm. No, you are absolutely right. It's because the workforce is mostly dead weight. We've been calling this the 80/20 rule for ages. Though Metagnostic is also right. Things can be much more complicated than they seem. Where complexity lives becomes really unintuitive as a system grows. For instance you could throw 10 people just on the BI side of things and if you're generating 100m in revenue and some insight from those 10 people ups it by 1% that's still 1m additional revenue that pays for the BI team. You see none of that from the outside. Maybe all they concluded is change the color of a button. Simple change but all the work to determine what to do is real. So it's a mix of both. And it's the same reason honestly why it's hard to do revenue attribution so we often don't know what can go or stay and end up with a lot of dead weight. In a sense these are two sides of the same coin.
Got laid off today from a SV company and I'm so glad I did. I can see on MS Teams no one on my team was doing shit except one hour a day and my contract prevented me from applying elsewhere for another year. These SV companies suck so bad man - running on blank checks instead of profits and bloat-internal processes and infrastructure. Its maddening.
The guys that did not get laid off today built artificial motes around their mysterious castle of responsibilities that management is too afraid to talk to, hire, or fire, and they seem to speak up with ideas at the meetings enough to look busy, while in reality shit was just all over the place.
SV?
Does this mean that I’ll have to do work to avoid losing my job now?
Hey, love your videos but there is a bit too much sss sound. Try applying a de-esser, I could recommend you rx de-esser or fabfilter DS
Keep your videos coming!!
Automatism: A system principled on the pursuit of complete automation
Have a great day~*
Really enjoy this series. It's light-hearted style doesn't take much from its informativeness, and I love it.
The best time to be a software dev was after 2022 and yesterday.
What a fantastic idea for me to start being a software dev near the end of a boom :D
I am sure there will be a recovery.
Buy the dip.. lol
If only you can predict the dip, lol. The reason for the big tech recession is the economic recession, high-interest rates, companies cannot make easy money anymore and so do their employees. Not until the economy recover, which I doubt will be any time soon since the war in Ukraine is still tense and are definitely not yet at the dip of the recession.
Anyone else get an ad from Algo Expert before this video started saying "So, you want to be an engineer at Google?...."
Just have to make my savings stretch until April 8th, 2024, and then I’ll be a billionaire. That’s my takeaway, thanks for the info! 🎉
People who are safe: Average or better software/cyber/cloud engineers.
People who shroud be nervous: obvious under-performers in the ‘safe’ categories above, talent acquisition, marketing, sales, HR, middle management.
Also, is your business unit/team directly generating revenue for the company? If so, you’re slightly more safe than otherwise. Ad sales at yahoo is the only revenue generator for the company, so that vertical’s pretty safe; Metaverse-focused employees at Meta haven’t produced a penny of revenue (and have cost billions of pennies) so they’re much more likely to be let go regardless of job specialty/skills.
Ah yes, perfect timing, I was about to graduate from a bachelors of computer science.
All that being said, honestly I'm more interested in starting my own company than working for someone else. So nows the perfect time to try, cuz if I fail I'll just blame the economy in my next interview. :p
What company you planning on starting?
It is sad how companies does hired over limited and fire those people but it life.
Fireship: "None of these companies are going to be firing their top engineers."
Twitter: "Hold my beer, Fireship." 😂
They still kept thousands of employees, and those are presumably their top engineers
Seems like a lot of the over staffing was done across the board but mostly in non-technical areas. Lots of roles with dealing with people, customer service, hr, marketing, etc. Yeah, some were dev jobs, but you have to consider how many roles were essentially "made up" just to hire someone to deal with a small part of something non-technical.
I work as a contractor at Pinterest and we aren't even faang but I'm afraid 😆😂
I think Pinterest is a FB/Meta product now
@@okachobe1 no its not, only instagram
Exactly what I want to hear when graduating this year
Those programmers who are laid off, can easily band together and open their own company. With all their knowledge and experience can most likely rival big companies.
ht moh
You are so naive...
@@limitless1692 referring to yourself?
You forget that there is a massive economic downturn and record high interest rates. Good luck for any of these bands of laid off workers to get access to capital.
If you re a Software Engineer i don't think you'll actually be unemployed in the long-term. There's always work available in this field, however chances are it's a far smaller company and less-paying job. But one won't land on the street, might need to cut a corner or two but will be fine in the end.
Google needs to layoff the person in charge of "no views" with 19 comments, none of which show up!
the "no views" part has a good explanation, the invisible comments part doesn't though.
Great work. I'm consistently shocked by how many people don't understand this simple connection between interest rates and any speculative enterprise, be it a s startup, large loss leading mega corp, or whatever digital asset fad they're into at the time. This one earned my sub, keep up the good work and fingers crossed until that solar eclipse.
I never thought your videos might trigger a panic attack - now I know 🤣
Wow, this is the clearest and most concise explanation of the structural economic problems in the tech sector I've seen. Surprised to see this coming from a coding channel. You absolutely nailed it with the Ponzi Scheme framing.
Ahh yess, so encouraging to hear this as a recent coding bootcamp graduate, owing $12.5k that I have to pay in a 2 year span. Life has never been better.
At least you're not in the same spot with a bachelors and 100k in debt like many.
Playing the video in a public place with the shutter sounds intro makes everyone look think I’m taking photos
Just when I'm getting good at tech boom job loss .. and now faang devs are leaving and now going to other jobs average dudes like me are fecked ... First comment though
I was planning on moving across the continent but now I’m not too sure despite getting my visa etc
Please allow comments on your paid courses.
Love your stuff.
It's a lot of tech companies. They failed to understand that post COVID, demand would get back to previous pre pandemic levels. Instead they were still expecting at least 2020/21 revenue, and hiring based on that.
You know... I probably should've took the route to be become a doctor or an accountant, but... I don't really regret my decision to continue my computer science studies. I love computer science, even if I don't know what the f**k's happening 90% of the time.
These laid-off employees will create a ton of startups using the knowledge gained from working at FAANG. This will probably put even more pressure on existing tech companies
They better bootstrap with their own cash because venture capital is drying up as interest rates increase. This also means they need to become profitable quickly as they can’t rely on free cash and speculative investments in their company.
Existing tech companies love startups, since the startup assumes all the risk and often fails. If the startup does well, Big Tech can just acquire them. Yeah, you can pull out the odd TikTok or two, but having only 1 or 2 good examples is only reinforcing my point.
The monetary policies actually aren't that important. Ad revenue is down because people are spending less. The economy has been slowing down the entire year. Inflation is high because people have been borrowing money to pay for the stuff in the index because they need to, or haven't adjusted their lives to spend less. But that will happen and inflation will drop like a rock. The FED will relax policies, but tech companies still won't rush to hire everyone back again. It will take time and average salary will fall quite a bit for a while.
I'm not even that skilled, IT worker for five years and learning to code, and still getting job offers and calls even today. Don't ever let bad news discourage you.
what would you recommend a fresh graduate to do? i have been applying to front end jobs with no response for a while now, thinking about just going to something else entirely.
thanks for including the moon phases 🌝
Is working for a non big IT company not an option?
The thing is, everyone wants to work in tech because of the new generation of work life balance and freedom. But other sectors still need devs. Banks, consultings and all that bullshit pay hefty amounts of money.
@@CloudXIl And also other sectors which give a decent pay and freedom.
I wouldn't be surprised if a lot of the companies were cutting staff to save the quarterly profits for shareholders as they had increases in revenue that will never be reached without another mass pandemic.
That was celestial, man. Appreciate the simplicity
Oof, yeah... my company's a big tech that laid off 11% of its workforce a few months ago. I didn't get laid off, but my role was supposed to be converted into a more permanent SWE role... and uh, that ain't happening. 😢 So my last day is friday, after which it's back to the Leetcode grind and interview hell.
Hope there won't be a day for people who work in IT industry will be under poverty line 😶😶
When I last checked, that was what they were aiming (aggressively) to do - don't know what it is like now though
The thing with tech is, when your software is stable, it can pretty much run on auto pilot.
You compete by being innovative and expanding your software. If your software is simply running on maintenance mode you've already lost to a competitor. It's also worth mentioning that the vast majority of these layoffs were *not* software engineering-related roles. Key focus areas were HR/recruiting, marketing, sales and customer service.
Love your presentation 😁
that understated cynicism regarding the Fed is well-placed. Good report!
As always:
Code Report = tension & release
Such great timing to go through college right now.
This is a good reset phase. As the Github CEO highlighted tech companies are hugely overstaffed. Good people will unfortunately be caught in the crossfire, but I'm a believer in meritocracy, and these people will bounce back easily. With all the "day in the life" viral videos going around, showing people going to adult daycare rather than doing work, I'm really happy about these fat-trimming events.
If you've managed your finances alright you are gonna be just fine, and if you haven't it's a lesson to learn. I got laid off in the midst of pandemic, I had a job that paid only the bottom of the national average salary and easily survived 6 months having a family. Am I supposed to feel bad for these people that earn 2 to 5 times my salary and produce no value in the majority of instances? No I'm not gonna.
You put in words all the feelings and thoughts I had. They re also messing with the cost of basics and real estate with their spending patterns
What advice do you have to manage your finances? Did you just dump it all into stocks and survive off the dividends? Did you just simply save a lump sum of money and live off that?
What does manage your finances really mean in a situation like this?
You crammed all that into 4 minutes you are a legend.