Pretty sure if total employment, revenues, and profits for the tech industry will still be up from 2019. The recent tech “recession” is just a correction for the bubble that had happened during Covid WFH.
The economy is capable of shrugging off almost anything. People don't sit around wallowing in their sorrows unless there are strong incentives to do so.
The conversation often treats a crisis like some sort of storm that blows in unexpectedly. They aren't. An economic crisis is people being forced to realise that an obviously wasteful activity can't go on any longer and the resources have to be reallocated to something useful.
If there is the will to let obvious failures go broke and cease activities any shock is short, sharp and highly transitory. The problem is 2008-style responses where productive money starts being rerouted to propping up incompetent and wasteful institutions.
Only 20% here over 40 and working in a role feeling the pinch at the time? Not actually that crazy of a guess I suppose, personally I would have swagged 30% which really isn't that far off in terms of absolute numbers anyways.
Every tech company of appreciable size and bureaucracy is carried by 20% of employees, while the other 80% are some level of checked out / coasting. Every quarter that interest rates remain high, more of that 80% is identified and excised. Yes the lazies do some amount of work, but usually the 20% of high performers can automate the terminated people’s jobs enough to carry that load as well.
My advice is to not rest on your laurels. If you are concerned you could be seen in the 80% of lazies, maybe put some extra effort in, work some late nights and weekends, at least as performance reviews come up. Life isn’t fair. Sometimes you need to work a real 40 hour week, even in tech.
Yep exactly, so many of the key employees are never identified by the metrics used by bean counters to decide who to cut. I would love to help out all the people in my org who want me to look at their PR and help them learn C++ a bit better, but unfortunately I would doom myself in the internal metrics for performance reviews. I saw too many of the people who were truly valuable in how they basically helped everyone else do the actual quantifiable work get RIFed in prior cycles.
In my experience generally the grifters and connected/political have been retained during layoffs. That is to say, people that did not work late nights or weekends or more than 40 hours a week.
Perhaps this is the opposite for massive companies like FAANG. But I doubt it.
I'll venture to guess you are far more lazy than you let on but do not realize it.
The government is a special case. In terms of private sector work, tech companies were able to carry a huge number of barnacles, not just in “what does this person even do?” orgs like DEI and HR but also in engineering and product. This was because of zero-percent interest rates, never ending labor shortages of tech workers, and a growth story that somehow made sense if you squinted. I think only AI still can portray that level of cognitive dissonance with future promises of unlimited growth.
For the rest, Musk showed how bloated tech companies can get rid of 70% of staff and operate even better than before. Private equity is licking its lips and big tech is trying to fend off the barbarians at the gate. We shall see…
No im genuinely having a difficult time getting any responses at all.
I've had three interviews since march. Method of application doesnt seem to matter, LinkedIn or Company Site, etc.
I am not entry level. I have seven years of professional programming experience. Ive written raytracers, a handful of scheme interpreters, autograd and ml frameworks, hardware test frameworks, lots of CRUD stuff professionally. Im language agnostic at this point, can do cpp, rust, python, julia, common lisp. Im an expert in Deep Reinforcement Learning, implemented AC, A2C, TD3, DQ, DDQ... APE-X, Distributed Batch PPO, have read over a hundred ml papers.
Yep, if it wasn't clear before it is now. Meta's bloated bubble losing some air is only going to "hurt" Meta, it's not like they are a steel company providing rails for westward expansion or livestock for feeding America. Just like crypto it makes for a tempting hold when stock prices keep rising, but unlike many crypto hodlers investors aren't in love with the contents of their wallet and will dump anything at the first sign of trouble or need for some weekend money.
The sooner we can realize material companies are still the most important the faster we stop making Mark Zuckerberg and the like wildly rich.
300k baby boombers retire each month, if the number of jobs added is 250k (which is around where its been), its a net 50k loss. In addition, the gdp/stock price doesn't reflect the average life for the random guy on the streets.
Readit News
Deleted Comment
The conversation often treats a crisis like some sort of storm that blows in unexpectedly. They aren't. An economic crisis is people being forced to realise that an obviously wasteful activity can't go on any longer and the resources have to be reallocated to something useful.
If there is the will to let obvious failures go broke and cease activities any shock is short, sharp and highly transitory. The problem is 2008-style responses where productive money starts being rerouted to propping up incompetent and wasteful institutions.
My advice is to not rest on your laurels. If you are concerned you could be seen in the 80% of lazies, maybe put some extra effort in, work some late nights and weekends, at least as performance reviews come up. Life isn’t fair. Sometimes you need to work a real 40 hour week, even in tech.
Tell me you’ve never actually gone through a layoff without telling me you’ve never actually gone through a layoff…
Perhaps this is the opposite for massive companies like FAANG. But I doubt it.
I'll venture to guess you are far more lazy than you let on but do not realize it.
For the rest, Musk showed how bloated tech companies can get rid of 70% of staff and operate even better than before. Private equity is licking its lips and big tech is trying to fend off the barbarians at the gate. We shall see…
It was 6.6% in early 2021
https://www.statista.com/statistics/199995/rates-of-jobless-...
I've had three interviews since march. Method of application doesnt seem to matter, LinkedIn or Company Site, etc.
I am not entry level. I have seven years of professional programming experience. Ive written raytracers, a handful of scheme interpreters, autograd and ml frameworks, hardware test frameworks, lots of CRUD stuff professionally. Im language agnostic at this point, can do cpp, rust, python, julia, common lisp. Im an expert in Deep Reinforcement Learning, implemented AC, A2C, TD3, DQ, DDQ... APE-X, Distributed Batch PPO, have read over a hundred ml papers.
heres my linked in. https://www.linkedin.com/in/gibsonmartin
No responses. instant rejection from 99% of applications. interviews go well but i get ghosted. Unemployed since last october
The sooner we can realize material companies are still the most important the faster we stop making Mark Zuckerberg and the like wildly rich.
Yeah. Thousands of people without a paycheck can’t possibly have an impact on the economy.
https://fred.stlouisfed.org/graph/fredgraph.png?g=1aXE4
The low unemployment rate is actually just because there are a ton of people working and not some other convoluted rationale.
https://fred.stlouisfed.org/series/CIVPART
https://www.kansascityfed.org/research/economic-bulletin/low...
https://www.frbsf.org/economic-research/publications/economi...