Looked at 290 self reported layoff, 88% are at entry-level and next-to-entry level.
Theyāre often not in these cases though, itās whole departments/ projects that are cut top to bottom.
My wife has just been laid off from a Biotech giant, there was no consideration for talent, two whole departments were slashed wholesale to meet cost cutting goals.
What is your definition of entry level? Just curious.
Care to share your source? Thatās a small subset of the 50k+ layoffs that have taken place so far this year.
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Google has some senior employees let go too.
Iāve heard people state it felt quite random, as it was done from a very high up level - but Iām just a third party observer.
Vroom laid off like 20% of their work force earlier this month, and now Spotify is proceeding to cut some employees too.
It is happening everywhere in tech and beyond. Itās certainly not limited to the bottom 10% of performers and definitely not limited to or mostly represented by entry/near-entry level positions.
Being in tech, I can guarantee it is not solely performance based nor YOE. Several factors are involved, but high performers and senior resources were let go across Meta, MSFT, Amzn, and Goog
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Iām just amazed at people think that these companies just picked an arbitrary point of demarcation & said everyone below this line are laid off.
They take multiple criterias in account to come up with the list (only exception Chief Twit)
To extrapolate this to the OG topic, i bet the PNW saw a net inflow from the COVID hiring so the demand will likely stay constant from just accounting from layoff perspective but demand may be lower as everyone else psychologically starts watching their expenses.
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My LinkedIn is full of stories with employees who had 15 to 20 years in at these places and were let go. Usually by a mass email or notice their access was cut off. Really surprising to me that they let the people go with longevity and knowledge. Couldāve been salary, randomness who knows. But for sure the newbies were not the only targets.
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Smaller scale layoffs (by raw number not percentage) at a start-up are usually much harder than at a big company. Simple reason is they donāt have to comply with WARN act. All the big companies laying people off have to comply with the WARN act, so that is 60 days pay/benefits at a minimum. Then those big companies also care a lot about their experience rate which determines their levels of unemployment tax for their remaining employees. Which means they are motivated to offer a severance package beyond the WARN act minimum that employees will accept in lieu of filing for unemployment benefits.
On a macro level are you correct? Yes. But on a micro level the thousands of folks who lost their jobs are still going through hard times so best to at least acknowledge that.
Yep. In DC/Richmond CapOne just let go their entire agile job family - 1100 or so people. I know someone affected and it definitely wasnāt performance related. I have also been told, but cannot confirm, that there are accounting benefits to cutting a whole job family as opposed to individual layoffs.
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Last year, more 158,000 employees were laid off from tech companies. Curious to know how many of these are still searching for new roles.
Source: https://layoffs.fyi/
Hereās a FB post from another Google employee who was laid off at being at the company for 18 years.
EDIT: You donāt need a FB account to view the content. I was able to view it without any issues.
I did a lot of research on this topic and I canāt find any news on it at all. I think people are missing out the fact that contractors were also laid off but arenāt included in these counts as they are not official employees. These layoffs are way more far-reaching than the media is reporting.
According to this article over 100,000 workers are contract/temp workers with Google back in 2019.
https://www.nytimes.com/2019/05/28/technology/google-temp-workers.html
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This is negotiable during the hiring process. I negotiated a 12-month pay plus all options/stocks to be vested upon termination by the company. These type of negotiations are done by tech recruiters also. I imagine these 50k tech workers arenāt hurting too bad. Also keep in mind that 50k is less than 1% of the tech work force. Hereās an article on the current state of tech jobs. How many jobs are available in technology in the US? | Computerworld
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I work in tech, a midsized company which had a sizable (>15%) layoff last year. And tbh even if one is not impacted, it really changes how you view your income and your way of spending. Itās the first time for many people who joined the workforce after 08 to experience this sort of shit. In the past 7-8 year or more, Google or Microsoft was considered stable companies that give you good job security. Now that that has changed, it will really change how much people would want to spend on a vehicle thats luxury level and exceeds the basic needs.
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Hits keep coming about bad layoff stories
When you layoff 10000+ people of course you are going to find the āstoriesā.
The better question is , is it legal to layoff during maternity leave?
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One of several reasons why a married couple should not share an employer, no matter who it is, ever.
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Just another common example of how articles such as this cause an entanglement of anxieties via magnification and linkage. Narratives such as this add to speculation, creating a crisis out of something that is not really a crisis.
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With all these recent tech layoffs, I think it is a wake up call to prospective employees to remember the following:
- Be loyal to yourself
- FAANGs / MAANGs might have been the golden standard when it came to comp, but not when it comes to job security
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