I have a system where I leave every 3-5 years on average in my tech consulting career. Been working for 20 years and have gotten steady 20% increases after jumping like that and avoided all layoffs. I've never had an employment gap in 20 years. If I get promoted I will tend to stay a bit longer. But leaving every 3-5 years ensures that you stay fresh and are joining when the company has demand and that you don't get too stale. I just learn new skills and certifications at each new stint and then sell those skills for more money every few years. It has worked well for my career. At the end of the day we all work for ourselves and have to constantly be keeping our pipeline lined up with leads just like any other independent business. You're not always going to have the same client that needs your services forever.
Actually you can get laid off even if your started a new job. I know a lot of people who got laid off not even working for a year in the job. It's about the economy not about how long you been working there.
@@Dfgh21 LMAO, this is not the norm. If you have highly sought-after experience and decent work history in a decent market it's true. If you don't it is not.
Silly Question. Never seen anyone asking "are lawyers wages too high?" Or "are financial services salaries to high?" Or even "are CEOs salaries too high?". Tech is going no where.
What? CEOs are the hardest working they deserve every penny......without them where will we be? lol My understanding is programmers have high turn over. Once a project is done there nothing for them to do. They go find the next project.
No, it's just a mental conditioning that people have got used to over the decades, that non tech industries pay their staff several times less (50x+) as their CEOs.
But then you have these big tech workers who get a significant amount of their comp funded by RSU. No companies, including FAANG, can afford paying that out in cash. The dilution of existing comes at the expense of investors/Wall Street who until recently were willing to foot the bill. Guess what happens when they stop growing? Dilution shares = inflation. The more stocks you print, the less they are worth. Remember whatever they have disclosed so far is just base salary. That’s all cash and they will continue to received that amount as long as FAANG companies are making a profit. It’s the RSU that will take a huge hit.
These laid off Google, Facebook, etc. engineers won’t have much trouble finding a job. But now, new developers like me have to try and compete with people who have these tech giants on their resumé. I’m still not too worried about eventually getting a job in the industry, because there’s still a lot of demand out there, but the competition is still stiff.
Yep job seekers have tons of options.. but so do recruiters. Try to pick up a part time or side project to help bolster your experience or grab some certs.
True I doubt that they will be competent for your software dev job. Most ppl that go for engineering in programming is all they do at a high level. 50k a year they would probably want more, and if u really need it work for cheaper 😅
@@TekniCaliSpeakin That’s what I’ve been doing. 😊 Besides some side passion projects I’ve been working on, I maintain a website for a small business owner, and I’ve built and maintain an entire website for a non-profit organization.
To qualify for a loan to get a house these days, a person needs to make a least 100k. Now they're saying the salaries are too high?!? Corporate and shareholder greed is destroying America.
Housing cos is way too high, worker wages are way too low, corporate greed and the policies that allow it is the problem, because that is how the people with all the money want it.
But nobody is going to ask about the salaries of senior executives. While the salary of rank-and-file employees is scrutinized, the top brass live in their bubble of excess
There's no need. To a large company, you as an employee are a tool to get the job done. If you think of yourself as otherwise, you're thinking wrong. You always need to have your plan B and C in place at all times.
they dont need to ask. these types of companies go bankrupt when the exects get 100 million in salary and the workers get 50k. turnover will increase until the company laughably fails.
AI is coming for their jobs. A manager and C-Suite job is to analyze data, make decisions based on a combination of internal and external data, lots of multi-dimensional data . Something AI can do very very well and imagine eliminating a job that pay 3000% the average worker!
Lol, you should try being a tech executive. The top right billionaires lost more wealth within a couple hours of a stock market crash than the bottom 50% of the world had in wealth combined.
You’re wrong. C-Suite execs don’t analyze data, they are shown analysis and have to make a decision that’ll put the company on a path to either make millions or save millions. That’s why they get big money. Sure, AI can do that, but someone will need to interpret said decision from the AI. Someone who understands the data and the decision making process in the model. Is that you? Go get it
Show us the numbers that show that executive salaries are a problem. I see so many hot takes here from people who don’t know how anything works. These layoffs occur because hiring was off the charts for tech companies during lockdown. Lots of people talk about tech, but it’s very similar for the shipping industry as well. Logistic coordinators were in high demand, but now that the shipping backlog has cleared, many of them have been let go as well. It’s all business at the end of the day.
@@carlospulpo4205 another silly hot take lol. You have to actively engage other businesses as well as formulate various strategies that takes into account the human factor as well. By your logic, AI is akin to Skynet
When people lose their job they spend less money. For example, no dining out, cut out unnecessary spending, no vacations etc. This trickles down threw the economy and impacts other businesses.
@user-lk4no3vo8q THE LABOR SITUATION IS SO BAD THAT NOW THEY ARE LETTING CHILDREN 14 AND UP START WORKING IN MINING, ETC, PLENTY OF JOBS, NO PEOPLE THAT WANT TO WORK D,, READ ON Labor advocates on Tuesday decried a business-backed bill introduced by Republican state lawmakers in Iowa that would roll back child labor laws so that teens as young as 14 could work in previously prohibited jobs including mining, logging, and animal slaughtering-a proposal one union president called dangerous and "just crazy." Senate File 167, introduced by state Sen. Jason Schultz (R-6) would expand job options available to teens-including letting children as young as 14 work in freezers and meat coolers and loading and unloading light tools, under certain conditions. AND THIS IS HAPPENING IN SEVERAL STATES AS WELL AS CERTAIN STATES NOW WILL PAY YOU TO MOVE TO THEIR STATE AND WORK IN THEIR INDUSTIRES,
Software is like finance. It exists to streamline and optimize the rest of the economy. When it becomes a goal in itself, you know the entire sector is in a bubble.
Big tech companies (along with any other big company) only care about their bottom line. CEOs and senior presidents get bonuses for quarterly profits. Even in normal times if they are close to not meeting their goals they will cut labor to ensure they get their bonuses.
Don't be silly - companies don't try to engineer recessions, they act based on their own best interests. If they're trying to downsize ahead of an expected drop in business, then it doesn't mean they're intentionally trying to cause recession. The realty is that recession, like all macroeconomic phenomena, is an emergent behavior.
As a boot camp grad, you can't pay me to believe 80% of boot camp grads find work in the field in less than a year. Most jobs only want a bachelor's degree and/or experience and you often can't get experience because you don't qualify for most internship programs without being enrolled in a bachelor's program. It's so bad that many recruiters are so slow they put that you even need a bachelor's degree in UI/UX design in some of the job qualifications sections when the certificate program is less than a year to complete. 🥴
I found a job in 4 weeks and that's without a bootcamp nor a degree, but what you said is true about bootcamp grads can't find work is much more compared to college grads.
@@kmoov90 reread the comment. It didn't say that none of them can find jobs. I just said I don't think almost all can find jobs in the field in a short amount of time.
A company literally makes 6-8x times what they pay a software dev, and our pays are high? Excuse me! Like we don't have a seat at the board, nor do we make business decisions! If business takes a hit, then the executives should sacrifice their salary and stocks!
Thet sacrificed thier salaries and stocks to build that company and when it takes a hit its thier money that's gone not urs. Thier money is on the line and if keeping someone stopped ur pay u wouldn't keep em
He spoke down on Front End Engineers. It’s a common misconception that the Front End Engineer’s breadth of expertise is trivial in comparison to a back end engineer. Both disciplines require the ability to learn an ever growing list of technologies.
The guy is Ben Leong. He is pretty infamous in the schools he teach. Everyone knows him for his snobbish personality. He had his entire life in the academic bubble and hasn't spend a single day working as a professional developer in the industry. Take his opinion with a truck load of salt.
@@shiitakeroom1641 i believe you especially since he easily said once the recession is over people will start hiring again so no problem to see hear folks.
There are more things to learn at FE than BE. It's not easy to keep up with all the FE technologies because they are evolving very fast. While BE rarely gets any new framework.
Plus, the coding, both at FE and BE, requires the same testing and development strategies. People who think FE is only about HTML and CSS haven't evolved technologically. FE code has to work on many different screen sizes and platforms, while BE usually doesn't have to worry about that.
I make a decent tech salary but I live far under my means, living in an rv park, shop at Goodwill, rarely buy anything superfluous. And I make sure to have a safety net of trade skills- carpentry, electrical, etc- if it ever came to that.
I think most companies severely underpay workers, even tech workers some. They give all their earning back to ceos, president, vice presidents and other positions like that. They rarly trickle down. 100k in a lot of those areas where tech workers work are incredibly expensive and you bearly make enough to live comfortably. Like in Seattle for example, the average apartment cost for 1 bed is around 2k to afford that you need to make min 80k a year that would probably be rough to if you would kids try to start a life you like the American dream you would need to make way more that that. Software engineers also make more than most tech sector works do
I was talking to some people I know and I was telling them that if salaries kept up with inflation, your average McDonald's worker would be making $35K a year! Agreed, all salaries need an increase. And yes, the ratio of CEO to average worker pay has gone up and up and up and up. It's much higher than it was in the 1950s, for example.
@@dontbanmebrodontbanme5403 Yes exactly sonce 1978 the average wage for a cheif executive has rose 1322%.. it a bit old but from 1973 to 2013 productivity went up 243.1% wages have gone up 108.9%. before 1973 wages would rose with productivity they were even. The the money goes to ceos and buy backs. Ps it is 80k to live in a one bed room apartment after tax so it it's closer to about 110 or 120k idk what Seattle state tax is i live in Louisiana
@@FacePlant1324 There is no way that productivity ant McDonalds went up 243%. I used to work there in the 80s and the people that work there now are definitely not faster. We used to have the food ready and sitting there, so I don't think you were going to serve people faster than that. Take a CEOs wages and divide that amongst the amount of people that work there and see how much more they would make if they took back all of the CEO wages and gave the money to the employees. "As President and Chief Executive Officer at MCDONALDS CORP, Christopher Kempczinski made $10,847,032 in total compensation." "More than 2 million people work at McDonald's franchises worldwide. About 93% of McDonald's restaurants are independent franchises" $10,847,032 divided by 2,000,000 employees = $5.46 per person annually. If you can't make decisions that steer the company to profitability and to keep them relevant, I'd cough up the $5 annually to make sure I still had a job. 95% of the people I worked with were never going to amount to anything and the $5 per year wasn't going to change their lives.
Developer job in general is really stressful. We got multiple projects, each of them take us 6 months to couple years to develop. A lot of testing, architectures, documentation, and troubleshooting. On top of that, supporting systems, sustain software, and provide user assistant.
yall are crazy overpaid in comparison to most jobs that work much harder than you ever will and too be frankly honest ..most of the time other jobs contribute more to society
@@namangupta3160 I don't defend tech workers in FAANG, but they are few, most of tech jobs are actually outside of those, and the pay is way less than in those big ones.
@@namangupta3160 brother i think you dont know how indian startups demand programmers to work their asses off like they're slaves with comparatively very less pay than the giants(FAANGM)
Let’s honest, the companies are just trying to increase their profit margins. Stand together and don’t take less pay for highly skilled tech work. They will pay because they have no choice. The cybersecurity sector is an area that needs thousands of more workers but it time and multiple certifications to make one. So as I seen companies lower there wages they just cut themselves out of the cybersecurity pool of workers because after all my certifications and experience I would be a fool to take a job for less pay.
You are 100% right. The problem then becomes the people who are willing to get the certs and still lose working a lower salary...i know many of these type of workers unfortunately. They UBERize professions, looking at the big picture this has a sinister and darker motif...
@@me-ye6ld this exactly. The market will decide whether or not you can keep your prior salary level, or take a pay cut, or get a raise. You have zero control.
I worked as an IT analyst between 2017 and 2020. I get payed arround $2k a month but there's a catch. I have to do 12 hours shift with no pause at least 5 times a week. I always be having delivery lunch and also dinner alone at the office all the time... That's 240 hours a month of continuous work with no pause to get that 2k dollars a month... Meanwhile, my boss and "some of my colleagues" pulls their 8 to 5, and they get to have a 1 hour lunch/break. My boss gets like $5k. His boss gets like $10k and he works even less and so on.. BTW the CEO doesn't even show up... In 2020, arround the pandemic, it got even worse, and guess what, they started laying off workers, which meant more work for me... I couldn't do it, so I quit. Edit : the difference in salaries is crazy, i get it when you're the manager or even the CEO but damm it makes no sense. I can't believe i pulled that marathon for almost 3 years
This video is about US. You are talking about Indian pay. Even Indian pay is increasing because of rise of India. 5-10 years from now Philipines and Nigerian workers would be taking India's job.
Tech industry jobs are still red hot if you have the right skills. Majority of the layoffs are for non-tech positions within the tech companies, such as recruiters, marketing, admin, etc. Sure, people with tech skills get laid off too but they are the minority and usually they will find similar roles elsewhere rather quickly. People with strong experience in software development, cloud computing, data science, machine learning etc. are still highly sort after and the pay packages are still going up.
Proud to have been part of the 2022 “Great Resignation” statistic. I resigned from my $125,000 job, late last November. Working as an independent talent is way better in my opinion.
Journalists are so out of touch. The salaries mentioned here are less than 50% of the compensation. Bonuses and stocks make up more than half. Median compensation at Google is 300k. Mid career software engineer at Google in CA makes $350K+
I live in a community that is driven by the tech industry, we survived large scale lay offs before . Most people were able transition to other companies within a few years. Interestingly enough the community still stayed intact people didn’t flee. They liked where the lived and created lives in our community and were not willing to give that up. For reference, google is laying off in our specific community , there isn’t a sense of panic.
No salaries in other industries are just way too low. Tech salaries are exactly where they should be. Believe me if the companies could pay them less they would they just know the skills are too lucrative.
Absolutely not. I am a software engineer student and I know the stress and the amount of time it takes to do projects. My professor treat us like the real world Software engineer and sometimes I’m working on a project 10 hours a day for like 2 weeks 7 days a week. And where these tech companies are have very high cost of livings.
Yeah, developer job in general is really stressful. We got multiple projects, each of them take us 6 months to couple years to develop. A lot of testing, architectures, documentation, and troubleshooting. On top of that, supporting systems, sustain software, and provide user assistant.
What is not mentioned is that kids out of universities are getting screwed the most. They are trying to get jobs during the big tech layoffs. Companies are not wanting to hire them atm.
The tech industry (as well as most other industries) are switching to contract workers to save money. The number of contract jobs today are astronomically higher than even 5 yrs ago. These are full time roles filled by a string of contractors to save money and it's a problem that will continue to worsen.
@@smeff099 so you want him to suffer because you do? Instead of trying to increase healthcare wages you want to lower that if other sectors? You need to think about your mentality brother.
The rise of AI would definitely ruin the tech industry. You can already see AI being able to code and in a few years it might even be competent enough where coding can be automated. Instead of hiring a team of coders, you can hire someone who will build the code with an assitance lf an AI.
Nah, everybody is replaceable. And to think that you are somehow special and irreplaceable is the biggest form of hubris you can have in the workplace.
@@forte609 they're already using these. GitHub copilot is one. It will literally write the code with you. Engineers are usually one step ahead of what the general public is discussing. GitHub copilot is already being used by thousands so it's no secret. I think smart people will use the best tools to stay employed or relevant by starting their own business.
If they live in the SF bay area, a $200k salary would be taxed about $70k, and about 30%-50% of their check will be going towards rent. Doesn't seem like a high salary at all
Exactly then rent is crazy and just the whole entire cost of living is nuts. And you gotta factor in personal bills like medical and credit card and student loans you probably be left with under $100 a month saved. And this is due to the tech industry so cutting the pay is definitely unfair and I believe it will cause people to not choose tech no more because they won’t be able to survive in the big tech areas where they actually need people at.
@@williamalfonso1373 Austin isn’t really Texas. Yes, it’s in Texas but it’s not the real texas. Why not go to Washington then? No state income tax, significantly cheaper!
@@franko8572 IDK know much about Washington but ill take your word. I am not in the west coast, we have the same situation here. NYC people are moving across the Hudson to NJ.
It's really funny how the employees need to "upskill" frequently but the employer's just won't. I mean think, leadership is still crying about Remote work.
I'm not part of this tech layoff, but when I got laid off from a huge company back in 2015 I thought it was the beginning of a new nightmare; I was unprepared and I was starting to enjoy my career. Honestly it was the biggest wake-up call I ever had. I had to be resourceful and put to practice what I learned in other smaller companies, there was more competition to succeed (I mean that in a collaborative way) and I discovered what value I had so I could market my skills better while navigating the marketplace. I imagine this will have similar impact on junior-mid level tech workers, especially at such exciting times in tech evolution. There are so many possibilities ahead with fresh talent available.
I live in Germany and refused three times Google recruiters the invitation to participate to their interviews. I chose to have a lower salary, but very high job security and close to no stress.
The layoffs may seem tough at first, but they're actually a chance for people to branch out and build something better. Instead of sticking with the status quo, let's think outside the box and build something responsible and ethical. The world would be a much better place if we had more variety and less control by a handful of big companies. Let's make it happen!
I mean sure, but no amount of "competitive spirit" will stop a tech startup from being crushed by the tech giants' anticompetitive business strategies. Kinda hard to compete with Amazon when Amazon is lobbying the government to help them crush you.
If you accidentally put too much water into a bucket, you need to get some of them out. Same with people. Too simple but people think they're too precious and should be treated as gods.
After a nightmarish 2022, shell-shocked investors have losses to recoup and plenty to ponder, as an inflation report and a raft of other data did little to change expectations that the Federal Reserve would likely continue hiking intrest rates even if the economy slows down, Which means more red ink for portfolios for the first quarter of year 2023. How can I profit from the current volatile market, I'm still at a crossroads deciding if to liquidate my $250k bond/stocck portfolio.
@@halselong4517 Yes i agree and right now the markets are going berserk right now. This is the best time to watch them, get to know them better, and strike when the opportunity presents itself. I learned that from my mentor, ’STACEY LEE DECKER’ she's seen dozens of market cycles over the past few decades, and she has a feel for how they move, why they move, and what comes next.
@@edelineguillet2121 love her insights and innovative approach to how her ETF’s are run. So different from the stale methods of managers I’ve worked with in the past. She will continue to do well and I will continue to listen to her more. You can just put her name on google and you will be directed to her website and drop her your messages.
There is no such thing as too high wages. It is a question of demand and supply, as well as negotiation skills and bargain power. It though you guys are market savvy?
Just capitalism baby…. I hate that this is the game we play but there is no other choice here. I mean if you use an iPhone you are paying for a product that is built by exploiting children in China/India for labor. I love Apple products so i’m not even gonna deny that I indirectly contribute to this problem. We’re all guilty of “exploiting” someone somewhere for electronics but we only focus on the wealthy exploiters 🤷🏻♂️
It's very distressing to see that top global companies are randomly firing thousands of employees. Most employees join these companies with the hope that they'll have a long and stable innings there.
It's also totally possible that we will see a tech boom. Because there are so many new no longer stuck at the same a lot of new startups and a lot of new ideas
Start-ups, especially in tech take off when interest rates are low because they rely on lots of debt up front to hit the ground running. With the fed increasing interest rates this will likely increase the barrier for entry for many and is actually the reason why tech is being hit so hard with layoffs now. Until Interest rates go back down only self-funded businesses or truly innovative ideas will likely thrive.
Tech jobs are really high stress and demand long hours of focused work. No, the wages are NOT TOO HIGH. We need UNIONS to protect ourselves in such situations.
@@xoyaartt Welcome to healthcare, where you are on call pretty much all the time after work in case of code brain, massive transfusion protocols and admins keeping you on skeleton crew just so they can get quota pay.
Biggest problem with tech is that a lot of it can be done remotely and overseas. Which will put pressure on salaries. Anyone with a computer and internet can code. I know of a guy who got a high paying tech job with no education. You think that same thing can happen being a lawyer, doctor, or accountant?
Roles that are central to the company won't be outsourced which is why many people come to the us with a work visa. This is just another boom - bust cycle. With mainstream AI taking off like a rocketship. I expect the tech sector to continue to grow for another 10-20yrs
You know of a guy? What about you? How well can you code? "Anyone with a computer and internet can code" Yeah, they can download an IDE, but how well can they code? That's the real question.
Instead pointing the billionaire that still have incentive from goverment even tho their stock is exploded when pandemic, sure, let's blame the worker that work hard to build their flawless apps run.
From what I've read, most of the Tech layoffs are Working from home employees, a much smaller number of layoffs for personal working in the office. Is this how Employers are getting employees back into the office?
No. They didn't offer anyone the opportunity to return at my old company. I asked many many times and they said they would get back to me. They did. A third of the company was laid off. It had nothing to do with working from home. I definitely think people or certain people are more productive in a office space but if they aren't even allowed to return you might not ever discover that.
Companies like Google and Amazon already force their employees to return to office full time last year. Wfh has really nothing to do if someone is laid off
I got laid off by Asurion (Phone insurance/warranty/customer service) was working with AT&T as a tech support. Been laid off since August 2022 and still having trouble looking for a job. Even had interviews then select other candidates. State of Arkansas. It's crazy we are under a depression, hiring signs but don't hire you.
Have you gotten to salary discussions on these interviews? They probably will go with cheaper options right now though you have experience. Or if they think you won’t stick around because you’re overqualified. Or they want to outsource the work and are just going through the motions first as a loophole. Market is flooded with workers so they are being picky as well. The hiring signs are for places that aren’t offering enough to attract workers in this high inflation & rising cost of living environment. I hope you find work soon. Maybe temp agencies can help you find work that might end up in a full time contract offer.
And what you aren't saying is that ceos send those jobs abroad so they don't have to pay $200K to a developer that is going to become a disgruntled SJW and trying and destroy the company from within. Seems like a no brainer for me.
During the early days of the commuter industry you saw out of proportion pay, then the industry matured and stock options and benefits were cut. Then new hire pay was reduced and older employees were laid off. The same is now happening with the internet companies and software industry.
Politician wages ARE transparent. Investments are not. But if they work for the government, you can find out what they make. What you should ask is when are CEOs wages going to be made transparent? And how do they justify keeping senior executives on board, while firing the employees who are responsible for their IT infrastructure lol
Fact is at least one job role from the sector will be removed from their operations. Which means their job tasks will be divided and taken on by other departments in the company. So essentially, it means more responsibility and more work for another employee working in another department of the company.
What I find most amusing from this is the tech "influencers". They were filming themselves slacking off at work and then are shocked and in tears when they were the first ones to get laid off!
It’s about the bottom line, my company emailed out that the fourth quarter of last month they made over $1.1 billion and had a successful year and that layoffs were coming. It seems like American culture is shifting to how much work can we squeeze out of one person before they quit to save on salary expenses ?
as a laid off tech worker when I get back in the market after this craziness I am asking for more money and more equity after these layoffs. Im sure im not the only one
I think the question is, when it comes to "tech", does social media and ecommerce really need to be that overrepresented/overpayed? I can assume those platforms are not easy or cheap to maintain, but other sectors like automation, medicare are understaffed with talent that is instead concentrated in improving algorithms to search cat gifs.
The world in general is an absurdity if you look at it from that lens. Capitalism is an absurdity. But because we live in this capitalist-consumerist world and money goes where there are more eyeballs to look at and buy products, tech and media, especially online, will be overrepresented and overpaid. It's just unbelievable that at the core if it, all of this boils down to advertising! Yuck.
Can you imagine an employee of a Tech company being a Billionaire. Both Sundar Pichai and Satya Nadella, who rose up the ranks, are Billionaires thanks to stock holding.
Last week Elon musk talk on BBC News on the importance of investments and how millions of people made billions investing in Digital assets and real estate and he recommended an expert broker Mrs Olivia Fletcher wondering if viewers here are familiar with the name
One issue with tech that nobody talks about -- ageism! I was let go at 59 because I was working all day, and not socializing with the 30-somethings at lunch, or after work. I went home to my private family. I don't drink alcohol. I don't "party". I did great work, but was let go because I wasn't getting the results they wanted (fast enough). Never mind all my years experience. Once the Pandemic hit, nobody was working and I didn't qualify for Federal assistance. I lived off my retirement funds, and now live off Social Security. Meanwhile, the CEO's are making Billions of Dollars. Tech is a joke now. I have been in Tech since 1983. I went back to school 2 times for Network Engineering, only to have those jobs sent to Bangalore, Taiwan, and then the Work Visas to bring them to America. So us American-born workers were phased out because "foreign labor" was cheaper. So I'm glad to have no stress, no boss, and no money to waste on fancy electronics every 6 months.
@@minhtrietvo8448 Facts ! ! How easy is it to socialize with coworkers. I socialize with people ranging in age from early 20s to early 60s. I'm open to any of them and, therefore, I know enough of my coworkers to have a battle group, lol.
It's a natural market. Tech companies makes so much money that if they don't pay high, those people will just start their own Startups. The only thing preventing me from taking my skills and starting my own company is because tech companies pay so high. If it drops, it makes much more sense to take a little bit of risk to start my own company.
These software developer salaries listed are low by 50%. Mid-career devs at FAANG make 300k, engineering directors way over 500k up to 1m+. The listed numbers are only base salaries which are half (or less) of the total compensation typically, especially at more senior levels.
FAANG employees used to make that much because of the crazy stock appreciation. They are not making $500k+ anymore because of the stocks have cratered. It was common that you would get $200k worth of stock that would vest over four years and during this four years the stock would triple. That's how people made money. Now the reverse is happening, you got $150k worth of Meta stock a year ago which is now worth $75k and only 1/4 has vested. It's even worse for higher growth companies.. Apple has held relatively well though, but not appreciated that much in two years. But yea, if you joined FAANGs 5+ years ago then you made a lot of money (if you also sold your shares...)
High- Tech astronomically high salaries were due to availability of free and unlimited funds. With the economy as is, I am sure many high-tech companies will be gone by year end.
I really dont see mysel that programmers are only ever needed only in tech industires. I'm not from US but I've work so far on financial institutions, media companies, retail company, health care compaies and many others as a Software Developer. Right now I am consult that does any sector that is needed. Infact I'd say you will propably broaden your horizon and skill sets by doing tech jobs other places than in tech companies. I highly recommend criss crossing to different industries. If you think in long term, what other occupation gives you hands on experience knowing business processes and doing on different industries as programmig does? If you ever plan to build company later on, such valuable experience is hard to top on many other professions.
yeah. Most companies I work for as a software emgineers are not related to tech. in the past I worked for Dominos pizza to maintain their PoS system. and some banking. now I have a client that is in pawnshops. All big busineses nowadays need software engineers to maintain and update their systems.
At least from what I’ve seen in my job and friends it’s usually the less tech focused teams that are let laid off. Most engineers are being kept as they are crucial for development of the product. But it’s the extra hr personnel’s, the extra tech supports that are let go. I feel sympathy for their position however to me this is more of an over hire when the trend looked like they need more bodies. Now most companies are just correcting the wrong guess they made during pandemic. So doesn’t look like a bursting bubble to me just a market correction. If I understand bursting bubble term correctly.
Tech workers making a thoroughly middle class wages are “exorbitant”, meanwhile we have PE managers running around making millions or billions meanwhile providing no better performance than Index. THAT is exorbitant!
Remember when computers replaced secretaries and dictaphones replaced stenographers? The importance of developing multiple skill sets you can transfer from one industry to another cannot be overstated. Those displaced secretaries and stenographers soon found other employment. The laid-off tech workers will, too.
Salary transparency is a JOKE 🤣. That's why this editor got the salary range so wrong (low). Salary is just about 40-60% of the total package for those guys. The more senior, the more equity and bonuses they can receive.
Answer is yes on being able to find new jobs. Software engineer here with 15 years of experience, just switched jobs and got a base salary of 200k, plus equity, etc
They deserve high wages, they studied hard, they worked hard, luck went to their side (should we also tax luck?!), and most importantly, they made our lives better and easier by making techs more efficient, lower in cost, higher in quality, and so on
@@capitalismismoderndayslavery poor educated? Perhaps not WELL educated, or are just going through cyclical unemployment, as we are currently in an unofficial recession
They'll get referrals into other companies because that's just how many jobs get passed around in the tech industry. Much like nepotism in Hollywood, cronyism is rampant in the tech industry. Also let's be honest. Many of these software engineers will float back to the company they were laid off from after things improve. These companies will be back at their old game of mass hiring and offering them insane, non-sustainable perks. Not knowing anyone in the tech industry to vouch for you right now is like trying to introduce yourself to someone at a concert, next to the speakers. Also people who are on a special visa are also having a terrible time. They are facing an existential crisis to be honest. Many of them build lives (and the economy!) in a foreign country and are faced with anxiety every single day not knowing if they are going to lose their job, if they haven't already, and have to leave.
I worked as a system administrator for 2 medium to large tech companies in the past 18 months. Both companies had mass layoffs. Both had these mass hirings. Do your research on companies you join. See how they’re spending on things like team activities, in office perks like chefs or if they’re over staffed
Summing up, laying off it is a way to bring people to reality. Those salaries were not sustainable for the companies. Now the market will be flooded with IT professionals, and they are not going to be all absorbed from other industries for the same salary as before.
So, were these layoffs only from IT in these tech companies or other professions also affected? I mean customer care, hr, accounts, etc. These companies don't only have IT staff.
It seems like everyone and their grandma today is doing “coding”. Especially if you visit any university. Thing is not everyone can all have the same career with incredibly high pay and live happily ever after. It’s called sustainability. When the market gets flooded (which it is) employers have the advantage. Next comes layoffs and low pay.
Tech is not where we should be asking "are people making too much". Most tech workers don't make the wages listed. It's normally under 25$/hr for a huge segment that have been laid off.
The Tech still requires people to work, just need cheaper workers since funding has dried up. Probably more technical jobs going to be outsourced again to India / Philippines. I think the issue that many people haven really discuss is, how can we create more growth like in the 90s where jobs were paying well enough. How can we get back to those days where everything was cheap and affordable. And thus when things are cheap, people starting hoarding the wealth and thus, money trickering downstream starts to get reduced and boom! a generation crisis! It's a very bad cycle of capitalism
The solution is simple: give politicians less control over our productivity via taxation and money supply via the fed. The crisis of this generation is infantilization and an irrational belief in the objective goodness of authority.
![I.N "HALLUCINATION" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/n5B5q1Hwt_U/mqdefault.jpg)
I have a system where I leave every 3-5 years on average in my tech consulting career. Been working for 20 years and have gotten steady 20% increases after jumping like that and avoided all layoffs. I've never had an employment gap in 20 years. If I get promoted I will tend to stay a bit longer. But leaving every 3-5 years ensures that you stay fresh and are joining when the company has demand and that you don't get too stale. I just learn new skills and certifications at each new stint and then sell those skills for more money every few years. It has worked well for my career. At the end of the day we all work for ourselves and have to constantly be keeping our pipeline lined up with leads just like any other independent business. You're not always going to have the same client that needs your services forever.
If you’re working at the top companies i doubt you’d want to quit.
Lies again? Business Trips Know Malay
@@zorouchiha2157 The only value of those companies is the name
buddy you're talking about your experience before recession
Actually you can get laid off even if your started a new job. I know a lot of people who got laid off not even working for a year in the job. It's about the economy not about how long you been working there.
I volunteered to get laid off. 6 months pay is great and I found a new job in a week. Best financial decision of my life
and still some of them post on linked in, complaint like they are loosing everything. Nobody posts how quick they get a new job
Jerusalem is for Israel or Palestine? Judaism or Islam?
Twitter?
That worked for you. However, not everyone will be as lucky.
@@Dfgh21 LMAO, this is not the norm. If you have highly sought-after experience and decent work history in a decent market it's true. If you don't it is not.
Silly Question. Never seen anyone asking "are lawyers wages too high?" Or "are financial services salaries to high?" Or even "are CEOs salaries too high?". Tech is going no where.
You’ve never seen anyone ask if CEO salaries are too high??
@Zachary Bird read again they are using satire to show how ironic it is that no one is questioning these other occupations
@@zacharybird6497 I've never seen a news organizations do a story on overpaid CEOs.
When you have indian oversea nationals WFH willing to take a $700 monthly, paying $15k is too high 👀
What? CEOs are the hardest working they deserve every penny......without them where will we be? lol
My understanding is programmers have high turn over. Once a project is done there nothing for them to do. They go find the next project.
You will never see a video titled "are CEO salaries too high?"
I wonder why.
Maybe, CNBC boardroom folks will veto that right away?
Just search the RUclips. That's probably the most asked question.
Precisely
🎯😅
kind of like professional footballers, clubs/companies have to pay for their loyalty?
No, it's just a mental conditioning that people have got used to over the decades, that non tech industries pay their staff several times less (50x+) as their CEOs.
but we need software engineers at Peloton to make six figures right?
Lol the day in the life people who are all making $150k plus deserve what is coming to them
But then you have these big tech workers who get a significant amount of their comp funded by RSU. No companies, including FAANG, can afford paying that out in cash. The dilution of existing comes at the expense of investors/Wall Street who until recently were willing to foot the bill. Guess what happens when they stop growing? Dilution shares = inflation. The more stocks you print, the less they are worth.
Remember whatever they have disclosed so far is just base salary. That’s all cash and they will continue to received that amount as long as FAANG companies are making a profit. It’s the RSU that will take a huge hit.
@@carpelunam so what? Go home
I have made a lot profit in a short while, I must commend her strategies
These laid off Google, Facebook, etc. engineers won’t have much trouble finding a job. But now, new developers like me have to try and compete with people who have these tech giants on their resumé. I’m still not too worried about eventually getting a job in the industry, because there’s still a lot of demand out there, but the competition is still stiff.
Yep job seekers have tons of options.. but so do recruiters. Try to pick up a part time or side project to help bolster your experience or grab some certs.
True I doubt that they will be competent for your software dev job. Most ppl that go for engineering in programming is all they do at a high level. 50k a year they would probably want more, and if u really need it work for cheaper 😅
keep huslting bro, you will get that Jr. position. very optimistic here on this side, won't stop learning until I get mt first position
Big tech workers are accustomed to big tech salary and benefits. They likely won’t be competing with you.
@@TekniCaliSpeakin That’s what I’ve been doing. 😊 Besides some side passion projects I’ve been working on, I maintain a website for a small business owner, and I’ve built and maintain an entire website for a non-profit organization.
I can't imagine that they're too high as long as the CEOs are making more than one hundred times their employees' salaries...
Try running a fortune 500... you wouldn't make it 1 day. 100x is insane maybe 50
They earn as much, as owners want to pay.
@@WiCapitalco so what's your point in relation to this guys comment?
@@XOPOIIIO that's a dumb way to pay
@@jermainemyrn19 If they dumb, then why they build multibillion dollars companies and not you?
CEO wages seem really high.
not "seem"
"is"
This
Owners decides how much to pay.
CEO wages are actually unfairly low. Ask any CEO. 😁
So is techs profits
To qualify for a loan to get a house these days, a person needs to make a least 100k. Now they're saying the salaries are too high?!? Corporate and shareholder greed is destroying America.
I’m from the Bay Area and you need to make about $400,000 to buy a home here.
@@mocheen4837that has to be cap. That’s literally the top 2% at best. Half of them are probably not interested in real estate.
In the bay area, you need a minimum of 250 K to even live… a couple with no children would need to make a minimum of 300 K just to live in the ghetto
100k salary is poverty wage in many cities in California.
Housing cos is way too high, worker wages are way too low, corporate greed and the policies that allow it is the problem, because that is how the people with all the money want it.
But nobody is going to ask about the salaries of senior executives. While the salary of rank-and-file employees is scrutinized, the top brass live in their bubble of excess
There's no need. To a large company, you as an employee are a tool to get the job done. If you think of yourself as otherwise, you're thinking wrong. You always need to have your plan B and C in place at all times.
If you can do what they do, then apply for their job.
they dont need to ask. these types of companies go bankrupt when the exects get 100 million in salary and the workers get 50k. turnover will increase until the company laughably fails.
@@manofsan Way to miss the point.
The salaries of executives have been increasingly steadily, while that of average employees is not.
@anir prasad - if salaries are not being increased on merit, then take your skills and go elsewhere
Executive salaries are a problem. It's disheartening to see tech executives receiving exorbitant salaries. I’m not too worried about tech workers
AI is coming for their jobs. A manager and C-Suite job is to analyze data, make decisions based on a combination of internal and external data, lots of multi-dimensional data . Something AI can do very very well and imagine eliminating a job that pay 3000% the average worker!
Lol, you should try being a tech executive. The top right billionaires lost more wealth within a couple hours of a stock market crash than the bottom 50% of the world had in wealth combined.
You’re wrong. C-Suite execs don’t analyze data, they are shown analysis and have to make a decision that’ll put the company on a path to either make millions or save millions. That’s why they get big money. Sure, AI can do that, but someone will need to interpret said decision from the AI. Someone who understands the data and the decision making process in the model. Is that you? Go get it
Show us the numbers that show that executive salaries are a problem.
I see so many hot takes here from people who don’t know how anything works. These layoffs occur because hiring was off the charts for tech companies during lockdown.
Lots of people talk about tech, but it’s very similar for the shipping industry as well. Logistic coordinators were in high demand, but now that the shipping backlog has cleared, many of them have been let go as well. It’s all business at the end of the day.
@@carlospulpo4205 another silly hot take lol. You have to actively engage other businesses as well as formulate various strategies that takes into account the human factor as well. By your logic, AI is akin to Skynet
When people lose their job they spend less money. For example, no dining out, cut out unnecessary spending, no vacations etc. This trickles down threw the economy and impacts other businesses.
AND THIS IS HOW YOU LOWER INFLATION, WAGES ARE A BIG PART OF INFLATION, THEY CAN GET A JOB ANYHWERE AT ANYTIME
@user-lk4no3vo8q THE LABOR SITUATION IS SO BAD THAT NOW THEY ARE LETTING CHILDREN 14 AND UP START WORKING IN MINING, ETC, PLENTY OF JOBS, NO PEOPLE THAT WANT TO WORK D,, READ ON Labor advocates on Tuesday decried a business-backed bill introduced by Republican state lawmakers in Iowa that would roll back child labor laws so that teens as young as 14 could work in previously prohibited jobs including mining, logging, and animal slaughtering-a proposal one union president called dangerous and "just crazy."
Senate File 167, introduced by state Sen. Jason Schultz (R-6) would expand job options available to teens-including letting children as young as 14 work in freezers and meat coolers and loading and unloading light tools, under certain conditions.
AND THIS IS HAPPENING IN SEVERAL STATES AS WELL AS CERTAIN STATES NOW WILL PAY YOU TO MOVE TO THEIR STATE AND WORK IN THEIR INDUSTIRES,
@user-lk4no3vo8q PLENTY OF JOBS OUT THERE BUT YOU MAY HAVE TO MOVE, AMAZON NOW STARTING PAY IS 20 BUCKS AN HOUR IN MY AREA, AND THEY CANT FIND PEOPLE
Software is like finance. It exists to streamline and optimize the rest of the economy. When it becomes a goal in itself, you know the entire sector is in a bubble.
Nicely articulated
The same can be said for administrative roles, especially HR, which has also exploded thanks to over regulation and DEI grifting.
Economy looks uncertain so let me lay off 150k employees to spark a recession so that we can be certain that the economy goes down this year.
Honestly i really hope we skip a recession and just go straight to depression this year. It would shake things up drastically.
I'll start selling the equipment to ensure we can't hire.
Big tech companies (along with any other big company) only care about their bottom line. CEOs and senior presidents get bonuses for quarterly profits. Even in normal times if they are close to not meeting their goals they will cut labor to ensure they get their bonuses.
Truth target 🎯 🎯 💯 💯
Don't be silly - companies don't try to engineer recessions, they act based on their own best interests. If they're trying to downsize ahead of an expected drop in business, then it doesn't mean they're intentionally trying to cause recession. The realty is that recession, like all macroeconomic phenomena, is an emergent behavior.
As a boot camp grad, you can't pay me to believe 80% of boot camp grads find work in the field in less than a year. Most jobs only want a bachelor's degree and/or experience and you often can't get experience because you don't qualify for most internship programs without being enrolled in a bachelor's program. It's so bad that many recruiters are so slow they put that you even need a bachelor's degree in UI/UX design in some of the job qualifications sections when the certificate program is less than a year to complete. 🥴
I found a job in 5 weeks in 2020 after bootcamp. Completely different market then
I found a job in 4 weeks and that's without a bootcamp nor a degree, but what you said is true about bootcamp grads can't find work is much more compared to college grads.
@@kmoov90 reread the comment. It didn't say that none of them can find jobs. I just said I don't think almost all can find jobs in the field in a short amount of time.
@@minniemi9170 reread my comment, I didn't say none of them.
@@kmoov90 lol what?
A company literally makes 6-8x times what they pay a software dev, and our pays are high? Excuse me! Like we don't have a seat at the board, nor do we make business decisions! If business takes a hit, then the executives should sacrifice their salary and stocks!
You lose either way...
Sounds like you should try to be an executive. Just sayin ….
Yeah, software prices should be lower corresponding to how much they actually pay their employees.
Open your own business and deal it by your own rules.
Thet sacrificed thier salaries and stocks to build that company and when it takes a hit its thier money that's gone not urs. Thier money is on the line and if keeping someone stopped ur pay u wouldn't keep em
He spoke down on Front End Engineers. It’s a common misconception that the Front End Engineer’s breadth of expertise is trivial in comparison to a back end engineer. Both disciplines require the ability to learn an ever growing list of technologies.
The guy is Ben Leong. He is pretty infamous in the schools he teach. Everyone knows him for his snobbish personality. He had his entire life in the academic bubble and hasn't spend a single day working as a professional developer in the industry. Take his opinion with a truck load of salt.
@@shiitakeroom1641 i believe you especially since he easily said once the recession is over people will start hiring again so no problem to see hear folks.
Sure, front-end is more UI/UX based where back-end is more engineering based. There's a nuisance to everything.
There are more things to learn at FE than BE. It's not easy to keep up with all the FE technologies because they are evolving very fast. While BE rarely gets any new framework.
Plus, the coding, both at FE and BE, requires the same testing and development strategies. People who think FE is only about HTML and CSS haven't evolved technologically. FE code has to work on many different screen sizes and platforms, while BE usually doesn't have to worry about that.
I make a decent tech salary but I live far under my means, living in an rv park, shop at Goodwill, rarely buy anything superfluous.
And I make sure to have a safety net of trade skills- carpentry, electrical, etc- if it ever came to that.
Smart, very smart
Wise move!
Just having enough savings to have enough time to think about what you want to do, and then do it should be enough.
smart move lots of people getting into tech, so there’s lots of competition, and also future decrease in wages.
Everyone should have trade skill. Keeping a roof over the head is essential.
By the time that sector recovers and they are needed again, many of them will have moved into other lines of work
I think most companies severely underpay workers, even tech workers some. They give all their earning back to ceos, president, vice presidents and other positions like that. They rarly trickle down. 100k in a lot of those areas where tech workers work are incredibly expensive and you bearly make enough to live comfortably. Like in Seattle for example, the average apartment cost for 1 bed is around 2k to afford that you need to make min 80k a year that would probably be rough to if you would kids try to start a life you like the American dream you would need to make way more that that. Software engineers also make more than most tech sector works do
💯💯💯💯
I was talking to some people I know and I was telling them that if salaries kept up with inflation, your average McDonald's worker would be making $35K a year! Agreed, all salaries need an increase. And yes, the ratio of CEO to average worker pay has gone up and up and up and up. It's much higher than it was in the 1950s, for example.
@@dontbanmebrodontbanme5403 Yes exactly sonce 1978 the average wage for a cheif executive has rose 1322%.. it a bit old but from 1973 to 2013 productivity went up 243.1% wages have gone up 108.9%. before 1973 wages would rose with productivity they were even. The the money goes to ceos and buy backs.
Ps it is 80k to live in a one bed room apartment after tax so it it's closer to about 110 or 120k idk what Seattle state tax is i live in Louisiana
@@FacePlant1324 There is no way that productivity ant McDonalds went up 243%. I used to work there in the 80s and the people that work there now are definitely not faster. We used to have the food ready and sitting there, so I don't think you were going to serve people faster than that.
Take a CEOs wages and divide that amongst the amount of people that work there and see how much more they would make if they took back all of the CEO wages and gave the money to the employees.
"As President and Chief Executive Officer at MCDONALDS CORP, Christopher Kempczinski made $10,847,032 in total compensation."
"More than 2 million people work at McDonald's franchises worldwide. About 93% of McDonald's restaurants are independent franchises"
$10,847,032 divided by 2,000,000 employees = $5.46 per person annually. If you can't make decisions that steer the company to profitability and to keep them relevant, I'd cough up the $5 annually to make sure I still had a job. 95% of the people I worked with were never going to amount to anything and the $5 per year wasn't going to change their lives.
In the bay area if you’re not making a quarter million you won’t swing a mortgage
Developer job in general is really stressful. We got multiple projects, each of them take us 6 months to couple years to develop. A lot of testing, architectures, documentation, and troubleshooting. On top of that, supporting systems, sustain software, and provide user assistant.
yall are crazy overpaid in comparison to most jobs that work much harder than you ever will and too be frankly honest ..most of the time other jobs contribute more to society
@@carpelunam I can do your job, can you do mine? This is why I earn more than you. Case closed.
@@get_ready other engineering jobs are much more intellectually demanding.
@@namangupta3160 I don't defend tech workers in FAANG, but they are few, most of tech jobs are actually outside of those, and the pay is way less than in those big ones.
@@namangupta3160 brother i think you dont know how indian startups demand programmers to work their asses off like they're slaves with comparatively very less pay than the giants(FAANGM)
Let’s honest, the companies are just trying to increase their profit margins. Stand together and don’t take less pay for highly skilled tech work. They will pay because they have no choice. The cybersecurity sector is an area that needs thousands of more workers but it time and multiple certifications to make one. So as I seen companies lower there wages they just cut themselves out of the cybersecurity pool of workers because after all my certifications and experience I would be a fool to take a job for less pay.
You are 100% right. The problem then becomes the people who are willing to get the certs and still lose working a lower salary...i know many of these type of workers unfortunately. They UBERize professions, looking at the big picture this has a sinister and darker motif...
Thank you.
@@me-ye6ld this exactly. The market will decide whether or not you can keep your prior salary level, or take a pay cut, or get a raise. You have zero control.
I worked as an IT analyst between 2017 and 2020. I get payed arround $2k a month but there's a catch. I have to do 12 hours shift with no pause at least 5 times a week. I always be having delivery lunch and also dinner alone at the office all the time... That's 240 hours a month of continuous work with no pause to get that 2k dollars a month... Meanwhile, my boss and "some of my colleagues" pulls their 8 to 5, and they get to have a 1 hour lunch/break. My boss gets like $5k. His boss gets like $10k and he works even less and so on.. BTW the CEO doesn't even show up... In 2020, arround the pandemic, it got even worse, and guess what, they started laying off workers, which meant more work for me... I couldn't do it, so I quit.
Edit : the difference in salaries is crazy, i get it when you're the manager or even the CEO but damm it makes no sense. I can't believe i pulled that marathon for almost 3 years
Did your bosses do any dev work at all or was their job simply to tell other people what/how to do theirs?
@@verao4726 they did, but when they get promoted they lay all the work on me, and I can't say no..
This video is about US. You are talking about Indian pay. Even Indian pay is increasing because of rise of India. 5-10 years from now Philipines and Nigerian workers would be taking India's job.
@@OscarSanchez-rh9br i'm European.. I work in Czech Republic
You should work remotely for a richer country
Tech industry jobs are still red hot if you have the right skills. Majority of the layoffs are for non-tech positions within the tech companies, such as recruiters, marketing, admin, etc. Sure, people with tech skills get laid off too but they are the minority and usually they will find similar roles elsewhere rather quickly.
People with strong experience in software development, cloud computing, data science, machine learning etc. are still highly sort after and the pay packages are still going up.
The people who got laid of early part of 2023 were SOFTWARE ENGINEERS!
not sure if you watched the video
Proud to have been part of the 2022 “Great Resignation” statistic. I resigned from my $125,000 job, late last November. Working as an independent talent is way better in my opinion.
Journalists are so out of touch. The salaries mentioned here are less than 50% of the compensation. Bonuses and stocks make up more than half. Median compensation at Google is 300k. Mid career software engineer at Google in CA makes $350K+
While journalists rarely make six figures and that industry is going down the tubes fast due to technology taking away ad sales.
Never ever that kind of salary here in Toronto office. Around $100K - 120K for analytics position
I live in a community that is driven by the tech industry, we survived large scale lay offs before . Most people were able transition to other companies within a few years. Interestingly enough the community still stayed intact people didn’t flee. They liked where the lived and created lives in our community and were not willing to give that up. For reference, google is laying off in our specific community , there isn’t a sense of panic.
No salaries in other industries are just way too low. Tech salaries are exactly where they should be. Believe me if the companies could pay them less they would they just know the skills are too lucrative.
Absolutely not. I am a software engineer student and I know the stress and the amount of time it takes to do projects. My professor treat us like the real world Software engineer and sometimes I’m working on a project 10 hours a day for like 2 weeks 7 days a week. And where these tech companies are have very high cost of livings.
Yeah, developer job in general is really stressful. We got multiple projects, each of them take us 6 months to couple years to develop. A lot of testing, architectures, documentation, and troubleshooting. On top of that, supporting systems, sustain software, and provide user assistant.
The film industry do 12-14 hours a day 7 days for 3 months during crunch time. I know because I'm one of them lol
@@vovovohaha3589 but do you d e b ug.
AI is going to take your job
@@MA-se1iv no it’s not. Even AI when u ask it it says it’s quite unlikely for it take a job of a software engineer. It will only enhance it
What is not mentioned is that kids out of universities are getting screwed the most. They are trying to get jobs during the big tech layoffs. Companies are not wanting to hire them atm.
Getting in the industry without exp is the hardest part
Actually it is opposite. The companies know that they will be able to hire new graduates at way less wages
The tech industry (as well as most other industries) are switching to contract workers to save money. The number of contract jobs today are astronomically higher than even 5 yrs ago. These are full time roles filled by a string of contractors to save money and it's a problem that will continue to worsen.
You get exactly what you pay for. Also talent retention is invaluable.
Naw buddy. You'll see. Welcome to healthcare wages.
@@smeff099 so you want him to suffer because you do? Instead of trying to increase healthcare wages you want to lower that if other sectors?
You need to think about your mentality brother.
The rise of AI would definitely ruin the tech industry. You can already see AI being able to code and in a few years it might even be competent enough where coding can be automated.
Instead of hiring a team of coders, you can hire someone who will build the code with an assitance lf an AI.
Nah, everybody is replaceable. And to think that you are somehow special and irreplaceable is the biggest form of hubris you can have in the workplace.
@@forte609 they're already using these. GitHub copilot is one. It will literally write the code with you. Engineers are usually one step ahead of what the general public is discussing. GitHub copilot is already being used by thousands so it's no secret. I think smart people will use the best tools to stay employed or relevant by starting their own business.
If they live in the SF bay area, a $200k salary would be taxed about $70k, and about 30%-50% of their check will be going towards rent. Doesn't seem like a high salary at all
Exactly then rent is crazy and just the whole entire cost of living is nuts. And you gotta factor in personal bills like medical and credit card and student loans you probably be left with under $100 a month saved. And this is due to the tech industry so cutting the pay is definitely unfair and I believe it will cause people to not choose tech no more because they won’t be able to survive in the big tech areas where they actually need people at.
If you’re still there, idk what you’re doing lol. Austin, Texas has zero state income tax. Same with Seattle, Washington. Same with Miami, Florida.
@@franko8572 Yea but Texans are starting to get mad about the Californians moving in and inflating property values.
@@williamalfonso1373 Austin isn’t really Texas. Yes, it’s in Texas but it’s not the real texas. Why not go to Washington then? No state income tax, significantly cheaper!
@@franko8572 IDK know much about Washington but ill take your word. I am not in the west coast, we have the same situation here. NYC people are moving across the Hudson to NJ.
Crazy to think these companies just had record breaking years…. They’d rather lay off workers then dip into their cash reserves.
It's really funny how the employees need to "upskill" frequently but the employer's just won't. I mean think, leadership is still crying about Remote work.
Did they allow remote work or did they demand everyone to come in to the workplace?
This technology is destroying the people in technology who created them at some point of time .
They're creating the technology that will replace them.
I'm not part of this tech layoff, but when I got laid off from a huge company back in 2015 I thought it was the beginning of a new nightmare; I was unprepared and I was starting to enjoy my career. Honestly it was the biggest wake-up call I ever had. I had to be resourceful and put to practice what I learned in other smaller companies, there was more competition to succeed (I mean that in a collaborative way) and I discovered what value I had so I could market my skills better while navigating the marketplace. I imagine this will have similar impact on junior-mid level tech workers, especially at such exciting times in tech evolution. There are so many possibilities ahead with fresh talent available.
Sorry to hear that. I hope you are better now! So at huge tech company you feel that there is more competition than in smaller companies?
I live in Germany and refused three times Google recruiters the invitation to participate to their interviews. I chose to have a lower salary, but very high job security and close to no stress.
You are preventing self-growth because you are afraid
I don't think work in Google is that stressful
The layoffs may seem tough at first, but they're actually a chance for people to branch out and build something better. Instead of sticking with the status quo, let's think outside the box and build something responsible and ethical. The world would be a much better place if we had more variety and less control by a handful of big companies. Let's make it happen!
Agree
I mean sure, but no amount of "competitive spirit" will stop a tech startup from being crushed by the tech giants' anticompetitive business strategies.
Kinda hard to compete with Amazon when Amazon is lobbying the government to help them crush you.
Plus it they don't live in this expensive tech hubs they don't need these salaries and likely stress that goes along with it, cost of living is less
If you accidentally put too much water into a bucket, you need to get some of them out. Same with people. Too simple but people think they're too precious and should be treated as gods.
@Malus If you mean you want to make lobbying illegal, we're in agreement here.
After a nightmarish 2022, shell-shocked investors have losses to recoup and plenty to ponder, as an inflation report and a raft of other data did little to change expectations that the Federal Reserve would likely continue hiking intrest rates even if the economy slows down, Which means more red ink for portfolios for the first quarter of year 2023. How can I profit from the current volatile market, I'm still at a crossroads deciding if to liquidate my $250k bond/stocck portfolio.
There are actually a lot of ways to make high yields in a crisis, but such trades are best done under the supervision of Financial advisor.
@@halselong4517 Yes i agree and right now the markets are going berserk right now. This is the best time to watch them, get to know them better, and strike when the opportunity presents itself. I learned that from my mentor, ’STACEY LEE DECKER’ she's seen dozens of market cycles over the past few decades, and she has a feel for how they move, why they move, and what comes next.
@@edelineguillet2121 love her insights and innovative approach to how her ETF’s are run. So different from the stale methods of managers I’ve worked with in the past. She will continue to do well and I will continue to listen to her more. You can just put her name on google and you will be directed to her website and drop her your messages.
@@brightforest5382 It's a bot
There is no such thing as too high wages. It is a question of demand and supply, as well as negotiation skills and bargain power. It though you guys are market savvy?
I like how the executives exploited all the workers then laid them off and took all the profits for themselves.
Just capitalism baby…. I hate that this is the game we play but there is no other choice here. I mean if you use an iPhone you are paying for a product that is built by exploiting children in China/India for labor. I love Apple products so i’m not even gonna deny that I indirectly contribute to this problem. We’re all guilty of “exploiting” someone somewhere for electronics but we only focus on the wealthy exploiters 🤷🏻♂️
It's very distressing to see that top global companies are randomly firing thousands of employees. Most employees join these companies with the hope that they'll have a long and stable innings there.
Well i may never be a techy but i hope all laid off tech workers find better jobs.
The fact that they got in will never leave the resume. Also, the severance pay is insane.
It's also totally possible that we will see a tech boom. Because there are so many new no longer stuck at the same a lot of new startups and a lot of new ideas
It is. Tech will still be relevant in the future. This recession will likely force many serious tech workers to reskill.
Start-ups, especially in tech take off when interest rates are low because they rely on lots of debt up front to hit the ground running. With the fed increasing interest rates this will likely increase the barrier for entry for many and is actually the reason why tech is being hit so hard with layoffs now. Until Interest rates go back down only self-funded businesses or truly innovative ideas will likely thrive.
Tech jobs are really high stress and demand long hours of focused work. No, the wages are NOT TOO HIGH. We need UNIONS to protect ourselves in such situations.
So are plenty of other industries???
@@javohnbdyer5456 sure, but do they get called up at 4 am to fix a bug that their team missed?
@@xoyaartt Welcome to healthcare, where you are on call pretty much all the time after work in case of code brain, massive transfusion protocols and admins keeping you on skeleton crew just so they can get quota pay.
@@Misaka-gt5yj i think healthcare has the best salaries out there
@@xoyaartt working 12 hours shifts with over time + being on call yes. Your career field ant special it just provides alot of value for now.
Biggest problem with tech is that a lot of it can be done remotely and overseas. Which will put pressure on salaries. Anyone with a computer and internet can code. I know of a guy who got a high paying tech job with no education. You think that same thing can happen being a lawyer, doctor, or accountant?
they can, but everyone wants a resume.
Roles that are central to the company won't be outsourced which is why many people come to the us with a work visa. This is just another boom - bust cycle. With mainstream AI taking off like a rocketship. I expect the tech sector to continue to grow for another 10-20yrs
You know of a guy? What about you? How well can you code? "Anyone with a computer and internet can code" Yeah, they can download an IDE, but how well can they code? That's the real question.
"Anyone with a computer and internet can code." in this phrase you show how you dont understand nothing about it.
@@l.sdev29 Don't understand nothing? So they *do* understand something.
Instead pointing the billionaire that still have incentive from goverment even tho their stock is exploded when pandemic, sure, let's blame the worker that work hard to build their flawless apps run.
What about automatization in jobs sectors ?
Can you explain about flawless apps ?
@@jayantsingh3078 Who is investing into automatization? Oh wait, those can’t be the same corporations who want to get rid of their workers, can they?
From what I've read, most of the Tech layoffs are Working from home employees, a much smaller number of layoffs for personal working in the office. Is this how Employers are getting employees back into the office?
No. They didn't offer anyone the opportunity to return at my old company. I asked many many times and they said they would get back to me. They did. A third of the company was laid off. It had nothing to do with working from home. I definitely think people or certain people are more productive in a office space but if they aren't even allowed to return you might not ever discover that.
its a lot of middle managers too
Companies like Google and Amazon already force their employees to return to office full time last year. Wfh has really nothing to do if someone is laid off
I don't work in tech but I would like to see anyone who does not find a job to start their own businesses. Or get even higher paying jobs
I got laid off by Asurion (Phone insurance/warranty/customer service) was working with AT&T as a tech support. Been laid off since August 2022 and still having trouble looking for a job. Even had interviews then select other candidates. State of Arkansas. It's crazy we are under a depression, hiring signs but don't hire you.
Have you gotten to salary discussions on these interviews? They probably will go with cheaper options right now though you have experience. Or if they think you won’t stick around because you’re overqualified. Or they want to outsource the work and are just going through the motions first as a loophole. Market is flooded with workers so they are being picky as well. The hiring signs are for places that aren’t offering enough to attract workers in this high inflation & rising cost of living environment.
I hope you find work soon. Maybe temp agencies can help you find work that might end up in a full time contract offer.
People in Arkansas don’t even deserve jobs my boy.
NW Arkansas is booming! Has been the past 20 years.
What these CEOS don’t tell is that they keep sending jobs abroad where the pay is lower.
And what you aren't saying is that ceos send those jobs abroad so they don't have to pay $200K to a developer that is going to become a disgruntled SJW and trying and destroy the company from within. Seems like a no brainer for me.
During the early days of the commuter industry you saw out of proportion pay, then the industry matured and stock options and benefits were cut. Then new hire pay was reduced and older employees were laid off. The same is now happening with the internet companies and software industry.
I know my VBA and Oracle coding for access used to be all the rage in insurance applications. I hit the extrema tail end. Was not fun.
the big techs are laying off, but other companies specially in the banking sector are really booming, and salaries are even higher than ever.
This is a great idea!
When are politicians wages and investments gains going to be transparent to the public?
Politician wages ARE transparent. Investments are not. But if they work for the government, you can find out what they make.
What you should ask is when are CEOs wages going to be made transparent? And how do they justify keeping senior executives on board, while firing the employees who are responsible for their IT infrastructure lol
Fact is at least one job role from the sector will be removed from their operations. Which means their job tasks will be divided and taken on by other departments in the company. So essentially, it means more responsibility and more work for another employee working in another department of the company.
Wishful thinking. Companies layoff tech workers who are no longer needed.
What I find most amusing from this is the tech "influencers". They were filming themselves slacking off at work and then are shocked and in tears when they were the first ones to get laid off!
It’s about the bottom line, my company emailed out that the fourth quarter of last month they made over $1.1 billion and had a successful year and that layoffs were coming. It seems like American culture is shifting to how much work can we squeeze out of one person before they quit to save on salary expenses ?
as a laid off tech worker when I get back in the market after this craziness I am asking for more money and more equity after these layoffs. Im sure im not the only one
You just got booted from one job, and you think demanding more from your next is the answer ?
Sure, just go with that.
@@900stx7 if a company has a history of layoffs... even 1.... and they want talent... then they will have to pay a premium for that.
I think the question is, when it comes to "tech", does social media and ecommerce really need to be that overrepresented/overpayed? I can assume those platforms are not easy or cheap to maintain, but other sectors like automation, medicare are understaffed with talent that is instead concentrated in improving algorithms to search cat gifs.
The world in general is an absurdity if you look at it from that lens. Capitalism is an absurdity. But because we live in this capitalist-consumerist world and money goes where there are more eyeballs to look at and buy products, tech and media, especially online, will be overrepresented and overpaid. It's just unbelievable that at the core if it, all of this boils down to advertising! Yuck.
cat gifs made many tech entrepreneurs billionaires.
I love how flippantly the last guy was about how Facebook could go away. 😂👏
Can you imagine an employee of a Tech company being a Billionaire. Both Sundar Pichai and Satya Nadella, who rose up the ranks, are Billionaires thanks to stock holding.
Last week Elon musk talk on BBC News on the importance of investments and how millions of people made billions investing in Digital assets and real estate and he recommended an expert broker Mrs Olivia Fletcher wondering if viewers here are familiar with the name
One issue with tech that nobody talks about -- ageism! I was let go at 59 because I was working all day, and not socializing with the 30-somethings at lunch, or after work. I went home to my private family. I don't drink alcohol. I don't "party". I did great work, but was let go because I wasn't getting the results they wanted (fast enough). Never mind all my years experience. Once the Pandemic hit, nobody was working and I didn't qualify for Federal assistance. I lived off my retirement funds, and now live off Social Security. Meanwhile, the CEO's are making Billions of Dollars. Tech is a joke now. I have been in Tech since 1983. I went back to school 2 times for Network Engineering, only to have those jobs sent to Bangalore, Taiwan, and then the Work Visas to bring them to America. So us American-born workers were phased out because "foreign labor" was cheaper. So I'm glad to have no stress, no boss, and no money to waste on fancy electronics every 6 months.
That sounds tough, grandpa.
@@normanosborn1277 Grandpa's blaming foreigners again. I wonder how much of his story is true, lol.
@@minhtrietvo8448 Facts ! ! How easy is it to socialize with coworkers. I socialize with people ranging in age from early 20s to early 60s. I'm open to any of them and, therefore, I know enough of my coworkers to have a battle group, lol.
It's a natural market. Tech companies makes so much money that if they don't pay high, those people will just start their own Startups. The only thing preventing me from taking my skills and starting my own company is because tech companies pay so high. If it drops, it makes much more sense to take a little bit of risk to start my own company.
These software developer salaries listed are low by 50%. Mid-career devs at FAANG make 300k, engineering directors way over 500k up to 1m+. The listed numbers are only base salaries which are half (or less) of the total compensation typically, especially at more senior levels.
That’s the top talent receiving those salaries not just an average SWE who graduated from a state college.
FAANG employees used to make that much because of the crazy stock appreciation. They are not making $500k+ anymore because of the stocks have cratered. It was common that you would get $200k worth of stock that would vest over four years and during this four years the stock would triple. That's how people made money. Now the reverse is happening, you got $150k worth of Meta stock a year ago which is now worth $75k and only 1/4 has vested. It's even worse for higher growth companies.. Apple has held relatively well though, but not appreciated that much in two years. But yea, if you joined FAANGs 5+ years ago then you made a lot of money (if you also sold your shares...)
High- Tech astronomically high salaries were due to availability of free and unlimited funds. With the economy as is, I am sure many high-tech companies will be gone by year end.
Anything goes up fast comes down hard as well
I really dont see mysel that programmers are only ever needed only in tech industires. I'm not from US but I've work so far on financial institutions, media companies, retail company, health care compaies and many others as a Software Developer. Right now I am consult that does any sector that is needed. Infact I'd say you will propably broaden your horizon and skill sets by doing tech jobs other places than in tech companies. I highly recommend criss crossing to different industries. If you think in long term, what other occupation gives you hands on experience knowing business processes and doing on different industries as programmig does?
If you ever plan to build company later on, such valuable experience is hard to top on many other professions.
Are you an independent consultant or do you work for a consultancy firm?
@@blackvikingeire work for consultancy firm. They do selling, I do the learning.
@@AnttiTolamo ahhh man. If you have the skills, just go independent.
Sage advice.
@@Raymanujan ?????
Too high? Companies ringing 40, 50 or 60 billion dollars are doing so because of tech workers! They deserve even more!
yeah. Most companies I work for as a software emgineers are not related to tech. in the past I worked for Dominos pizza to maintain their PoS system. and some banking. now I have a client that is in pawnshops. All big busineses nowadays need software engineers to maintain and update their systems.
At least from what I’ve seen in my job and friends it’s usually the less tech focused teams that are let laid off. Most engineers are being kept as they are crucial for development of the product. But it’s the extra hr personnel’s, the extra tech supports that are let go. I feel sympathy for their position however to me this is more of an over hire when the trend looked like they need more bodies. Now most companies are just correcting the wrong guess they made during pandemic. So doesn’t look like a bursting bubble to me just a market correction. If I understand bursting bubble term correctly.
Why it’s better to be a U.S. federal government employee. They never get laid off.
No not when you work 70 or 80 hours a week
Tech workers making a thoroughly middle class wages are “exorbitant”, meanwhile we have PE managers running around making millions or billions meanwhile providing no better performance than Index. THAT is exorbitant!
Remember when computers replaced secretaries and dictaphones replaced stenographers? The importance of developing multiple skill sets you can transfer from one industry to another cannot be overstated. Those displaced secretaries and stenographers soon found other employment. The laid-off tech workers will, too.
The same thing that happened to ten's of thousands of factory workers in this county!!!
Salary transparency is a JOKE 🤣. That's why this editor got the salary range so wrong (low). Salary is just about 40-60% of the total package for those guys. The more senior, the more equity and bonuses they can receive.
Answer is yes on being able to find new jobs. Software engineer here with 15 years of experience, just switched jobs and got a base salary of 200k, plus equity, etc
They deserve high wages, they studied hard, they worked hard, luck went to their side (should we also tax luck?!), and most importantly, they made our lives better and easier by making techs more efficient, lower in cost, higher in quality, and so on
They are just contributing to more poverty in the world by excluding poor educated citizens!
@@capitalismismoderndayslavery poor educated? Perhaps not WELL educated, or are just going through cyclical unemployment, as we are currently in an unofficial recession
And the studying never stops. It’s constant
@@Omer1996E.C We have been in a recession since 1984! And now it's obvious and leading to rampant poverty and homelessness!
@@dalepellerin NEW FRAMEWORKS, READDDD MORE DOCSSSS.
They'll get referrals into other companies because that's just how many jobs get passed around in the tech industry. Much like nepotism in Hollywood, cronyism is rampant in the tech industry. Also let's be honest. Many of these software engineers will float back to the company they were laid off from after things improve. These companies will be back at their old game of mass hiring and offering them insane, non-sustainable perks. Not knowing anyone in the tech industry to vouch for you right now is like trying to introduce yourself to someone at a concert, next to the speakers.
Also people who are on a special visa are also having a terrible time. They are facing an existential crisis to be honest. Many of them build lives (and the economy!) in a foreign country and are faced with anxiety every single day not knowing if they are going to lose their job, if they haven't already, and have to leave.
The numbers for software eng/director pay are WAY off. Recent offers (pre layoffs) have typically been much higher.
I got laid off at Google, but now I can begin my dream of being a runway model.
The gentleman who said that there are jobs outside of the big tech companies should be amplified.
Employees at big techs get severely overpaid….. It’s plausible for the companies to lay off a certain amount to relieve financial burden.
I worked as a system administrator for 2 medium to large tech companies in the past 18 months. Both companies had mass layoffs. Both had these mass hirings. Do your research on companies you join. See how they’re spending on things like team activities, in office perks like chefs or if they’re over staffed
Summing up, laying off it is a way to bring people to reality. Those salaries were not sustainable for the companies. Now the market will be flooded with IT professionals, and they are not going to be all absorbed from other industries for the same salary as before.
They don’t need those salaries. Way too high as most of them mention only realistically doing 4-5 hours of work per day.
Yes, poor companies making only over 20% operating margins.
Are CEO wages too high? Is the better question
Tech invents ways to lay itself off
Sun Microsystems was bought by Oracle then slowly faded into the background of everything.
So, were these layoffs only from IT in these tech companies or other professions also affected? I mean customer care, hr, accounts, etc. These companies don't only have IT staff.
These were mainly in tech but these layoff happened all around the world so the 18 thousand that amazon did was not just in America.
It was a wide range of professions within these tech companies.
It seems like everyone and their grandma today is doing “coding”. Especially if you visit any university. Thing is not everyone can all have the same career with incredibly high pay and live happily ever after. It’s called sustainability. When the market gets flooded (which it is) employers have the advantage. Next comes layoffs and low pay.
I found a job in just one week, nothing to worry about.
The problem most Devs have is they have no idea what their company actually does
And every one of those six figure California salaries still live in their cars.
150k in San Jose is basically minimum wage. Considering the skill the pay isn't too high.
Never pretend your job is secure. Find a way to start your own business
that's true. I agree with you. Everyone should be an entrepreneur nowadays
@@JJDK485 if everyone is an entrepreneur who will work. you probably wont reply though
ChatGPT and robots of Boston Dynamics... actually they could replace enterpreneurs too 😁
Success in business is elusive too. 99% of people who start small companies will fail unfortunately.
Tech is not where we should be asking "are people making too much". Most tech workers don't make the wages listed. It's normally under 25$/hr for a huge segment that have been laid off.
The Tech still requires people to work, just need cheaper workers since funding has dried up. Probably more technical jobs going to be outsourced again to India / Philippines.
I think the issue that many people haven really discuss is, how can we create more growth like in the 90s where jobs were paying well enough. How can we get back to those days where everything was cheap and affordable. And thus when things are cheap, people starting hoarding the wealth and thus, money trickering downstream starts to get reduced and boom! a generation crisis!
It's a very bad cycle of capitalism
The solution is simple: give politicians less control over our productivity via taxation and money supply via the fed. The crisis of this
generation is infantilization and an irrational belief in the objective goodness of authority.